RAMSAY THOMPSON REAL ESTATE BRIGHTON INCORPORATING THOMPSONS RAMSAY SIMMONDS REAL

RAMSAY THOMPSON REAL ESTATE BRIGHTON INCORPORATING THOMPSONS & RAMSAY SIMMONDS REAL ESTATE ESTABLISHED 1860 GUIDE TO PROPERTY MANAGEMENT SERVICES Information for Investors "The most prominent Real Estate offices in the Bayside region" Ramsay Thompson Real Estate Pty Ltd Property Management Division 600 Hampton Street Brighton Vic 3186 Tel: 03 9592 1144 Fax: 03 9592 0925 CONTENTS Page No Introducing our Company and Staff Preparing your property for rental Marketing of your Property Selection of suitable Tenants Documentation Rental Payments Rental Statements Landlord Insurance Repairs and Maintenance Property Inspections When Tenants vacate your property Victorian Civil & Administrative Tribunal Fees and Charges Letting Only Page 3 Page 4 & 5 Page 6 Page 7 Page 8 Page 9 Page 9 Page 10 Page 10 Page 11 Page 11 Page 12 Page 12 Page 13 Page 2 INTRODUCING OUR COMPANY AND STAFF RAMSAY THOMPSON REAL ESTATE offer a truly professional standard of Property Management. The company is headed by Rowan Thompson, Licensed Estate Agent and Susan Thompson, Licensed Estate Agent. Emphasis is placed on expertise, service and dedication to their clients. RAMSAY THOMPSON REAL ESTATE have gained the respect of property owners by being an organisation who have a sound track record of excellence in property management service established since 1860. The staff at Ramsay Thompson are carefully selected with an emphasis on qualifications, prior experience, enthusiasm and customer service. SUSAN THOMPSON is a Licensed Estate Agent and Director of the Company. She supports the excellent service rendered by the Company’s Property Managers. Susan's attention to detail, her knowledge of the Real Estate Industry and associated Legislation ensures ongoing staff training to provide our clients with the most advanced facilities to manage their investments, being their own family home or investment property. SIMON FUNG is an experienced property manager and investor with a background in engineering consulting and property development. He has keen interest and expertise in property investment, customer service and finance which gives him a unique blend of skills ideal for his position as senior property manager. Simon is well known for his attention to detail and knows exactly how to represent landlords in the rental market. BERYL JONES is an experienced property manager. Her sound experience in the industry and her beliefs in building a good rapport with both owners and tenants, using open communication, ensures that everything runs smoothly. Her attention to detail is her strong point; every landlord is kept aware of every aspect of what is usually their biggest investment. Having over 20 years experience in the property industry Beryl brings a professional and more importantly – knowledgeable edge to her position as assistant property manager. Page 3 PREPARING YOUR PROPERTY FOR RENTAL Preparation for Inspections First impressions are the most important. They will help to determine the rental a tenant is prepared to pay and the type of tenant who is willing to lease your property. These tips below could make the difference: ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ Paintwork both inside and out must present well Lawns and gardens to be neat and tidy Floor coverings to be in good condition Kitchen and bathroom facilities to be in good working order Window coverings to present well and allow adequate privacy All rooms and their appliances to be clean and tidy The property to be odour free Ensure that fences and gates are in good condition Preparing for your tenant A property provided to a tenant in good condition will assist in ensuring that it is left in a similar order at the end of the tenancy. ♦ All rooms, fittings and appliances to be in sound working order, clean and tidy ♦ Carpets to be professionally cleaned ♦ Supply appliance instruction booklets to your Property Manager for provision to your tenants ♦ Prepare an inventory of furniture items remaining at the property and hand this to your Property Manager ♦ Ensure gardens and grounds are tidy and free of all rubbish or unnecessary items ♦ Clean concrete and paved areas of oil and other stains You may like to consider the installation of the following items (if not already installed) ♦ Exhaust fans above the stove top in the kitchen and above the shower recess in the bathroom ♦ Door stops behind all doors ♦ Gutter guards if the property is surrounded by trees or tall vegetation ♦ A telephone connection (especially if the property is new) ♦ Television antenna ♦ Door and window locks Page 4 Finalising Arrangements Two (2) sets of keys to our office Finalise management authority Appliance instruction and any warranties to our office Inventory if furnished Disconnect power and gas Disconnect telephone Notify insurance company and adjust cover Arrange for professional carpet cleaning Lawns and garden tidy Maintenance during tenancy As with your own home, a certain amount of wear and tear is unavoidable during a tenancy and we recommend a repairs and maintenance program which will ensure that your property continues to achieve maximum rental, attract quality tenants and suffer minimum vacancy periods. Below are some guidelines and suggestions for your consideration ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ Budget to paint internally each 4-7 year period Paint throughout in a light neutral colour (not white) and use washable paints Clean gutters regularly Re-grout tiles in bathrooms and kitchens to freshen appearance Shower screens – free of cracks and shower screens free sliding Ensure adequate tiling on walls round kitchen sinks, laundry tubs, bathroom basins, showers and tubs Tile sufficient wall area to prevent damage from cooking in kitchen Replace kitchen bench tops, cupboards and drawer fronts instead of installing a new kitchen, this can give the impression of a new kitchen at only a fraction of the cost Don’t lay soft vinyl flooring as this is more inclined to wear and tear Ceramic floors are not recommended in the kitchen as they can crack if heavy items are dropped on them Select good quality, hard wearing carpet in a neutral colour with quality underlay upon replacement Select a stove with coil replacements as the newer solid type require greater care and treatment during a tenancy Page 5 MARKETING OF YOUR PROPERTY The marketing of a rental property is of paramount importance to both the landlord and the tenant. Our method of marketing your property to enable the best possible exposure is as follows • We have a comprehensive rental list available in our office for prospective tenants to collect and browse through to select the properties most suitable for them to inspect. The list details forthcoming vacancies and availability dates and are updated daily. Advertising in “The Age” and/or local papers using appropriate descriptions to attract tenants to your property in favour of others advertised. Internet Uplift registering your property on our Internet site “For Lease” boards are placed on the property. Open for Inspections at properties as required Prominent window displays Access to Relocation Companies – many of the world’s largest Multi-National companies use these relocation companies to house and assist in selection of accommodation for their executives, staff and families. Suitable property is submitted to them for their consideration. Ramsay Thompson Real Estate has an excellent working relationship soundly gained over the years with the relocation staff at these companies, which assists you in your home being selected. In many cases the lease is in the company name on behalf of the employee. e-mail facilities for tenant enquiries on rentals@ramsaythompson.com.au Inspections by appointment. We have the availability of experienced staff to show prospective tenants properties where access has been arranged for their selection. We endeavour to relet your property and have it and ready for tenancy as soon as possible following the vacation date. SERVICE which offers convenience to all prospective tenants • • • • • • • • • Page 6 SELECTION OF SUITABLE TENANTS For your long term security and benefit, we will not place just any tenant in your property. We believe that the investor should have good paying tenants in their properties long term, and we will therefore recommend if the case presents itself, a twelve month tenancy for continuity. We have a strict tenant selection process at Ramsay Thompson Real Estate, which ensures minimal risk to your property by only approving the tenants who have met our selection criteria. Once satisfied with the application provided by a prospective tenant, we contact you, the owner, with our recommendations for your approval. The tenant selection process includes: • • • Proof of Identity by supplying drivers license, passport or other photo identification. Checking previous rental history with Landlords or Agents. We also have access to the Remington White "tenant reference data base" which offers a central computerised logging and inquiry facility exclusive to all member Estate Agents. This system enables us to establish a tenant applicant’s history. It will inform us of any previous history both good and bad. Confirmation of employment and/or other income sources in order to assess ability