Property Management – HKY Real Estate https://hky.com.au Local Perth Real Estate Agency Tue, 10 Dec 2024 02:50:16 +0000 en-AU hourly 1 What to Look for When Renting a House: Key Tips for House Hunting https://hky.com.au/blog/what-to-look-for-when-renting-a-house/ Tue, 10 Dec 2024 02:50:16 +0000 https://hky.com.au/?p=223655 Finding the perfect rental home can be daunting, but knowing what to look for when renting a house helps simplify the process. You must consider several factors, from the property’s condition to the tenancy agreement and location, to avoid potential pitfalls and secure a home that meets your needs.

This guide will help you understand what to look for in a rental property and the right questions to ask during your house-hunting journey.

1. Understanding your needs before house hunting

Before you dive into the rental market, take time to understand your needs. This will help you focus on rental properties that suit your lifestyle and budget.

• Start by defining your budget

This is one of the most important steps in house hunting, as it will save you time looking at rental properties outside your financial range. Consider rent, utilities, and other living expenses, such as internet and transport, and be realistic about what you can afford. As a general rule, keep your rent at no more than 30% of your monthly income.

• Next, identify your must-haves

Consider the number of bedrooms, bathrooms, and other amenities that are non-negotiable for you. For example, a pet-friendly rental property is essential if you have a furry friend. Other features might include air conditioning, a dishwasher, an enclosed garage, or an outdoor space.

• Finally, consider location and lifestyle

Do you need to be close to work, school, or public transport? Do you want a nearby neighbourhood with parks, shops, or dining options? Once you’ve narrowed your location preferences, you can look for rental properties that tick those boxes.

Answering these questions will help you narrow your property search and avoid wasting time on unsuitable rental properties.

An apartment plan in 3-D.

2. What to look for when renting a house

Once you’ve found potential rental properties, it’s time to assess them thoroughly.
When inspecting a rental property, there are several key things you should look for to ensure the property is in good condition and safe to live in.

• First, assess the condition of the rental property

Ensure it meets your needs and appears well-maintained by the landlord. Look for any signs of damage to the rental property, such as cracked walls, mould, or water stains, which could indicate more significant issues like leaks or poor maintenance. Check the ceilings, floors, and corners of rooms, as these are common areas where damage may be more apparent.

• Next, check the safety features

Ensure the property has smoke alarms, secure doors and windows, and sufficient lighting in common areas. Security is paramount, especially in an unfamiliar neighbourhood. Don’t hesitate to ask the property manager if additional security measures are in place, such as alarms or CCTV systems.

• Consider the energy efficiency

Properties with solar panels and energy-efficient appliances can save on utility bills. Look for these features during your inspection to ensure you’re choosing a property that will be cost-effective in the long run.

• Don’t forget about outdoor space

Consider the size and maintenance of gardens or patios. Check whether it’s well-maintained and whether you’ll be responsible for upkeep.

• Lastly, check parking availability

Does the property have off-street parking, or will you need to apply for a permit to park on the street? Consider parking availability for guests and whether it’s convenient for your lifestyle.

The property manager will provide a detailed property condition report as part of your rental tenancy.

3. What to look for in a rental property location

Choosing the right location is just as important as finding the right property. The location can significantly impact your daily life and overall experience as a good tenant.

Here are some key aspects to consider:

• Neighbourhood safety

Start by researching the neighbourhood’s safety. Check local crime rates and speak to neighbours to get a feel for how secure the area is. If you’re moving to a new city, online forums and local community groups can be great resources for understanding neighbourhood safety.

Neighbours talking outside.

• Noise levels

Noise can also be a dealbreaker. Visit the area at different times of the day to gauge the noise. Some streets may seem quiet during the day but could become much noisier at night due to nearby traffic or nightlife.

• Local facilities

Look at the availability of local shops, healthcare services, and schools. Walk around the neighbourhood to see if it has the amenities you’ll need, and consider how the proximity of these facilities might impact your daily routine.

• Public transport

Consider how accessible public transport options are. If you rely on public transport, ensure there are nearby stations or bus stops that align with your daily routine.

• Future developments

Planned construction or major infrastructure changes can affect your quality of life and property values. It’s a good idea to ask the property manager or real estate agent about any upcoming developments in the area.

These checks ensure your new rental home meets your current lifestyle and accommodates future changes.

4. Questions to ask at a house inspection

A house inspection is the perfect time to gather as much information as possible about the property. Here are some essential questions to ask during your inspection:

Are there any current issues with the property?

Ask about ongoing maintenance problems, such as leaks, plumbing issues, or pest infestations. This can give you insight into the property’s condition and whether the landlord is responsive to issues.

How are maintenance requests handled?

Find out if a process involved to submit maintenance requests.

Are utilities included in the rent?

It’s important to know whether you’ll be responsible for paying separately for water, gas, or electricity. This information will help you budget more accurately.

What changes can tenants make to the property?

Some landlords allow tenants to make minor changes like painting or hanging shelves, while others have strict rules about modifications. Be clear on this before signing the tenancy agreement.

These questions will help you make an informed decision and safeguard your rights as a tenant.

5. Questions to ask the real estate agent when renting

In addition to asking about the property, gathering key details about the lease and your tenancy agreement is crucial.

Some questions to ask the real estate agent include:

What is the length of the lease agreement?

Some landlords may prefer short-term leases, while others may offer longer terms with the option to renew. If you plan to stay in the rental property for several years, ensure there’s flexibility in renewing the lease. It’s important to understand these terms so you can plan accordingly.

High angle view of post-it notes saying lease agreement.

How is the bond or deposit managed?

Find out how your bond is stored and the return process at the lease’s end. Ensure you understand when it will be returned and under what conditions, as this is often a significant upfront cost. Knowing this can help you get your deposit back in full.

