Rental Property Owner FAQ’s
Can I charge my tenant for water consumption?
If the property is water efficient, yes, however - If the property is not water efficient, but individually metered and the agreement states the tenant must pay for water, the property manager/owner must pay for a “reasonable amount” of water consumption and the tenant may be required to pay excess water charges eg anything over 50KW.
It is necessary that the property manager/owner is able to demonstrate the presence of water efficient fittings by having copies of:
- Plumbing reports (or the water compliance certification)
- Warranties or instruction manuals for taps and showerhead
If your property is not water efficient, this is something we can easily arrange for you, it generally costs anywhere from $165 for the water compliance certificate.
Can I get the tenant to maintain the pool, gardens, and lawns?
Generally speaking yes, the tenants must maintain and leave the property in the condition it was at the start of the lease. So, if the garden beds were weed free, the lawn mown and pool sparking at the start of the lease - then that is what has to be in place throughout the lease and at exit - fear wear and tear is okay and expected.
How can I maximise the rent return on my property?
This is simply one of the most common questions we receive, at Lot42 we do all the research for you to ensure your investment is obtaining the best possible return. Listed below are six common factors which we tend to follow to maximise the return on your property.
- Regularly review the rental trend in the local area
- Give tenants ample notice about any changes in rental prices
- Ensure the terms of the lease reflects the current market
- Maintaining and repairing the property as required
- Begin lease renewal negotiations 2-3 months in advance
- Conduct a Comparative Market Analysis on the property prior to the lease negotiation
- Communicate regularly with tenants to ensure potential problems are overcome before they arise.
How many inspections do you conduct each year?
The last thing you the owner of the property want is to lose a good tenant because of mismanaged property inspections. Therefore, making sure you don't overdo routine visits is crucial. We generally see an average frequency of rental property inspections once every 16 weeks. Most property managers typically carry out an inspection three times a year. It's not unheard of for property managers to become complacent and only carry out a property inspection once a year, this is typically very risky and we do not recommend it. Quarterly visits stimulate renters to perform a periodic tidying that can benefit the property itself.
Four times a year is the absolute maximum, though. Inspecting properties more often than quarterly isn't advisable and in Queensland it isn't even allowed, a good practice to follow if you consider specifying the number of visits in the lease agreement itself.
- An ongoing inspection prior to the tenant moving in
- 8 weeks after moving in
- 3 or 6 monthly depending on your requirements and the requirement of the rental property
- An outgoing in inspection on completion of the tenancy
How much rent can I get for my rental property?
At Lot42 we use these seven key indicators to help us get a better understanding of what that property is worth in the current market;
- Type of rental property (short term, long term, holiday)
- Age and condition of the property
- Any Special Features (Pool, Living, Acreage)
What are your fees?
Lot42 understands that all clients share different needs and requirements. We believe every landlord is different, everyone's requirements are unique and no two properties are the same. We therefore believe in building custom packages to suit your property and individual requirements by assessing your property, your needs and listening to how you would like us to work with you.
Can you pay the bills associated with my rental property on my behalf?
Yes, we can arrange for your bills to be forwarded to us and then pay them from the rental income on your behalf. Many of our landlords opt for us to pay their council rates, strata fees, insurances and invoices, making their lives easier.
Here at Lot42 we understand that maintaining your property can be super time consuming and confusing, so if you want to take the stress out of managing your property get in contact with us today! To assess all your options.