to pay rent Contact personal referees for character references Personal interview with the applicant • • • The checks used are the most stringent allowable by law under the Privacy and Anti Discrimination Acts. Our staff are well trained and experienced in tenant selection and equipped to see the signs of a potentially defaulting tenant. Once a tenant has been accepted, they are then required to sign the Residential Tenancy Agreement promptly and pay one month’s rent in advance and one month's rent as bond. We recommend properties be offered on a twelve month lease basis, however on submission to you it is discussed and clarified if other periods have been requested on applications. Page 7 DURING THE TENANCY Full documentation as required by the Residential Tenancies Act is completed by our staff on your behalf. There are currently several forms which are required under the Residential Tenancies Act to be issued at certain intervals during a tenancy. Each form has established procedures under which it must be completed and sent to a tenant. Should these procedures not be followed, substantial fines may be charged as per the Residential Tenancies Act. Our company ensures these forms are completed and administered correctly to ensure that the tenancy of your property is not placed in jeopardy. For your information, we have listed below some of the documentation which may be required during a tenancy: • • • • • • • • • • Tenancy Agreement Entry Condition Report Exit Condition Report Bond Lodgement form Bond claim form Notice for breach of duty Notice to tenant for rent arrears Breach notice to landlord from tenant Notice of Objection to landlord Notice to Vacate to tenant Page 8 RENTAL PAYMENTS Unlike many companies our tenants have the facility to pay their rent directly into our trust account by National Bank “Rent Card”. This aids in ease of payment and leaves the tenant with little excuse for late payments. Not having the volume of tenants paying rent in the office both assists security measures and allows us to devote more time to managing your property, providing better service for you than many other agencies can offer. Rental arrears reports are printed regularly, which details any tenants in arrears and the tenant is personally contacted. The appropriate notices are then served by the Property Manager which are listed on the previous page. RENTAL STATEMENTS Ramsay Thompson Real Estate has a fully computerised system. This allows us greater flexibility and ease of administration. We take the extra time and effort to generate statements weekly including direct debits made by tenants on the same day. This ensures you receive your income as soon as it is available. Where rent is paid by cheque, on bank advice we allow five working days for clearance and then forward it directly. Disbursement of your statement funds are made by directly banking your money into a designated account by Bank Electronic transfer enabling you to draw on funds immediately, and the statement is forwarded to you. Otherwise, should you prefer, a statement with the cheque attached can be sent to you. Our service also provides direct payments of outgoings such as Council rates, South East Water Limited and levies if applicable. An annual statement summarising all income and expenditure is prepared at the end of each financial year to assist in simplifying your records for taxation purposes. Page 9 LANDLORD INSURANCE We strongly recommend that you pay particular attention to ensuring you have adequate Insurance Protection policies for your property and there are some specifically designed for owners of residential rental property. Ensure you have adequate cover in the following areas • Building Insurance • Contents Insurance for carpets etc. • Public Liability We suggest where your insurance may be covered through a Body Corporate to check these areas especially the amount of cover for Public Liability. REPAIRS AND MAINTENANCE It is very important that you maintain your property to the best possible standards in order to receive the maximum return on your investment. We recommend that our clients give us Authority to attend to repairs and maintenance up to $200. This allows us to repair without delay where we see it is required for tenant convenience and to prevent any further damage to the property protecting your interests either using our reliable tradespeople or your nominated tradespeople. We encourage our tenants in "URGENT" situations to contact our office, however under the provisions of the Residential Tenancies Act 1997 certain "URGENT" repairs are outlined where a tenant can repair up to the value of $1000.00, some of these situations are listed