How frequently can the rent be reviewed?

Rent increases can be stressful if unexpected, so it’s good to know how often they occur and the typical procedure. Understanding how and when rent increases are made will help you budget for the future.

Are there any restrictions?

Ask about restrictions, such as whether pets are allowed or if there are rules about renovations or redecorating. Understanding these upfront will help you avoid any potential disputes during your tenancy.

What should I know about property management?

Understanding how the property manager handles emergency and regular maintenance requests is important. Ask which issues will be addressed by them or the landlord and which you’ll need to fix yourself. Additionally, enquire about the schedule for rental inspections and what they involve.

These questions will help you avoid surprises before filling out the rental application.

Making informed decisions when renting a house

Being thorough during your house-hunting process by asking the right questions is vital to finding the right rental home for you.

By using our checklist and carefully considering the questions to ask a real estate agent when renting, you can make informed decisions and avoid potential pitfalls. Take the time to explore your options, and don’t hesitate to seek professional guidance.

Contact the team at HKY Real Estate to help you find the right rental property. Our experienced real estate agents and property managers across Perth are here to help you navigate the rental market and find your ideal home.

Have more questions?

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What Does a Property Manager Do? Key Responsibilities (And Why You Need One) https://hky.com.au/blog/what-does-a-property-manager-do/ Mon, 19 Aug 2024 08:03:20 +0000 https://hky.com.au/?p=213902 Have you ever wondered, “What does a property manager do?”. If so, you’re not alone. Many property owners need help with the ins and outs of property management, questioning the true value of hiring a professional.

Whether you’re a first-time landlord or an experienced property owner, understanding a property manager’s key responsibilities can significantly impact your property’s success and profitability. In this blog post, we’ll explore the essential duties of a property manager and explain why having one is not just a convenience but a necessity for efficient property management.

What are property managers?

Property managers run the everyday operations of real estate properties for their owners. One cannot overstate the importance of property management, as it ensures that properties are running smoothly, making money and complying with local laws and regulations. Managers of properties run different types of properties. That includes residential, industrial, and commercial property. Naturally, each of these comes with its challenges and responsibilities.

A property manager discussing responsibilities with a landlord outside a residential building.

What does a property manager do: Key responsibilities

What do property managers do? A property manager’s job is a many-sided one with a lot of work and covers a wide range of duties. These are some of them:

Tenant management

Understanding the qualities of a good tenant is a key part of the property manager job description. This involves finding prospective tenants and screening tenants to check that they are reliable and suitable for properties.

Property managers deal with all aspects of work related to tenants, including communication, lease agreements and renewals. They also address any complaints or tenant concerns that pop up. Through effectively managing these relationships, property managers help to satisfy tenants and keep them happy.

A tenancy agreement document ready for signing, highlighting a key responsibility of a property manager.

Property maintenance and repairs

Regular inspections and upkeep are crucial for maintaining a property’s value and safety. Property managers oversee repairs, and emergency and maintenance tasks to address issues promptly. They also ensure compliance with all health and safety regulations for rental properties, providing peace of mind for both owners and tenants.

A rental property in the process of being repainted, demonstrating the maintenance and repairs aspect of property management.

Financial management

Managing finances relating to properties is a vital aspect of property management in the real estate industry. Property managers set and collect rent and manage property budgets and expenses. They hand financial reports to property owners. Managers of properties also handle evictions and negotiate rent increases, ensuring that the property remains financially stable and profitable.

Marketing and advertising

To keep properties filled with suitable tenants, property managers promote vacant properties through different marketing channels and strategies. They create appealing property listings to attract potential tenants using their knowledge of the property market to show the property’s features. By employing targeted marketing efforts, they optimise rental income for property owners.

A couple sitting with a property manager as they secure their rental property.

Legal and regulatory compliance

Property managers must understand local, state and federal property laws to ensure that properties meet all legal requirements. They handle legal disputes and documentation, such as damage by tenants, to protect property owners from legal issues. And they guarantee that all operations are above board. Staying current with changing regulations helps investment property owners avoid costly fines and legal complications.

New tenants enjoying their fresh start in a well-managed rental home, showcasing the benefits of property management.

The benefits of engaging a property management company

Investing in property management may be the best decision you make as a landlord.

Firstly, they save time and reduce stress by handling all the day-to-day responsibilities of property management.

Property managers also increase the value and profitability of properties by ensuring that they are maintained well and efficiently managed.

Additionally, they work to provide a better experience for tenants, which can lead to higher tenant retention and satisfaction.

Curious about your property’s rental value?

Find out how much rent you could be earning – Request a free rent appraisal today!

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How to choose the right property manager

Choosing the right property manager is crucial for the success of your investment property. Therefore, you want to look for qualities like experience, local market knowledge and great communication skills.

During the hiring process, ask your property manager questions to determine if they are the right fit, such as the tenant screening process and maintenance procedures. Carefully checking references and reviews can also yield valuable insights into how they perform and how reliable they are. If they do free rent appraisals, that’s a bonus.

Stacked coins with small house models on top, representing investment growth and answering the question what does a property manager do to maximise rental income.

Maximise your investment with professional property management

Understanding what property managers do and the benefits they bring can help you make good decisions about property management. Better decisions increase your chances of success. A professional property manager can give you the expertise and support you need, whether you’re a first-time investor, a multiple homeowner or someone wanting to lease out your home.

At HKY Real Estate, we have a team of experienced and professional property managers across Perth who understand the ins and outs of the real estate market. If you’re looking to lease your property, contact HKY Real Estate today to learn how we can help you.

For more information on our Perth property management company and the services we offer, visit our property management page or check out our landlord resources and blogs.

