My tenants are on a fixed term agreement. Can I still change managing agents?
Yes. Your Management Agency Agreement will specify how much notice either party needs to give to terminate the management. It's usually 30 days notice in writing however some agents have increased their notice period to 60 days. Once that notice period is up, the new managing agents will arrange with the previous agents to collect all necessary documentation, keys and tenant rental history.
What happens if my tenant pays rent late?
We will advise you if your tenant has not paid rent in time for the Statement Run. Prior to that, our office has already carried out steps to try to recover the rent money via phonecalls, letters, sms messages and email. If the tenant still hasn't paid rent after being 14 days, a Termination Notice will be issued to them giving them 14 days to vacate the premises.
If the tenant pays rent any time during this 14 day period after the Termination Notice has been issued, the Notice MUST be withdrawn (as per the new Residential Tenancies Act 2010). Our office will be in regular communication with you during this process to make our recommendations, as per legislation.
My tenant has given notice, how do I know what rent to market the property at?
As professionals in our field, we guide you as to what rental amount to begin marketing your property. We take into account what comparable properties have leased for recently as well as consider current market conditions. We will give you a range on where we feel the rent will fall into and recommend marketing the property at the higher end of that range for a week or so to 'test the waters' and adjust if necessary.
We are very pro-active in getting feedback from prospective tenants on their comments regarding the property itself and the rental price, which are communicated back to you, as the Landlord.
We are also very pro-active in adjusting the rental where necessary. Pricing is not an exact science and our foremost priority is to get you the highest possible return in a timely manner.
How will you find me a new tenant?
Immediately after receiving your tenants vacating notice, we will carry out a property inspection to check on any maintenance required or improvements. At this time, we also review the rent in preparation for marketing which is discussed with you. We then list the property on the internet on various real estate websites using any professional photographs or floor plans of the property on file.
Appointments are scheduled to show prospective tenants through the property during the week with Open For Inspections held Wednesdays and Saturdays. Some properties also benefit from advertising in the Mosman Daily, but we will make all recommendations to you at the time of the tenant giving notice.
What length of lease should I accept?
This depends on several things. Firstly, the market. If there is a high demand of rental properties, 6 month leases are advisable in terms of being in a more flexible position to review the rent after the initial term of the lease has expired. This is something we would not recommend in a market where there is a lower demand for rental properties and a higher supply. In these markets we would then suggest a longer lease to ensure you have greater security. Ultimately however, the decision of length of lease comes down to negotiation between the tenant and landlord, and the preferences of both parties at that time.
When you find new tenants, how do you decide which one to choose?
We ask that every person wishing to reside in your rental property complete a Tenancy Application form. Our forms are very detailed in asking for a variety of information which we can then reference check. This includes meeting our identification criteria as well as satisfying that they will be able to make the rental payments.
Latham Cusack Property Services are also members of Trading Reference Australia which is the most comprehensive database of its kind in Australia, recording defaulting tenants and which real estate agencies they rented through.