below for your interest:• • • • • • • • • • • • A BURST WATER SERVICE. A BLOCKED OR BROKEN LAVATORY SYSTEM. A SERIOUS ROOF LEAK. A GAS LEAK. A DANGEROUS ELECTRICAL FAULT. FLOODING OR SERIOUS FLOOD DAMAGE. SERIOUS STORM OR FIRE DAMAGE. A FAILURE OR BREAKDOWN OF THE GAS, ELECTRICITY OR WATER SUPPLY TO THE RENTED PREMISES. A FAILURE OR BREAK DOWN OF ANY ESSENTIAL SERVICES OR APPLIANCE PROVIDED BY THE LANDLORD ON THE RENTED PREMISES FOR HOT WATER, COOKING, HEATING, LAUNDERING A SERIOUS FAULT IN A LIFT OR STAIR CASE IN THE RENTED PREMISES ANY FAULT OR DAMAGE THAT MAKES THE RENTED PREMISES UNSAFE OR INSECURE. AN APPLIANCE, FITTING OR FIXTURE WHICH IS NOT WORKING PROPERLY AND CAUSES A SUBSTANTIAL AMOUNT OF WATER TO BE WASTED, OR ANY DAMAGE OF A PRESCRIBED CLASS Page 10 PROPERTY INSPECTIONS We perform regular inspections on all properties and send a report to owners detailing the following: • • • • A general condition of the property. How the tenants are maintaining the property. Recommendation for market rent and lease renewals. Maintenance required, if any. In cases of an expected rent increase to market, the inspection is carried out at least three months prior to the lease expiring in order to review the rent, as the Residential Tenancies Act requires a minimum of 60 days notice to be given prior to the rent increase commencing. We believe regular inspections are imperative to the ongoing, smooth management of residential property. They ensure tenants are upholding their responsibilities in looking after the property, but at the same time, we do not like to inconvenience tenants who are showing a strong level of responsibility and care. Should we have concerns about a tenant, we would inspect more regularly. If we have a long term tenant who has maintained the property well in the past, we may inspect less regularly, allowing minimal disturbance to the tenant. PROPERTY BEING VACATED Once we receive written notice from the tenant notifying us of their intention to vacate, we immediately inform you in writing. Unless otherwise instructed, we protect your interests by adding the property on our rent list and all systems are put in place to relet the property as quickly as possible, upon vacation. When the tenant returns the keys an inspection is carried out immediately to ensure the property is left in a satisfactory condition, as per the ingoing condition report. If you require an updated Market Appraisal of Value, our Sales Department will inspect the property and assess its value and recommend marketing ideas to you. Page 11 VICTORIAN CIVIL & ADMINISTRATIVE TRIBUNAL Residential accommodation within the state of Victoria is legislated under the Residential Tenancies Act 1997 and managing rental properties requires a thorough knowledge of the contents of this Act and experience of representation at the Tribunal. We make it our business to comply with the provisions of the Act. Our attention to detail on all relevant documentation is for your protection and we keep an up to date knowledge of current amendments to legislation and precedent cases in the Tribunal. In the rare case of a hearing being required, Tribunal representation is by our experienced staff to achieve the best possible result. Victorian Civil & Administrative Tribunal (VCAT) if required:$33.30 Application fee $66.00 Warrant of Possession Please note these prices do not include GST if applicable. FEES Our team strongly feels that one size does not fit all when it comes to fees. Please contact our property management team for a quote on the services that you require. Page 12 ADVERTISING We have all advertising options available to out landlords including: • • • • • • • All major internet sites (4 in total) Age newspaper Local Leader newspapers Melbourne Weekly Onsite boards Brochures and Stock-lists Window displays All advertising costs are borne by the Owner, however most properties are leased using the internet and internal advertising only. In all cases we spend your advertising dollar carefully and secure tenants as quickly as possible to minimise advertising costs. IN SUMMARY We trust that all this information gives you a brief guideline of how Ramsay Thompson Real Estate will care for your property like it were our own with sound experience and enthusiasm for property management. Real Estate isn't just a job but a chosen career. We are Professionals enjoying the challenge of providing the best possible service to ensure you obtain the greatest return on your investment. We look forward to being of service to you! Please contact our office on 9592 1144 or email at rentals@ramsaythompson.com.au to discuss your requirements. Looking forward to being of service. Page 13