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10 Essential Qualities of a Good Tenant: A Comprehensive Guide https://hky.com.au/blog/qualities-of-a-good-tenant/ Tue, 19 Mar 2024 07:30:35 +0000 https://hky.com.au/?p=203165 Understanding the qualities of a good tenant is essential for both landlords and prospective renters. For landlords, it’s about finding individuals who will respect your property and fulfil their tenancy obligations. If you’re looking to rent a property, it’s about standing out as a reliable and responsible candidate in a competitive market. This guide delves into the crucial characteristics that epitomise an exemplary tenant, facilitating a harmonious landlord-tenant relationship and ensuring the durability and value of the rental property.

10 qualities of a good tenant

1. A detailed application

A thorough and meticulously filled-out rental application is the first sign of a conscientious tenant. It demonstrates an individual’s seriousness about the tenancy and provides landlords with the necessary information to conduct background and reference checks. A detailed rental application should include current and previous employment, rental history, references, and any other information that can attest to the applicant’s reliability and stability.

A laptop screen displaying an online rental application form, underscoring the importance of attention to detail, a key aspect in evaluating what makes a good tenant.

2. Good rental history

A tenant’s past can often predict their future behaviour. A good rental record, with positive feedback from previous landlords or property managers, indicates a pattern of responsible tenancy. The tenant’s rental history reassures landlords of a tenant’s credibility, showcasing their consistency in paying rent on time, maintaining the rental property, and adhering to lease agreements.

A woman sitting comfortably on a couch, paying bills with her phone and credit card, showcasing the financial reliability that landlords look for in a tenant.

3. Open communication

Effective communication is the cornerstone of any successful landlord-tenant relationship. Tenants who proactively communicate with their landlord about repairs, maintenance issues, or other concerns demonstrate responsibility and respect for the property. Open lines of communication can prevent minor issues from escalating and ensure that both parties are always on the same page.

4. Pay rent on time

Timeliness in rent payments is perhaps the most critical quality of a good tenant. It reflects financial stability and reliability, directly impacting the landlord’s ability to manage their property. Consistent on-time payments build trust and reduce the administrative burden of chasing late payments.

A highlighted date on a calendar marking the monthly rent payment, emphasising punctuality as one of the qualities of a good tenant.

5. Treat the property as your own

Tenants who treat the rental property with the same care as they would their own home are invaluable. This includes keeping the property clean, maintaining the gardens and reporting maintenance in a timely manner. Good tenants maintain the property’s value and contribute to a positive and long-lasting landlord-tenant relationship.

An immaculately maintained living area featuring a clean floor and organized shelves, showcasing how a good tenant takes pride in their living space as if it were their own.

6. Address maintenance issues

A good tenant pays attention to maintenance issues or property damage that could potentially worsen over time. Instead, they promptly report problems to the landlord or property manager, helping to preserve the property’s condition and value. By addressing emergency or maintenance issues early, tenants can prevent more significant problems and expenses later on.

Close-up of hands using a wrench on a spraying pipe, illustrating a tenant's responsibility in addressing maintenance issues promptly.

7. Accommodates landlords and property managers

Cooperation with the landlord or property manager, especially regarding access to the property for repairs or rent inspections and being considerate towards neighbours, reflects a tenant’s understanding and respect for the rental agreement. Accommodating tenants makes property management smoother and fosters a positive living environment for everyone involved.

A welcoming couple opening their front door, showcasing the accessibility and cooperation that landlords value when looking for a good tenant.

8. Adheres to obligations and terms of the tenancy agreement

Following the lease terms, from restrictions on alterations to the property to the proper use of facilities, signifies a tenant’s respect for their contractual obligations. This adherence includes being upfront and honest about who is living in the property, and ensuring that all occupants are included in the lease agreement to avoid potential legal and safety issues.

9. Upfront and honest

Honesty is a fundamental attribute of a good tenant. This means being upfront about one’s financial situation, and immediately disclosing any changes that might affect the ability to pay rent. In addition, tenants who are transparent about their living situation, including being upfront about who resides in the property, ensure that trust is maintained in the tenant-landlord relationship.

An upfront and honest approach prevents misunderstandings and potential breaches of the lease, and a straightforward relationship with their landlord.

10. Long-term tenancy

Tenants who view their rental as a long-term home are more likely to invest in the relationship with their landlord and the care of the property. A desire for stability indicates a tenant’s intention to stay for an extended period, reducing turnover and vacancy rates for the landlord.

A close-up of hands exchanging keys, indicative of a tenant entering a long-term lease agreement.

Mutual benefits for the tenant, property manager and landlord

Identifying and nurturing these ten qualities in a tenant can significantly contribute to a harmonious and prosperous landlord-tenant relationship. For landlords, selecting tenants who exhibit these characteristics can lead to a stress-free property management experience. For prospective tenants, embodying these qualities can enhance their desirability as renters, making it easier to find and retain a home they love.

Enjoy hassle-free tenancy with HKY Real Estate

Whether you are a landlord striving to find the perfect tenant or a prospective renter aiming to stand out as the ideal candidate, understanding these key traits can significantly impact your success.

At HKY Real Estate, our experienced property managers are dedicated to guiding you through the intricacies of screening tenants, tenant selection and the leasing process. With our expertise, we can help you navigate the competitive market, ensuring that your property is matched with quality tenants who embody these essential qualities.

If you’re seeking professional advice on renting out your investment property or assistance with any aspect of property management, contact our friendly team. Let HKY Real Estate be your partner in achieving a hassle-free and rewarding tenancy experience.

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Damage to Rental Property by Tenant: Identifying, Preventing, and Resolving Issues https://hky.com.au/blog/damage-to-rental-property-by-tenant/ Fri, 12 Jan 2024 03:39:46 +0000 https://hky.com.au/?p=198610 In the realm of property rentals, damage is a significant concern for homeowners and landlords. This comprehensive guide delves into the nuances of differentiating between ‘damage to rental property by tenant’ and ‘fair wear and tear’, offering valuable insights for landlords and renters alike. We’ll explore prevention, detection, and resolution strategies to safeguard your investment property.

