Frequently asked Questions about our Property Management Services
Q. How often are rent monies disbursed to Landlords?
Whilst sitting in our Trust Account your rent money does not earn you interest. So that you can make best use of your money and perhaps reduce interest paid on mortgages etc, we will disburse your funds to you within 24 hours of receipt.
This is the preferred option for most Landlords although we have the facility to disburse your funds to you monthly or fortnightly if requested. (note, if rent is paid by cheque, we will have to wait for it to clear before we can release it to you).
All funds are transferred electronically into your nominated bank account.
Q. Can I change my Property from my current Property Manager over to Paramount Private Property Management if I have a lease in place or do I have to wait until the lease expires?
There is no need to wait until the lease expires, a Residential Tenancy Agreement (lease) is a legally binding document that binds a tenant and a rental property together, it is not bound by a particular Agent, Property Manager or Property Owner.
If you would like us to look after your residential investment property in Brisbane it is as simple as filling in the form on our “forms” page or calling Paula Fysh on 0448 198 102 or emailing firstname.lastname@example.org. You don’t even need to talk to your previous agent if you don’t want to, we can look after the entire process for you.
Q. How long will you take to Rent my property?
The amount of time a property takes to rent can depend on various factors such as location, condition of property, how well it is marketed, whether it is marketed at the right rent rate, time of year etc. We can never give a definite time frame,although your property has the best chance of being rented in the shortest time frame if it presents well including in marketing media, refer to our articles on professional photographs and have a look at advertisements on realestate.com.au, you can easily see which properties tenants are more likely to want to inspect. First impressions whether in person or on the Internet can have a long lasting impact on the vacancy factor of your property. Take advantage of our current offer of $300 worth of free professional photographs for your property for all new clients with rental properties in Brisbane.
If your property appears to be taking longer than you believe it should to rent please refer to our “Why isn’t my Property Renting” page for the most common reasons.
Q. Who will actually “Manage” my Property?
The only person who will manage your rental property is your Property Manager, this is the only person you ever have to talk to and she is also a hands on business owner, so you are guaranteed the best of care because the level of care and service you receive will impact directly on her and her business personally.
We know Landlords find it extremely disheartening when they first come into contact with some Property Management Agencies, you get to know the BDM or the Principal, all your calls are returned promptly and contact is even initiated by the agent, you are promised everything under the sun, until you sign on the dotted line.
Then without being advised, you are handed over to somebody you have never met in the Property Management Department…eventually your calls are not returned, things are not done when they are supposed to be, you don’t find out your tenants haven’t paid rent until money doesn’t turn up in your bank account when it is due. (How do we know this? We’ve worked for them!)
You find yourself having to call the Property Manager several times with no return call before you can find out what is going on with your property, you then find your Property Manager has left the company and the new person has no idea who you are or what you are talking about. Frustrating right?
At Paramount Private Property Management, the only person you ever have to talk to is your Property Manager who is also a hands on owner of the business, she will know you and your property and will be able to give you the answers you want right then and there. We will call and give you an update on your Property even when there is no news, just so you know that even though things are running smoothly we are still keeping a close eye on it.
Q. How often are Routine Inspections carried out?
Routine inspections are carried out for each property every 13 weeks, these are scheduled 12 months in advance to give Landlords an opportunity to attend if they wish. Experience has taught us it is best for a Landlord to inspect their rental property at least once every twelve months if possible.
Over time your property will suffer some deterioration and some wear and tear as all things do, even us. It can come as a big shock to a Landlord if they carry out an inspection after not viewing their property for several years. For example, gardens grow or die off, paint, floor coverings, kitchens and bathrooms show wear and become dated as they age, regardless of how well your tenants look after your property.
Your Property Manager will personally escort you to the inspection and will be available afterwards to discuss the inspection with you.
Q. Do you produce a report after every Routine Inspection?
Within 24 hours of a Routine Inspection being carried out, we will give you a verbal report, regardless of whether maintenance is required or not. Within 2 weeks you will receive a full written report with photographs. These reports are not the usual tick and flick or a slightly altered version of the previous report. We will report on matters such as how well the tenants are looking after the property including the garden, whether there is any evident damage caused by the tenants that they must rectify, whether there is maintenance such as blocked gutters which, if not attended to regularly will cost you a lot more in the long run by causing roof leaks etc.
Q. How do you Choose tenants ?
Every potential tenant must complete an application form, as with a bank they must provide 100 points of identification, their previous rent ledger, work and rental references.
Our most basic need is to know who they are, what they are like as people and whether they have the resources to pay their rent without difficulty. Generally we will not approve an application if the weekly rent is more than 1/3 of weekly household income.
We will also check previous history by using not one but two tenancy databases that list tenants who have lost all their bond due to damage, tenants who vacated the premises with unpaid rent outstanding etc.
