Our Specialised Management Services
Welcome to Real Core Properties, your trusted partner for exceptional property management services. As experts in the field, we understand the multitude of benefits that come with hiring a property manager for your investment property. By entrusting us with the care of your property, you gain access to a comprehensive range of services that effectively handle the renter relationship and address all relevant matters on your behalf. With our professional expertise and personalised approach, we ensure your investment property is managed to its fullest potential, providing you with peace of mind and optimal returns.
Residential Tenancies Act – Changes 2021
New rental laws came into effect on 29th March 2021 in Victoria. The law changes expand the rights and responsibilities of renters and rental providers and will make renting in Victoria fairer and safer. Under the changes, the new rental laws refer to landlords as rental providers, tenants as renters, and tenancy agreements as rental agreements. For more information on these changes, visit the Victorian Consumer Affairs website.
Evaluation of
Your Investment Property
- Offer recommendations and provide guidance to property investors on repairs and cosmetic improvements to enhance the return on investment.
- Advise property investors on third-party services available to maximize investment returns.
- Establish risk management strategies, including insurance, smoke alarm servicing, and debt recovery.
- Analyse current market conditions to determine the optimal achievable rental rate while minimizing vacancy periods.
Marketing Your
Investment Property
- Prepare the property for lease, including arrangements for bond, surface and carpet cleaning, and garden clean-up if necessary.
- Organise professional photos, signboards, and compelling advertisements to attract prospective renters.
- Advertise the property on reputable online portals, such as Realestate.com.au and Domain.com.au, ensuring maximum exposure to potential renters.
- Manage renter inquiries.
- Conduct private inspections and open homes.
- Guide prospective renters through the application process in compliance with legislation.
Screening
Prospective Renters
- Verify the identity, employment, income, rental history, and affordability of applicants.
- Conduct checks on multiple tenancy databases to identify any additional history such as bankruptcy, and court records.
- Present qualified applications to the property owner for approval or disapproval.
- Negotiate tenancy terms, including start dates, rental prices, and special conditions when necessary.
Commencing a
New Rental Agreement
- Complete and execute the required tenancy documents on behalf of the rental provider, including the General Tenancy Agreement (RTA Form 18a) with special terms, Bond Lodgement Form (RTA Form 2), and the Entry Condition Report (RTA Form 1a).
- Provide relevant guides and educational materials to renters, covering topics such as maintenance procedures, insurance, electrical safety, and emergency protocols, ensuring a thorough understanding of their obligations under the tenancy agreement.
Managing
The Renter
- Collect rental payments, monitor payment dates, and handle rent arrears in accordance with legislation.
- Invoice renters for other charges as specified in the lease agreement, managing late payments as per legislative requirements.
- Conduct routine inspections to ensure proper property maintenance, provide detailed reports with accompanying photos to the property owner.
- Issue breach notices when necessary, adhering to legislative guidelines.
- Initiate eviction procedures, including issuing Notices to Leave, coordinating with the court and police if required.
Manage Routine
and Emergency Repairs
- Troubleshoot reported maintenance items to minimise unnecessary fees and provide detailed information to contractors.
- Notify the property owner of maintenance issues and suggest appropriate repairs.
- Arrange for licensed contractors to attend to repairs, providing detailed work orders.
- Coordinate payment of contractor invoices from rental income.
Renter Renewal
and Negotiations
- Consult with the rental provider regarding lease renewal suggestions, including revised rental prices based on market conditions.
- Prepare necessary documentation, such as a new lease agreement or a notice to leave, in compliance with legislation.
- Issue lease renewal offers or notices to leave to the renter.
- Negotiate rent increases if required.
- Provide copies of the executed lease agreement to both the renter and the rental provider.
- Arrange for smoke alarm testing to ensure compliance with legislation.
Termination
of a Rental Agreement
- Communicate with the renter to provide instructions on vacating procedures.
- Conduct a final inspection to ensure the property’s condition is consistent with the Entry Condition Report, considering fair wear and tear.
- Negotiate any outstanding items, such as cleaning or repairs, to restore the property as per the initial report.
- Facilitate the bond refund process between the renter and rental provider.
- Mediate and represent the rental provider in disputes, if necessary, liaising with the Residential Tenancies Authority (RTA) or tribunal to resolve unresolved issues.
Accounting for
Your Investment Property
- Pay property-related invoices, including maintenance, insurance, water, council, and body corporate rates, using rental income.
- Disburse rental income to the property owner.
- Provide comprehensive statements detailing income, expenses, fees, commissions, and total figures.
- Issue end-of-financial-year statements outlining GST, expenses, and income.
- Personal access to owner property portal, where you can access your monthly statement & any property related documents.
Understanding
Legislative Requirements
Familiarise themselves with and operate within various legislations, including but not limited to:
- The Property Occupations Act and regulations
- The Agents Financial Administration Act and regulations
- The Residential Tenancies and Rooming Accommodation Act and regulations
- The Fire and Emergency Services Act and regulations
- The Body Corporate and Community Management Act and regulations
- The Building Act and regulations
- The Electronic Transaction Act and regulations
What's Your Investment Worth?
Real Core Properties can help clients by providing personalised guidance and expertise throughout the renting process. With our extensive knowledge of the apartment and house rental market, we can help clients make informed decisions and achieve their investment goals.
Contact us now on 03 9052 5100 or request your free rental appraisal below.