Understanding damage vs. Fair wear and tear

Differentiating between damage and what is considered fair wear and tear is fundamental in rental property management.

Neglectful damage refers to the normal deterioration of the property’s condition beyond normal use, like deliberately broken locks or holes in walls.

An image of carpet showing wear and tear.

In contrast, ‘fair wear and tear’ describes the natural and inevitable ageing process of a property and its fixtures through normal use, such as worn carpets or faded curtains.

Understanding these distinctions is vital for fair property management and dispute resolution.

Distinguishing between accidental and malicious damage

Understanding the difference between accidental and malicious damage is crucial in rental property management.

Accidental damage happens suddenly and unexpectedly, like spilling wine on the carpet or denting a wall while moving furniture. It’s distinct from general wear and tear, which occurs gradually.

Conversely, malicious damage is caused intentionally or with harmful intent by the tenant or someone legally on the premises. This is different from deliberate but non-malicious actions, such as installing shelves or hanging paintings.

Common types of tenant-inflicted damage

Various forms of damage can be inflicted by tenants, ranging from minor issues to severe damages. Common instances include broken windows, damaged appliances or excessive marks on walls. Addressing these problems promptly is essential to prevent extensive repairs and to maintain the property’s market value.

This image shows a person walking across thick, white carpet and leaving a trail of dirty footprints.

Strategies to prevent tenant damage

Landlords can minimise damage through rigorous tenant screening, clear rental agreements outlining emergency or maintenance responsibilities, and educating tenants about proper property care.

A smiling couple welcoming a visitor at the front door. This is a visual representation of tenants and property managers doing regular inspections.

Appointing a property manager

Landlords can significantly reduce the risk by choosing the right property manager, who brings expertise in handling tenant relations and property maintenance. An experienced property manager can assist with rental applications, tenant screening and setting clear property care guidelines. Regular maintenance checks further help in identifying and addressing minor issues before they escalate.

Conducting regular property inspections

Scheduled inspections allow landlords to identify and address potential damages early on. These inspections should be thorough, covering all visible aspects of the property to spot signs of damage, whether accidental or malicious. This proactive approach can significantly reduce the extent and cost of repairs.

Documentation and record-keeping

Maintaining detailed records of the property’s condition is crucial for managing rented premises, at move-in and throughout the tenancy is vital. This documentation should include thorough property condition reports, date-stamped photos of the property’s condition at move-in and move-out, and records of all communications and repairs. These documents are invaluable in case of disputes or insurance claims.

A man and woman sitting down, reviewing documents. This image highlights the importance of tenants maintaining detailed records of a rental property's condition.

Resolving tenant-caused damage

When damage occurs, it’s important to approach resolution constructively. This involves assessing reasonable wear or damage, communicating effectively with tenants, and agreeing on repair responsibilities and timelines. If damage exceeds normal wear and tear, landlords may need to use the security deposit or seek further compensation.

Legal implications and managing insurance

The legal interpretation of property damage varies by location. Both landlords and tenants should be well-informed about the local laws and regulations about rental agreements and property damage.

Landlord insurance plays a critical role in protecting against financial loss due to tenant-caused damage. Owners should ensure landlords insurance policies cover such damages, and both parties need to understand the process for filing claims and obtaining compensation.

Take the stress out of property management with HKY

Successfully managing rental property damage is about balancing prevention, regular monitoring, and transparent communication. With the right strategies and understanding, landlords can protect investment property value and ensure a mutually beneficial rental experience.

For professional assistance in managing your Perth rental property, consider HKY Real Estate. Our team of experienced property managers are adept in the local rental market, offering comprehensive support in all aspects of property management.

Contact our experienced property management team to find out more.

Damage to rental property by tenant FAQs

Begin by documenting the damage and communicating with the tenant to discuss repair responsibilities.

Fair wear and tear is the natural deterioration over time, while tenant-caused damage is harm that impairs functionality or aesthetics.

Generally, the tenant is responsible if the damage exceeds normal wear and tear. However, this can vary based on lease agreements and local laws.

The frequency of property inspections can vary based on several factors, including local laws, the terms of the lease agreement, and the specifics of the property itself. However, as a general guideline, property inspections are typically conducted in the following intervals:

  • Initial inspection: Before a new tenant moves in. This is crucial for documenting the property's condition at the start of the tenancy and helps in future comparisons.
  • Routine inspections: These should occur regularly but not so frequently as to disrupt the tenant's reasonable enjoyment of the property. The current Residential Tenancies Act WA allows up to four routine inspections per year. This frequency allows landlords to ensure the property is being well-maintained without being overly intrusive.
  • Seasonal inspections: In some cases, particularly for properties with certain vulnerabilities (like older homes), maintenance inspections may be necessary to check on elements that could be affected by weather changes, such as gutters, roofs, and heating systems.
  • End-of-lease inspection: Conducted when a tenant is moving out, to assess the property's condition compared to the initial inspection. This is crucial for determining if there is any damage beyond normal wear and tear.

Landlords need to provide tenants with reasonable notice before an inspection, as required by local laws.

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How to Stand Out in a Competitive Market With Your Rental Application https://hky.com.au/blog/rental-application-key-information/ Fri, 21 Apr 2023 08:15:54 +0000 https://hky.com.au/?p=154057 When applying for a rental property, it’s important to include certain information in your rental application to increase your chances of being approved.

In this article, we will explore the key information to include in your rental property application.

Personal information

Your full name, current address, contact information, and a copy of your ID.

The personal information section of a rental application is one of the most important sections, as it provides the landlord or property manager with key details about you as a potential tenant. In this section, you should include your full legal name, date of birth, current address, and contact information such as phone number and email address.

