Q & A Owners

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How does the Body Corporate operate

We have made a separate site for this topic.

Click here to browse.

How much will it cost for you to manage my property?

Every property is different and most landlords’ requirements are different.

Therefore the fees vary based on individual requirements and negotiation.

By law, we need to put a Management Agreement in place.

This agreement is called a Form 6

It has three components

• 1. the Appointment

  2. a schedule of fees and charges

  3. Terms and Conditions

Below in the Attachments Section to this page you will see links to the content for each individual component.

We pride ourselves as operating within industry standards.

What are the Essential Terms & Conditions of a Management Agreement

These are provided as an attachment to a prescribed Property Management Appointment under the Property Agents and Motor dealers Act 2000 (Qld)

For details see Section 3 - above.

How long will it take to find a tenant for my property?

In addition we have a database of corporate clients and relocation professionals.

our focus is cross sectoral - but do favour the mining and resources sector HQ companies in Brisbane.

See link.

Our goal is to find the most suitable tenant in the shortest time possible for the highest possible rent.

How do you qualify prospective tenants?

Our tenant prerequisite process includes:

• • The completion of a detailed application form;

  • Stringent reference checking methods (work and personal); and

  • Industry tenancy database systems

Do I have to insure the property or does the tenant do that?

As the property is within a strata title structure, the Body Corporate insures the building, but you should have content insurance for the carpets, blinds, curtains, light fittings and any other appliances inside the unit.

Insurance companies usually include the contents insurance component inside a Landlords Protection insurance policy (see below)

The tenant is responsible for their own personal effects but not for the landlords belongings.

Can you guarantee that the tenant will pay the rent on time and won't damage my property?

Unfortunately, no agent can guarantee that because sometimes something totally unforseen can go wrong with the tenant, such as change of employment or relationship breakdown

The key to an Agent reducing the possibility of these incidents occurring are:

• • • Stringent tenant selection; and

    • Strict arrears procedures

The key to an Owner protecting themselves in the event that an incident occurs is:

• • • Landlords Protection Insurance. When something unexpected happens, good insurance cover is worth its weight in gold!

You may currently have landlord’s insurance on other investment properties that you own.

Please ensure that you extend your policy to include your new purchase .

If you do not currently have landlords insurance below are two companies that you may like to contact as a starting point:

What happens if the tenant doesn't pay the rent on time?

• • • 3 days in arrears – the tenant is given a reminder (telephone, email)

    • 8 days in arrears – the tenant is issued with a Notice to Remedy Breach, giving them 7 days to rectify the breach by paying the rent.

    • 16 days in arrears – the tenant is issued with a Notice to Leave instructing them to leave the premises within 7 days. If the breach is remedied within this period, the Notice to Leave can still be enforced or if mutually agreed by both parties in writing, the Notice to Leave can be rescinded and the tenancy continues.

In all instances, we will keep you informed of any arrears.

How promptly do you process your monthly rent statements and pay me my money due?

We process rent statements once a month, at the end of the month. Your money can be deposited electronically into your bank account within 2-4 business days of these dates.

Should I rent my property furnished or unfurnished?

Renting out an apartment furnished or unfurnished is an individual decision. It is quite often the case that a furnished apartment will attract a higher rent as it can more readily be pitched at corporate clients who may have personnel that they relocate on a mid to long term basis.

We will be promoting Majestic Palms to relocation companies, such as Relocations Queensland and Toll Transitions that this is the perfect place for their clients to consider relocating to.

We will also be increasing our profile in the area with national companies who would see this complex as an ideal location.

How do I go about furnishing my property?

There are many companies who can assist you in putting together furniture packages for your property, whether you rent the furniture to suit the term of the tenancy agreement or you purchase the complete package up front.

Why Engage an On Site Manager

In four words ‘to protect your investment'.

An On Site Manager is well positioned to advise all stakeholders on developments across a broad range of service and management issues that impact on unit values and Return on Investment.

Utility Bills

If a bill for water or power is not paid by a tenant the supplier will pursue the owner for settlement.

The manager liaises closely with utility companies to ensure that ALL tenants in the rental pool meet their obligations.

The On Site Manager controls security access to the meter reading cupboards.

Hence better regimens are in place to track connections and disconnections.

Lock Out

In the case of a "lock out", an On Site Manager facilitates access for a rental pool tenant.

The On Site Manager knows the tenant and knows that he/she is not in breach of the lease.

This is not the case for a tenant of an "outside" agent.

For this reason the On site Manager has a duty of care not to provide access to such a tenant.

Often this will be cause for resentment from against a professional who is only doing his/her job and engender an environment of hostility and non compliance.

Facilitation

Helping with "lock outs", exits, entry for tradesmen and technicians, parcel acceptance, flexibility car parking, storage etc is part of customer relations management wherein a valued customer responds with loyalty, compliance and a feeling of good will.

Security

An owner has peace of mind knowing that an investment is being looked after by a professional letting agent who lives in the complex and does not allow more people to occupy the property than for the purpose which the lease agreement states.

Damage Minimised

Tenants know that wild parties and bad behaviour will not be tolerated because the Manager lives On Site.

Investment Focus

The On Site Manager is also an investor.

In the interests of mutual cooperation, he/she will go that extra bit to protect the value of the asset and to share information.

Rent is collected on time/Ease of Payment

Tenants know they have to pay their rent on time or there is a knock on the door – 24/7/365.

The tenant simply has the option to pay at the office in the complex, creating a happier and more reliable tenant.

Re-letting

More care and consideration is given to reletting a unit to the same occupant - as there is a running history as to compliance and behaviour.

Adjoining neighbours also provide regular information to the manager about concerns and attributes of other tenants.

This is never the case for outside agents.

With this in mind, relets can be locked in much earlier thus giving an owner/investor peace of mind.

Lower Vacancy Statistics

Research shows a quicker turn around time between leases.

Advertising

An On site managers has the advantage of being able to use placard in strategic places to attract passing traffic. Eaample Sandwich boards on the property front apron; banners for railway passangers

Prospective tenants survey the area before selecting a new residence.

Evictions

Less frequent as an On Site manager only chooses the better class of tenant - who will be a near neighbour.

Inspections

Regular inspections on your investment property can be done a lot easier and more efficiently as the agent lives On Site and is in control of the situation.

The tenant is aware of this and the respect for your investment property is at an optimum.

Repairs and maintenance

Done quickly and easily.

In many cases, a small problem can be "nipped in the bud" before it becomes a major repair job.

The manager enforces warranties. He/She has a detailed knowledge of contractor building and installation practices and can identify/resolve a problem without the intervention of specialist tradesmen/service technicians.

Strategic Placement

Better service ... better business.

It is good business for the On site Manager to know about a client - disposition. temperment, age, cultural norms, shift workers.

Therefore it is a simple matter of selecting "like with like" when it comes to the placement of tenants vis a vis neighbours;

The On Site Manager is in a position to introduce and "prep" a new neighbour as part of the induction

This contributes to harmony within the complex and lessens the risk of interfering with the peaceful enjoyment of neighbours.

Sorting out squabbles is counter productive to the core task of service.

"I am sorry my hands are tied ... the selection of your neighbour was beyond my control".