Landlord Information (Residential Property)
With a plethora of legislation and regulations governing the rental of residential accommodation, it’s important to know to work within thee rules and still make your investment profitable. Whether you’re a seasoned investor or first-time landlord, we hope this information will be helpful.
What is a property condition report?
This report is compiled at the commencement of a tenancy prior to your tenant moving into the property and outlines the condition of the property at the commencement of the tenancy so that when the tenant vacates, there is an accurate and agreed record that can be referred to.
The final inspection carried out as soon as possible after the end of a tenancy, when the tenants have returned their keys. The Property Condition Report is used at this inspection and each item is checked-off to make certain that the property is in the same condition as it was at the commencement of the tenancy. Any items that need to be rectified by the tenant are identified and the tenant is required to attend to them.
What is a Routine Inspection?
Routine inspections are conducted after a tenant takes possession of the property and should be conducted at least every twelve months. These inspections are essential to ensure that your property is being maintained to an acceptable standard and to identify any maintenance that may be required. A copy of the routine inspection report is forwarded to you after each inspection and should it be necessary, your Property Manager will contact you to discuss items noted on the report.
What happens if a tenant stops paying rent?
Should a tenant fall behind in their rental payments they should be issued with a notice of breach advising them that they are behind and requesting that they rectify the problem. If this is not done within the stipulated time period then a termination notice is issued requiring that they vacate the premises.
How do tenants pay their rent?
Tenants at Wood & Co have several options to pay their rent, leaving no excuse for late payments:
- By cheque, cash or EFTPOS at Wood & Co,
- Internet Banking through their chosen financial institution,
- Direct debit from their nominated bank account (Wood & Co will supply the tenant with account details to arrange an automatic transfer.
When does the rent money get paid into my account?
After the fifteenth day of every month all monies held, unless instructed otherwise, are paid to you by way of direct credit to your nominated bank account. Wood & Co also provide a monthly statement outlining the details of all rents paid and any credits or charges incurred (such as repairs) for that month.
Should you have any questions about leasing out your residential or commercial property, please feel free to contact the Property Management Team at Wood & Co who will only be too happy to help you.