It’s also important to include a copy of your government-issued photo identification, such as your driver’s licence or passport, to verify your identity. This helps to ensure that you are who you say you are and that you have not provided false information on your application.

Additionally, if you have any pets, make sure to include information about them in this section as well. This includes their breed, size, and age. Some landlords or property managers may have restrictions on certain breeds or sizes of pets, so it’s important to be upfront and honest about your pets from the beginning.

Overall, the personal details section of your rental application is your chance to provide the landlord, real estate agents or property manager with a clear and accurate picture of who you are as a potential tenant.

By providing complete and honest information, you’ll demonstrate that you’re a responsible and trustworthy renter, which can increase your chances of being approved as a suitable tenant.

Employment and income information

Employment details and income information section of a rental application.

The employment details and income information section of a rental application is an important part of the process for a landlord or property manager to assess your ability to pay rent on time. In this section, you will be asked to provide information about your current employment status, employer’s contact information, and income.

You should include details about your current job, such as the name of your employer, your job title, and how long you have been employed there. This will help the landlord or property manager verify your employment and assess your stability as a tenant.

You will also be asked to provide your monthly income, which includes your salary or wages, bonuses, commissions, or any other sources of income. You may be required to provide proof of your income, such as recent pay slips or bank statements. You can also include any additional income, such as child support, alimony, or investment income.

This is because real estate agents and property managers will use your income and liabilities to calculate your affordability ratio which gives them an idea of whether you can afford to rent the property or not.

If you have a co-applicant or spouse who will also be living in the rental home, they need to complete all sections of any applications too, even if they are not working or don’t have an income.

Rental history

The rental history section of a rental application is an important part of the process for a landlord or property manager to assess your suitability as a tenant. In this section, you will be asked to provide details about your previous rental experiences, including the landlord or real estate agents contact information, the address of the property, amount of rent paid and the duration of your stay.

If you have had any issues with previous landlords, such as late rent payments, property damage, or lease violations, it’s best to be honest and upfront about them. You can explain any extenuating circumstances and describe what you did to resolve the situation.

It’s also important to include information about why you’re moving out of your current rental property. If you’re leaving due to a job transfer or other life change, be sure to explain this in your application.

References

Before listing someone as an employment or living history reference, be sure to ask for their permission and let them know that they may be contacted by the landlord or property manager. Having them know how important it is to respond in a timely manner to a reference request will help your application be presented to a landlord quicker. You can also provide them with information about the rental properties you’re applying for and why you think you would be a good fit.

Additional information

Any additional information that may strengthen your application, such as a cover letter, recommendation or positive rental history.

Any additional information that may strengthen your application, such as a cover letter, recommendation or positive rental history.

Make sure to fill out the rental application completely and honestly, and provide any additional information or documentation that the landlord or property manager requests.

This will help you stand out as a responsible and trustworthy tenant, and increase your chances of getting approved for the rental property.

Searching for your ideal rental property?

Visit our website to browse our extensive selection of properties for lease that are sure to meet your needs. From cosy apartments to spacious homes, HKY Real Estate has a wide range of options available for you to choose from.

A good idea is to create a tenant profile before viewing in 2apply as this is a platform used by many agencies for rental applications and most will only accept applications submitted online. This means once you have found a property you like, submitting an application will be quick and easy as you have already uploaded all your necessary documents.

Don’t miss out on the opportunity to find your dream rental property.

You can register to inspect any of our available properties for lease via our website. Our team of experienced professionals is dedicated to helping you find the perfect rental property, so start your search today.

Have more questions?

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How to Rent Out Your Property: Guide for First Time Landlords https://hky.com.au/blog/how-to-rent-out-your-property/ Fri, 20 Jan 2023 03:19:31 +0000 https://hky.com.au/?p=129620 Property investment and renting out your property can be a great way to generate income and build wealth. However, as a first-time landlord, it can be overwhelming to navigate the process of finding and screening tenants, creating a lease agreement, and property management.

By following some basic guidelines and being prepared to rent out your property, you can ensure a successful rental experience for both you and your tenants.

What to do before you rent out your investment property

In order to lease your investment property, there are several steps you will need to take.

First, you will need to ensure that the rental property is in good condition and meets minimum security and smoke alarm / RCD legislations.

Next, you will need to determine fair market rent for the property and set the rental rate accordingly. To help increase the value of your property and the amount you can make from rental income, think about simple things you can make to help appeal to potential renters.

This can include:

  • Re-painting and refreshing the wall paints, touching up any chips to door frames and making it as clean and tidy as possible.
  • Improving the exterior of the property, such as tidying up the gardens and sweeping paved areas and removing weeds.

It’s important to remember that not all of these strategies will work for every property, so it’s a good idea to consult with a good property manager to determine which strategies will be most effective for your specific property.

Know your responsibilities as a landlord

Landlord handing keys to a couple renting a property.

Now let’s talk about your duties as a landlord and your legal obligations. Firstly, it is essential to keep accurate records of all income and expenses related to the rental property, as this will help you stay organised and compliant with any relevant tax laws.

Another thing to consider with landlord renting is that you will also need to comply with all local and state landlord-tenant laws. This includes providing tenants with a copy of the lease agreement, as well as giving them notice before entering the property.

You also need to be prepared to handle any issues that may arise during the tenancy, such as maintenance requests or late rent payments. It is important to handle these situations in a timely manner and in accordance with the rental laws, to avoid any legal complications.

Know what to charge

Determining the fair market rent for your rental property can be a complex process.

One of the first things to consider is researching comparable properties in the same area. This will give you an idea of the going rate for similar properties and will help you set a competitive rental rate.

Another approach is to check with a local property manager and conduct a rent appraisal. A local property manager will have a good understanding of the local market and can help you determine a fair rent for your property. They will also have access to a large database of tenants waiting for a property.

