Frequently Asked Questions
FAQs for Landlords
Property management is often described as being demanding and time consuming. It requires full knowledge of current legislation, having processes and systems in place to comply with the legislation, possessing good record keeping practices for inspections and audits, managing repairs and maintenance, being skilled in the selection of suitable tenants, having ongoing dealings with tenants, collecting rent and reporting back to landlords. The reality is that landlords often do not have the time, skills or resources to attend to all these tasks in a professional, efficient and effective manner.
Using Wiseberry gives landlords the peace of mind that their asset will be managed by a team of professional and caring Property Managers who have the necessary processes, procedures, systems and skills.
This very much depends on many factors, some of which being outside of our control, such as the current rental market, the economy, the condition and location of the property, the season and global events.
The key is to control the things we can, such as the presentation of the property, our flexibility in showing potential tenants through, the asking rental price being in line with the current market, the marketing campaign and our professional and people skills, all of which contributing to shorter vacancy time.
This is why you go to a professional agency! We understand the importance of asking the ‘right’ rent, for if it is too high, it will fail to generate tenant interest and your property risks staying on the market too long, while if it is too low, it will attract a different market and will not give you the return you deserve.
When setting the rental asking price, we will first liaise with you and ascertain expectations. We will then compile a report of comparable rental properties for lease, recently leased properties, identified special features of the property, the season, the current demand and enquiries for similar properties and the term of the lease. This report will assist us in setting the right rental price so we can target the market that is best suited to your property.
There are some key elements involved in finding tenants quickly, which include ensuring the property is well presented, taking professional photos, advertising on multiple websites, accessing a database, using marketing portals, having access to other digital and social media solutions and having a streamlined selection process. Wiseberry manages these elements very efficiently and professionally and has had great success in having properties promptly rented.
All tenants are required to complete an Application Form and submit supporting documents that verify their identity, character, income and any previous rental history.
To pass the selection process, the tenants must satisfy certain criteria and must have (or have someone they know must have) inspected the property. We then present the suitable tenants, along with our recommendations, to the landlords who make the final decision.
We strongly recommend that landlords take up insurance to protect themselves against certain risks, as from time to time, things can go wrong. Landlords can seek a policy cover that includes public liability, loss of rental income, rent default or theft from tenants, malicious damage, vandalism, accidental damage and damage from leaking pipes or unforeseen repair costs. Having landlord insurance in place gives landlords peace of mind for a relatively small cost that is usually tax deductible.
Tenancy agreements are generally either for 6 months or 12 months. This may vary depending on the circumstances and needs of either the landlords or tenants.
The Bond for residential rental properties in NSW is equal to 4 weeks rent.
A Residential Tenancy Agreement is a written contract between the tenant and the landlord or agent. This legal document covers the rent that needs to be paid and how often it is to be paid, the duration of the tenancy, the bond amount and other terms and conditions.
A property condition report is a record of inspection carried out at the commencement of the tenancy and prior to the tenant moving into the property. This report points out the condition of the property at the commencement of the agreement. When the tenant vacates, it is referred to again by way of comparison, where each listed item is checked to ensure the property is left in the same condition, less fair wear and tear. The tenant will be asked to rectify any identified items that require attention.
Rental income is usually paid via electronic fund transfer to the landlord’s nominated account at the end of each month. A detailed monthly statement at the end of each month is also sent or emailed to our landlords detailing rental income and disbursements.
Routine inspections are conducted after a tenant moves into the property, up to a maximum of 4 times per year. These inspections give us the opportunity to ensure the property is being cared for by the tenant and kept in good state. They also assist us in identifying any needed repairs. We provide our landlords with an inspection report following every routine inspection.
We take rent arrears very seriously and have a stringent arrears process that is actioned as soon as the tenant is late in paying rent. Prompt communication with the tenant is vital to rectify lateness and ascertain whether there may be some long term issues to address. We have ongoing communication with the tenant until the rent arrears have been remedied. If the rent is more than 14 days in arrears, we are able to issue the tenant with a Termination Notice, after we have sought instructions from our landlord.
Tenants are to report maintenance issues in writing. We would normally seek the landlord’s approval before proceeding with any repair or maintenance needed. In the event an emergency repair is needed, we would do our best to first contact the landlord and their emergency contact person, however we may need to proceed with the urgent matters to minimise further cost and damage.
If, for some unforeseen reason, the tenant needs to vacate the property prior to the end of the agreement, they will need to notify us in writing. The tenancy agreement will specify the break lease arrangements. However, should this situation arise, your Property Manager will be in contact with you to discuss.
If the tenant intends to vacate the property at the end of the fixed term tenancy agreement, he/she is required to give us at least 14 days written notice.
If the agreement has expired and the tenant wishes to vacate, he/she is required to give us at least 21 days written notice.
In either case, the tenant will be directed to complete and submit the Notice to Vacate Form available on our website.
At the end of each financial year, landlords receive an income and expenditure report for the past financial year.
If the lease term has lapsed and a new lease has not been signed, a Residential Tenancy Agreement can be terminated by the landlord giving the tenant notice.
A Notice of Termination must be in writing, state the address of the premises, be signed and dated, allow the required period of time, give the actual date on which tenant is to move out and give reasons for ending the agreement (unless it is a no grounds notice, in which case, no reason needs to be provided).
As there are different types of termination notices, please speak to your Property Manager about issuing the correct one.