Frequently Asked Questions
Can I switch agencies whilst my property is currently tenanted?
Yes. Provided you haven’t recently engaged an agency via writing to market and secure a tenant, you are able to nominate a new managing agent. (despite any initial or existing agreement)
Can I sell my property while it is tenanted?
Yes. Provided the relevant notices and courtesies are shown to tenants during their occupancy of your property, you are able to sell your property at any time.
How do you determine the best rent for my property?
We always strive to get you the maximum rent possible, however we also must keep in mind setting the correct market rent to get your property rented as soon as possible.
To do this, we consider these factors:
- Demand – is there currently a high or low demand for rental properties? This can be seasonal and affected by a number of factors.
- What is available now – we look at properties currently available for rent and consider their location and features for comparison to calculate a maximum rent for your property.
- What we have rented right now – We compare your property with what we have currently rented, taking into account property location and features.
These factors allow us to give you enough information to set the right rent for your property.
What if I want a rent amount that is higher than your recommendation?
You may place your property on the market at whatever rental amount you wish. Keep in mind that it is market demand that sets the rent and demand can vary at different times of the year. If the market (i.e. prospective tenants looking for a rental property) think that the asking rent is too high, your property may stay vacant longer than necessary.
With this in mind, be aware your annual rental return will be reduced by 2% for every week it is vacant..
What are my obligations to complete maintenance on my property?
Landlords have a duty under the Residential Tenancies Act to ensure their tenanted properties are in reasonably clean condition upon commencement of a lease and that they are kept in good repair. Urgent repairs must be carried out within 48 hours. During business hours we can be contacted at the office, and after hours we provide an emergency maintenance phone line. We arranges repairs and maintenance on behalf of landlords, whilst always contacting owners and providing quotes from reliable tradespersons if required.
What is the length of the average tenancy?
For residential properties, the fixed term is usually 6 or 12 months.
Do I need Landlords Insurance?
While it is optional, we strongly recommend you take up Landlords Insurance if you own or are about to own an investment property. For a reasonable and tax deductible amount per annum, it can safe guard your rental income as well as protect the condition of your property.
May I give you some special instructions?
Yes. You may give us some special instructions in relation to the property and the way it is managed, provided the instructions are lawful.
What keys must be supplied to the tenant?
All tenants listed on the Tenancy Agreement must be given a full set of keys. This includes keys to all external doors, windows, garage or letterbox locks. We retain a full master set of keys at the office.
The property is a house, who is responsible for maintaining the lawns and gardens?
Unless otherwise agreed, the tenant is responsible to maintain the lawns and gardens to the standard they were given at the start of the tenancy.
If I hire a property manager, do I lose control over the management of my investment property?
No. The property manager works for you and you set the limitations that are not defined by law, such as allowing pets or not, length of lease, among others.
You will know what is going on in your property at all times. Your property manager will contact you to inform you of any issues that may arise, including repairs and maintenance.
Do you pay the bills for me?
Yes. We will pay expenses for you if you wish, including rates and repairs.
How do I become a good landlord?
Bad landlords do exist. Here are some things you should DO to avoid being one:
- Respect your tenant’s privacy. Even if it is your property, you must send a proper written notice before entering the property.
- Take care of your tenants. Maintain the rent at fair market rate and don’t make huge, unjustified rent increases.
Legislation constantly changes. Are you updated?
Yes. We make sure to get updated on the latest changes to any property-related laws and regulations.
Who does the maintenance of my property?
We have built a reliable network of tradespeople who will perform the maintenance of your property. We have worked with these professionals for years, so you are assured of quality service at a fair price.
How often do you check the state of my property?
According to regulations, routine inspections should be performed every three months. A reliable property manager will therefore check the state of your property four times a year.
Why is my property vacant?
There are two reasons why your rental property is vacant:
- bad marketing and
- the rent is too high. - A good property manager will know how to market your property and what rent to charge, depending on the season or state of the market.
What are your fees to manage my property?
Every property is different, and every need is different, so here at Coleman property we are happy to tailor a package depending on your requirements. Call us today to discuss.