Property Management FAQ’s
Do not delete
Why do I need a property manager?
Managing a property can be easy – if you already know how to find and carefully screen a tenant, when nothing needs repairing, your tenant pays rent on time, you don’t need to present a tax statement to your accountant, or when you don’t have any disputes and need to attend tribunal. To put it simply, we are well versed in all areas of real estate, including legislation, which is becoming more onerous every year – if an accident happens and you haven’t followed all the legislation you can be liable. We know how to present your property in the best possible way and how to screen out bad tenants. We know how to chase a tenant from day 1 if they are late on payments and when we can terminate a lease so it is legal. We have a network of licensed contractors to keep your property well maintained and we provide monthly statements and end of financial year statements that will keep your accountant happy! We also provide an owner portal that lets you see anytime you like what is happening with your properties – rent paid to dates, lease end dates etc.
How do you ensure that I get a good tenant?
First, we must get as many eyes on your property as possible, then we can afford to be a little choosier. Once we have the applicants, we whittle them down by rental history, employment history, pay slips, and of course, face-to-face meetings during the open homes. We then present them to you, allowing you to have the final say, with our recommendations. We take a 4-week bond and do a detailed ingoing condition report.
How do you market my property?
We take a multi-pronged approach. We will usually choose a premium listing position on realestate.com.au and domain.com – the latter being where the majority of our enquiry is currently coming from. We also load your property to a total of 8 other websites free to you. Signboards still account for roughly 1% of all enquiries – but most importantly they account for the emotional investment renters – those who currently live in the area. Social media avenues, and use of our database of potential tenants, are all utilised.
Can I use my own photos of the property?
It depends. The use of photos need to both present your property in the best possible light, and be accurately representative of the current condition of the property. If your photos do this, we can definitely use them. If not, professional photos cost just $150 and spread over a number of years are a great investment to attract the best tenants.
Who will be looking after my investment property?
You will have a dedicated, hands-on Senior Property Manager who will look after the day-to-day of your property. We have a team of specialist leasing consultants who will handle the leasing process. We have a dedicated routine inspector and a separate accounts person to handle payments for your property.
What should I expect from a property manager?
A property manager is someone who should shoulder all the stress of managing your property, so you don’t have to. They represent you in dealing with the tenant, and ensuring your property is well maintained, tenanted, and your investment makes you money. They will be in contact with you as much, or as little as you need. Difficult situations will always happen, perhaps with tenant\’s changed circumstances or building emergencies, but our job is to manage the problem so you don’t have to. We will of course always refer to you for your opinion or permission unless otherwise requested by you.
How many properties can one property manager manage?
It depends on how involved they are, and how large the team is around them. Generally, a large portfolio is considered to be anything over 250. This is because whilst there can be a lot to do, often there are periods of quiet when a property manager has done their job well.
Can I choose who I want to rent my house to?
Of course! It’s always your final decision.
Can I get a rental appraisal for my investment property?
Yes, just tell us about your property and we will prepare one for you.
Is Charlotte Peterswald Sydney a licensed real estate agency in NSW?
How do you deal with arrears or other tenant problems?
We are very vigilant with arrears from day 1 – the best remedy is to not let it happen in the first place. We do not allow any time to lapse before we make contact. The earlier contact is made the better and then tenants know we have no tolerance. We make sure that the rent does not exceed 40% of the tenants income at the application stage. We encourage all of our tenants to go on a direct debit payment schedule. We have reminders that are sent out to the tenants at 1, 3, 5, 10 and 14 days late. We take steps to terminate the lease after 14 days unless directed otherwise by you. We talk to you every step of the way to ensure we are all on the same page.
Who will carry out inspections on my property?
Yes. Like clockwork. We have a dedicated staff person whose job is to do a set number of routine inspection every week. This way we make sure they all get done. Otherwise a busy property manager may get distracted by other tasks and not get around to it. It is scheduled in our software and booked with the tenant the month before. We will advise of suggested maintenance at this report. We think that a good number is to do once every 6 months. Generally speaking, this is what works best for longer term tenants.
How do you deal with maintenance requests and repairs for my property?
We use a centralised maintenance management cloud software that everyone in the office can see and we can monitor turnaround times and progress. Tenants can lodge their requests with photos by the app and we can share between us, our landlords, and our contractors to best assess quickly. If need be, we will visit the property and assess for ourselves too. Not every request will be sent to you – particularly if there is a legal onus on the tenant to rectify the issue.
Property management fees
Do not delete
How much is the management fee?
We charge our management fee only from rental money – no rent, no management fee. We charge 5.5% inclusive of GST.
How much does it cost to find new tenants?
It depends – the average cost to an agency for the leasing process is $1500 when you factor in open homes, advertising, signboards, processing of applications, and wages paid to staff. We generally charge 1 week’s rent plus GST – making it a loss-making exercise for us, but keeping the costs relatively low for you.
Will it cost me anything if my existing tenants want to renew their lease?
Yes – we have a lease renewal fee which includes the cost of preparing the new lease and negotiating the lease terms. This can often be a time-consuming exercise. It is only $110 inc GST.
Do you charge for tribunal?
We have a capped tribunal appearance fee at $150. This is because tribunal can be largely time consuming, and involved. We do need to charge for this if it comes to it, but do not want this to be too exorbitant. Of course, once again, the best cure is prevention here and we will work to avoid tribunal where possible.
Are there any other hidden fees?
The only other fee is a monthly $5 admin fee – which is charged to cover bank processing fees, any paper statements and postage.