When setting the rent an experienced property manager can help you adjust the pricing based on recent leasing history of comparable properties and adjust the price for any unique features such as a pool or a view.

Another important factor to consider is the local rental market conditions. If there is a high demand for rental properties in your area, you may be able to charge more rent. However, if the market is slow, you may need to adjust your rental rate accordingly.

It’s important to remember that rental rates can vary depending on the location, size, and condition of your investment property, so it’s a good idea to research the market and consult with local property managers before setting your rental rate.

Also, it’s important to review the lease agreement and rental rate periodically based on the market and the conditions of your tenants lease, to ensure that you are charging a fair and competitive rental price.

Find the right tenants for your rental property

Couple on yellow sofa excited to be new rental property tenants.

Finding the right tenants for your investment property is essential for a successful rental experience.

  • Advertise: The first step is to advertise your property, by listing it on all the major rental websites using high-quality pictures and a detailed description of the property. This will help to attract potential tenants who are interested in your property.
  • Visual walkthrough: In addition to photos, having a video walkthrough helps applicants who may not be able to view it in person.
  • Screening: Next, screen potential tenants by reviewing their credit, employment, and rental history. You can use online tenant screening services to run background checks on potential tenants.
  • Interviews: Additionally, conduct face-to-face or phone interviews with potential tenants, and ask them questions about their lifestyle, employment, and rental history.
  • References: It’s also important to check references by contacting the tenant’s current and previous landlords to get an idea of their rental history.
  • Finances: Verify the tenant’s income by asking for pay slips and confirming employment with their employers. Some red flags during the screening process, such as previous evictions, a history of late rent payments, or a high debt-to-income ratio.

Another option to consider is using a property manager. Property managers can handle the screening process and also handle the day-to-day management of the property, including rent collection and arranging maintenance and lease renewals. With this option, you need to choose the right property manager and consider any property management fees.

Create a lease agreement

Property manager talking to couple about leasing a property.

Creating a lease agreement, also known as a residential tenancy agreement, with a new tenant is a crucial step in the rental process. It should include important elements such as the property information, which includes the address of the property, the names of the landlord and tenant, and the date the lease agreement is signed.

  • The rent and security deposit, or rental bond, including the amount of rent due each month, the due date, and the method of payment should be included as well as the amount of the rental bond and the terms for its return at the end of the lease.
  • You also need to add the term of the lease, including the length of the lease, whether it is month-to-month or for a specific term, and the date the lease begins and ends.
  • It’s also important to include details on the lease for any extra items or responsibilities each party will be responsible for.
  • You also need to include occupancy limits and prohibited activities such as smoking, pets, and unauthorised alterations to the property.
  • You need to specify the notice and termination and the conditions under which the lease can be terminated.

It’s important to have a lawyer or professional property manager review the lease agreement before it is signed to ensure that it is legally binding and complies with all state and local laws. Once the lease agreement is signed by all property owners or a property manager on your behalf and the tenants, it becomes a legally binding contract and both parties are expected to abide by its terms and conditions.

Address any problems

As a landlord, it is crucial to address any problems with maintenance or other issues in a timely and effective manner. Here are some steps you can take to address these issues.

  • Make sure your tenants know how to contact you and that you are available to respond to their requests in a timely manner.
  • Have a written policy in place that outlines the procedures for reporting and addressing maintenance issues. Make sure your tenants are aware of this policy when they first rent out your property and understand it.
  • Address maintenance requests as soon as possible to minimise the disruption to your tenant’s daily life.
  • Handle emergency repairs, such as a leaky roof or broken furnace, as a priority.
  • Keep detailed records of all maintenance requests, repairs, and rent inspections. This will help you stay organised and will also be useful in case of any legal disputes.

It’s important to be responsive and professional when addressing emergencies and maintenance issues and to maintain a good relationship with your tenants. By addressing issues in a timely and effective manner, you can help to ensure a positive rental experience for your tenants and minimise potential legal issues.

Get help from an experienced property manager

Are you looking to rent out your investment property but you’re not sure where to start? We can help! Let the property management experts at HKY take care of all the details so you can enjoy a stress-free experience. Our knowledgeable team will make sure this process runs smoothly and keep you up-to-date along the way.

HKY Real Estate is your trusted partner for this new undertaking. We are an independently owned real estate agency that currently manages millions of dollars worth of Perth real estate.

Contact us to start your rental journey the right way.

Renting out your property FAQs

There are several important things to consider before renting out your property, such as the condition of the property, local zoning laws, and the potential income you can generate.

It is also important to consider whether you are comfortable being a landlord and dealing with tenants or whether you would like to leave this to a professional property management team.

To set a fair rental price for your property, you should research the rental market in your area to see what similar properties are being rented for. You can also consult with a local real estate agent for guidance. Keep in mind that you will also need to factor in additional costs such as utilities and maintenance.

Common legal requirements for renting out a property include obtaining all necessary permits and licenses, following fair housing laws, and creating a legally binding lease agreement.

It is also important to keep proper records and documentation, including applications, agreements and records of rent payments.

Additionally, landlords have a legal responsibility to ensure the property is safe and habitable, and to make any necessary repairs in a timely manner.

Have more questions?

Get in touch

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Preparing For a Rent Inspection: Rental Inspection Checklist https://hky.com.au/blog/rent-inspection/ Wed, 19 Oct 2022 06:29:48 +0000 https://hky.com.au/?p=122578 Rental property inspections are standard practice throughout the property leasing industry.

Rent inspections are conducted so your landlord can check the property is being well maintained in a clean and tidy condition and any maintenance issues reported and checked.

If you’re unprepared, these routine inspections can quickly cause stress. However, if you’re well-prepared, you can easily show your landlord that the rental property is in good condition and that you’re taking care of it.

