As a boutique agency, we offer you exceptional levels of personalised service. We will look after you, your property and all of your property management needs.
No Obligation Rental Appraisal
It is important to have your investment property appraised by a reputable Property Manager. At Peninsula Property Specialists we would be delighted to provide you with a no obligation rental appraisal of your property. Our Property Managers have specific local knowledge of the current rental market on the Mornington Peninsula. After inspection you will be provided with a comprehensive Property Management Appraisal Pack including a comparative market analysis of your property and its current estimated rental value.
As a landlord, you will need to understand two essential contracts:
- Exclusive Leasing & Managing Authority - this is a written agreement between you (as the owner) and Peninsula Property Specialists (as the agent). Once signed, the Management Authority authorises Peninsula Property Specialists to act as Property Manager on the owner’s behalf in accordance with the owner’s specific instructions.
- Residential Tenancy Agreement - this is a written agreement between you (as the landlord) and the tenant. Peninsula Property Specialists can sign the Lease on your behalf as your agent. It is our responsibility to fully explain the Lease document to the tenant and ensure they understand their obligations before signing. It is also our obligation to you to ensure the execution of a comprehensive and legally binding lease to protect your interests as landlord.
Marketing Your Property for Rent
Our Property Managers all have industry specific skills and extensive knowledge of how to market your property effectively to expose it to the maximum number of potential tenants. Upon listing your property Peninsula Property Specialists will adopt the following marketing strategy to maximise your return:
- Internet - online marketing is now the most effective source of potential tenants. Your property details and photos will be displayed on the popular real estate rental websites, including realestate.com.au, domain.com.au, realestateview.com.au and our own website on peninsulabuyersadvocates.com.au.
- Database - Peninsula Property Specialists extensive database of prospective tenants will be the first place we look for a tenant, sometimes properties are leased prior to marketing to the general market.
- Signs - A Peninsula Property Specialists ‘For Lease’ sign will be erected in front of your property in a prominent position to attract passing traffic.
- Home Opens - Your Property Manager will show potential tenants your property either at Home Opens or by individual appointments. We do not hand out keys.
- Brochures - We will produce a full colour brochure detailing the features of your property and other relevant information. Your property will also feature on our rental list.
Your Property Manager will ensure that you have a reliable tenant by personally checking each one of the potential tenant’s references (current and past tenancies, employment history and referees) and scanning the National Tenancy Database to confirm the applicant has an acceptable tenancy history. After evaluating all Applications your Property Manager will discuss their recommendations with you. Of course, the final selection of tenant is up to you as the owner.
“Choosing the right tenant from the start ensures the tenancy begins on a strong foundation.”
Property Condition Report
A Property Condition Report is one of the most important documents in Property Management. A Condition Report is a comprehensive report detailing the property internally and externally, supported by photos. Both the landlord and the tenant are given a copy of the Condition Report. The tenant must sign and return the Condition Report within 3 business days of commencing their tenancy. The Condition Report is then used at the end of the tenancy to establish the original condition of the property and forms the basis on which the bond is refunded.
Collecting rents and accounting to landlords for money collected and disbursed on their behalf are two of the most crucial services performed by our Property Managers. Prior to signing a Lease, tenants are informed as to their obligations as to ongoing payment of rent by the due date. Peninsula Property Specialists offers tenants several methods of payment. Our Property Managers pride themselves on exceptionally low levels of arrears compared to accepted industry standards.
Property Maintenance and Repairs
It is a requirement under the Residential Tenancies Act 1997 that properties are in good condition at the start of a lease and that a landlord keeps the property maintained. Generally, your Management Authority will specify an expenditure limit for maintenance and your Property Manager will carry out work on your behalf as required. You will be contacted for any work required above this limit. Peninsula Property Specialists has access to an extensive pool of skilled and licensed tradespeople to conduct all necessary repairs and maintenance.
Routine inspections are essential to ensure the upkeep of the property by the tenant and to confirm that the tenant is looking after the property properly. Your Property Manager will conduct the first routine inspection 3 months after the start of the tenancy and then every 6 months. A written report with photos will be provided to you immediately after each inspection. Should you wish to be present at the Routine Inspection, you are most welcome too.
Rent Reviews and tenancy renewals
Approximately 3 months before a tenancy agreement expires, a rent review is conducted on your property. This allows us to provide you with sound advice on increasing your rental yield and allowing the correct notice to be served to the tenant prior to renewing the lease.
Insurance cover by landlords is very important because of the potential for tenants to cause damage to the property or cause injury. Landlords must maintain their own building and public liability insurance. Tenants should insure their own contents. Peninsula Property Specialists strongly recommends specific Landlords’ Protection Insurance is taken out by the landlord to cover many of the unique risks associated with a rental property.
Peninsula Property Specialists charges a percentage of weekly rent as our Property Management fee. There are additional fees for selecting a tenant, inspections, providing financial statements and other tasks. A detailed list of our fees can be provided to you at our no obligation rental appraisal. All management fees are fully tax deductable as part of your investment expenses each financial year.