Once we have collected and assessed all of the relevant information we will interview the tenant before presenting the application to you, as the Landlord. When you have advised that you are happy to proceed we will advise the applicant and have them pay their first two weeks rent and bond within 48 hours and BEFORE we cease marketing the property for rent.
Q. How long is a Tenancy Agreement (Lease)?
There is no set duration for a residential tenancy agreement although the most common are six or 12 months…we will take into consideration various factors for every tenancy agreement that is put into place, such as:
- The time of year the tenancy agreement will expire –
we will have most tenancy agreements expiring in the busiest times to minimise your vacancy rates and potentially increase the rent asked when the property is let.
- The type of rental property should be taken into account e.g. It is best if a rental property that has a large swimming pool is listed for rent when the weather is hot.
- The type of tenants the property is most likely to attract must be considered –
if the property is student accommodation it makes not sense to have the property vacant late November or December when the student are mainly at home in other cities, states or countries. If the property is an executive rental then it is best available after Christmas and before schools starts as this tends to be when most executives are on the move.
- Your future plans for the property –
if you are planning a major renovation or want to move back in we will take this into consideration so the property is available when required.
Tenancy agreements can be for 5 months or 13 months, we will do what is in your best interest but of course will seek your instruction or agreement.
Q. What if my Tenants don’t pay their rent?
Rent arrears are absolutely non-
Q. What if my Tenants trash my property?
A specialised Landlord Protection Policy is an absolute must for all Landlords, you can never second guess human nature, we do our utmost to choose the best tenant for you but we can never account for human nature, friends of tenants, vandals, alcohol etc. The best way to ensure you cost are minimised is to take out a good Landlord Protection Policy, the cost of which is tax deductible. www.terrischeer.com.au
Q. How will you market my Property for Rent?
Marketing your property for rent is one of the most crucial factors in reducing your vacancy factor and therefore increasing your income. Your Rental Property will be listed on up to 8 web sites including realestate.com.au, domain.com.au, and rent.com.au. First impressions are vital so if you are a new client the $300 worth of free professional photography currently on offer along with plenty of in depth detail about your rental property will help to present your property in the best possible light and ensure the listing receives a higher number of hits than competing properties.
Research shows that prospective tenants will naturally gravitate towards advertisements for rental properties that have plenty of relevant details in the text and appealing photographs, the more photographs the better.
Your Property details will also be emailed to our large database of tenants currently looking for a rental property in Brisbane. Depending on the type of property we will send brochures to our contacts who deal with interstate and international corporate relocations and those at language schools, TAFEs and Universities including both the academic teaching staff and students.
If appropriate brochures will be letterbox dropped to residents and businesses in the immediate local area and listed in the local newspapers. Our aim is to create as much awareness, interest and demand for your Brisbane rental property in the shortest possible timeframe.
Q. Can I say I don’t want Pets?
Absolutely, there is no requirement for a Landlord to accept pets in their rental property. We will ensure we have your specific instructions before we advertise the property for rent. A separate pet agreement is included in all leases where tenants have pets in our rental properties. This agreement is given to a tenant before the application is approved, if they are not prepared to commit to the agreement and onus that it places on them as pet owners we will not approve their application for rent.
Q. Who Holds the Bond Money and Who Does it Belong to?
In Queensland the bond money is held by The Residential Tenancies Authority (RTA), and must be to them by the Agent or Landlord within 10 working days of receipt. There are serious penalties for not sending all bond money held on behalf of a tenant to the RTA. www.rta.qld.gov.au for more information.
The bond held with the RTA belongs to the tenant not the Property Manager or the Landlord, although it is held on behalf of the Landlord should the tenant leave the property without rectifying rent arrears or damage etc. Amounts over and above the bond amount can generally be claimed through Landlord Protection Insurance, depending on your specific policy.
Bond money cannot be withheld from a tenant unnecessarily and once the final inspection has been carried out, should be refunded whether wholly or in part promptly.
Q. Are Repairs and Maintenance carried out Properly?
All repairs and maintenance items carried out on your rental property are done so by qualified and appropriate contractors. All contractors appointed by Paramount Private Property Management hold the appropriate trades licences and insurances. Copies of these are sited and kept in our office.
We request the same information from any contractors the Landlord has requested we use.
Because we have been in the industry for over two decades we have built some very strong relationships with local tradespeople and contractors, this means we receive high levels of service, our calls are prioritised and costs are kept competitive.
Some contractors see rental properties as an excuse to charge higher than usual fees, our preferred suppliers to do not.
Q.How and When can I increase the Rent?
Rent in Queensland can only be increased once every six months, tenants must be given at least two months notice in writing before their rent is increased. If tenants are on a fixed term agreement the rent cannot be increased during that term unless it is stated when and by how much the rent will increase. If tenants feel the rent increase is unreasonable they can dispute the increased amount through QCAT.