In this blog post, we will discuss how to prepare for a rent inspection so that you can put your best foot forward!

Purpose of Routine Rent Inspections

Property managers routinely inspect rental properties for two main reasons:

  1. To ensure the property is well cared for
  2. To ensure that any maintenance or repair issues have been addressed

When inspecting your rental property, property managers will go through and check the following:

  • Check it’s well maintained, clean and tidy
  • Check the garden is maintained (i.e. lawn has been mowed, weeds removed)
  • Ensure that only the people on the rental agreement are living in the home
  • Make sure there are no traces of pets living in the property (if stated they are not allowed on the rental agreement)
  • Ensure there are no damages to the property and that all maintenance issues have been reported

6 Tasks to Help You Prepare for Your Rent Inspection

1. Organise Clutter

While your property manager won’t be assessing how tidy of a person you are, the home does need to be reasonably clear, allowing your landlord to walk through and easily inspect the structure of the home.
Simply ensuring the floor and surfaces are clear of unnecessary items will go a long way in ensuring your rent inspection runs smoothly.

2. Clean the Home

Your property manager will be checking the property is being kept in a clean state.

Items routinely checked include:

  • Entire home: Ceilings, walls, floors, doors, lights, etc.
  • Kitchen: Oven, rangehood filters and exhaust fan covers for build-up of oil and dust
  • Bathroom & Toilet: Shower, sink, and toilet for any build-up of mould and residual debris

Much like the first step, the home needs to be reasonably clean so your property manager can identify scratches or further damage to the floors and surfaces that dust may hide.

Tip: Bathrooms are also important areas to keep clean as mould can begin to form in a humid and dark environment. So, when showering, use the exhaust fan or keep a window slightly open to allow the steam to dissipate.

3. Tend to the Garden

Even if you don’t spend much time in the property garden, it is important to maintain the property landscaping.
Some properties are more complex than others, but here are the main tasks you should consider:

  • Weed the garden
  • Trim hedges
  • Mow and edge the lawn
  • Raking up any debris
  • Remove any cobwebs

4. Fix any Damage

It’s important to fix any damage or maintenance issues that have occurred in the rental property before the rent inspection as this will be noted down and could affect your bond return.

Damages can include holes in the walls, scratches on floors or surfaces, and defective fittings.
If you don’t have time to conduct repair before the inspection, inform your property manager of the damages and your plans for repair. Then your property manager can arrange a reinspection of the area once repairs are completed.

5. Review your Records

It is important to read through your lease agreement before your rent inspection to ensure you haven’t missed any clauses. This will also prepare you to ask your landlord any questions about your tenancy or answer any questions they may have for you.

Reviewing your documents is also helpful to remind you of the type of lease you are on and when your renewal date is.
If you’re unsure about something, don’t hesitate to ask your property manager for clarification.

Also, if your details (phone number or email address) have changed, it’s best to notify your property manager as soon as possible to ensure the lines of communication remain open.

6. On the Day of the Inspection

On the day of the inspection, it’s important to:

  • Make sure any pets are secured during the rental inspection
  • If any maintenance or repair issues have popped up, make note of these and ensure the maintenance request forms have been sent to your property manager as they occur. Don’t wait to report these until the day of inspection.

What Happens After the Rental Inspection?

Property manager speaking to tenant.

After every routine inspection, your landlord or property manager will send you an inspection report which will note the condition and any maintenance problems the tenants should see to before the next inspection.

Rental Inspections at HKY Real Estate

At HKY, our team of professional property managers are highly qualified and experienced in delivering great results for both property owners and tenants.

If you want to lease your Perth property or simply want to discuss your options, speak to us at HKY Real Estate about our property management services today. We will team you with the best property manager to suit your needs.

Rental Property Inspection FAQs

Landlords are required to give between 7 and 14 days' notice of the inspection date before conducting a rent inspection in WA.

Rental inspections can only be carried out a maximum of four times a year, as stated in the Residential Tenancies Act.

A rental inspection's primary purpose is to check the property's condition.

There are a few key things that property managers look for during a rental property inspection, including:

  1. The first is whether the structure of the building appears to be in good condition, with no damage or cracks.
  2. Second, they check to ensure appliances included in the rental agreement are in working order, including the dishwasher, washer and dryer, stove, and refrigerator.
  3. Check the property is well maintained and kept in a clean condition.
  4. Looking for any signs of water leaks or maintenance Ensure all light globes are in working order
  5. Finally, they look at the landscaping to make sure that's also well-maintained.

 

Have more questions?

Get in touch

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Should you manage your rental property or hire a property manager? https://hky.com.au/blog/managing-rental-property-with-property-manager/ Mon, 30 May 2022 03:05:11 +0000 https://hky.com.au/?p=111942 As a homeowner, you may be wondering if it is worth the time and effort of managing your own rental property. On one hand, you will have full control over how the property is managed and what happens with it. On the other hand, hiring a property manager will save you time and energy that would otherwise go into running around to find and screen tenants, making sure they are taking care of your home properly or dealing with tenant concerns. A property manager has extensive knowledge on the requirements of the Residential Tenancies Act, and each year must complete compulsory and elective training to keep their knowledge up to date and to maintain their registration.

This blog post will compare self-managing versus hiring a professional to manage your rental property so that you can make an informed decision about which route to take!

What does a property manager do?

But first, let’s explain what a property manager does. Put simply, a property manager is responsible for a variety of tasks related to the management and upkeep of a rental property including:

  • Advertising your property on all the major websites
  • Scheduling and hosting home opens
  • Processing applications and screening potential tenants
  • Preparation of the tenancy agreement and facilitating signing of this
  • Completing a property condition report prior to commencement of lease
  • Handling all the legal paperwork
  • Collecting rent and ensuring the correct amount is being paid on time.
  • Managing day-to-day interactions with tenants
  • Inspecting the property on a regular basis
  • Responding to repair or maintenance requests and arranging tradespeople
  • Handling tenant turnover
  • Termination of tenancy as required
  • Final Bond Inspection
  • Negotiations with vacated tenant regarding bond disposal
  • Court attendance as required

Essentially, property managers take care of all the day-to-day tasks and has a full understanding of the legal requirements that are associated with renting out a property. This can be a great option for inexperienced or busy landlords who don’t have the time or energy to manage their own rental property.

Team of property managers having a meeting.

What are the pros of a property manager?

Save time

Property managers take care of everything to do with your rental property so you have more time to yourself. Whether it’s ensuring maintenance gets completed, collecting rent, finding prospective tenants, and so on. All you need to do is sit back and relax.

Reduce stress

Property management can be a very stressful job. Between dealing with difficult tenants, tenant concerns, maintenance requests, late rent, and other issues that may arise, it’s easy for landlords to feel overwhelmed. By hiring a property manager, much of this stress can be relieved. Property managers are experienced in dealing with these types of situations, so you know your rental property is in good hands.

Expertise

Property managers have years of experience when it comes to renting out properties. They know what works (and what doesn’t) when it comes to attracting quality tenants, collecting rent on time, and keeping your rental property running smoothly. All HKY Real Estate property managers have formal qualifications and understandings of tenancy laws, so if any legal issues do arise, they are able to deal with them in a professional manner.

Save money in the long run

Hiring a professional property manager can also save you money in the long run. They often have reliable contractors and other professionals who they deal directly with and offer competitive rates for emergency repairs and other maintenance. This helps to keep your property in good condition and running smoothly.

What are the potential cons of using a property manager?

Cost

Of course, there are also some concerns to consider when deciding whether or not to hire a property manager. Cost is often the biggest factor for people – hiring a professional property manager typically costs around eleven percent of your monthly rental income, depending on your state. We suggest speaking to your financial advisor to see what costs and depreciation you can claim on your tax return each year.

What to look for in a property manager?

When trying to find the right property manager for your property there are a few steps you can take and questions you can ask to ensure you find the right one! The Real Estate Institute of Australia recommends asking the following questions to narrow down your decision:

  • What are your processes in choosing good tenants?
  • Can you explain your property management fees?
  • How much would you market the property for, and why?
  • How can you optimise my rental income and capital growth?
  • What qualifications do you have? Skilled agents might have certificates in property services or university degrees in property and real estate.
  • How many other properties do you manage, and how much time will you devote to mine?
  • Why should I pick you over other property management services?

Self managing your rental property

If you are looking at renting out your investment property, self managing is an option. This involves finding and screening tenants, rent collection, handling repairs and other day-to-day tasks.

What are the pros of self managing your rental property?

No property management fee

You keep more of the rental income – as mentioned, property management fees typically cost around eleven percent of your monthly rent income. Please keep in mind that this is only a rough estimate and you should speak to a HKY Real Estate property manager for more accurate details on what your property management fee would be.

What are the potential cons of self managing your property?

You have full responsibility

Be prepared for some extra work, as you will be responsible for tasks like advertising the property, showing it to potential tenants and dealing with any repairs or maintenance issues that may.

Time consuming

It takes time to learn the ropes – managing a rental property isn’t easy, and it will take some time to learn all the ins and outs. If you don’t have the bandwidth to manage everything yourself, this could lead to missed rent payments or other costly mistakes.

Legal issues

You could be liable if something goes wrong – as the property owner, you are legally responsible for anything that happens to your investment property. If a tenant is injured on the premises, or if there’s damage to the property, you could be held liable.

No guarantee of income

There’s no guarantee you’ll make money – while it’s possible to make a profit from renting out your property, there’s no guarantee that this will happen. In fact, you may end up losing money if you don’t manage things correctly.

Person self managing their rental property and going through documents.

To Conclude

In conclusion, the decision of whether or not to manage your rental property yourself really depends on your individual circumstances. If you’re comfortable dealing with repairs, screening tenants, legal issues, and handling other day-to-day tasks involved in renting out a property, then go for it! But if you’d rather leave the headaches behind and have someone else take care of things for you, hiring an experienced manager is definitely the way to go.

So, what’s it going to be? Are you going to manage your rental property yourself or hire a property manager? It really comes down to what works best for you. If you have any questions, feel free to reach out and contact our team of property managers! We’re always happy to help.

Some additional frequently asked questions about property management

A property manager is an individual or company who manages rental properties on behalf of the property owner. They are responsible for screening tenants, handling rent payments and other legal issues, and taking care of day-to-day tasks involved in renting out a property. If you would like to hire a property manager to take care of your rental property, get in touch with HKY Real Estate today.

How much a property manager charges can vary depending on the area, but generally speaking, property managers will charge around 11% of the monthly rent for their services.

Word of mouth is always a great way to start your search. Ask friends or family members if they have any recommendations. You can also check online review sites like realestate.com.au or Google Reviews to see what others have had to say about specific property managers, and more broadly property management companies, in your area. Want to hire a property manager? Speak to the team at HKY Real Estate today.

Rental income is the payment that property owners receive from tenants in return for occupation of a property. Property owners must report rental income for all rental properties on their tax return.

Property owners may be able to claim a deduction on the expenses incurred for their rental property. These expenses can be related to the management or maintenance of the property, such as, advertising for tenants, water charges, council rates, land tax, gardening and lawn mowing, and so on. For more information head to ato.gov.au.

Owning a rental property does come with associated financial risks. These include being unable to find tenants for long periods of time, damage to your property and unexpected maintenance expenses. However, these can be managed with appropriate risk minimisation strategies.

Have more questions about hiring a property manager?

Get in touch

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