Frequently Asked Questions - Owners
Q. What is a management fee?
A. A management fee is the fee charged for looking after the property. This is a percentage (as per your Management Authority) of the weekly rent (plus GST). This includes advertising, rent collection, re-letting, inspections and administration such as statements.
Q. What is a supervision fee?
A. A supervision fee is the fee charged for arranging maintenance on the property.
Q. What do you do to ensure I get the best tenants?
A. This includes our practical experience in dealing with people, carrying out reference checks by telephoning previous landlords or employers, credit checks and checking prospective tenants with our debt collection agency.
Q. What happens if the tenant doesn’t pay rent?
A. Rents are checked on a daily basis. If a tenant misses a payment they will be contacted via phone, text or email to bring the failure to the tenant’s notice. If the tenant does not respond immediately a 14 day Breach of Tenancy Letter is issued. This advises the tenant that they have 14 days to resolve the situation. However Harcourts does not wait 14 days before applying to Tenancy Services for Mediation, an application is made in the first week of missing rent.
Q. How often will inspections be carried out?
A. An initial inspection is carried out with the tenant the day they move into the property. Their first inspection is one month after tenancy commences, after that we carry out extensive property inspections every 13 weeks using iPads with the latest technology.
Q. When will I receive payments?
A. Payments to owners are made twice a month – on the 1st of the month (or the next working day) and on the 15th
Q What Does EFT mean?
A. Electronic Funds Transfer of the month (or the next working day). Owners can also choose to just receive one payment per month on the 1st.
Q. I didn’t receive a statement from you for my payment on the 15th?
A. Statements are emailed (or posted) once a month with the payment on the 1st of the month.
If you have not received your statement (via email) please remember to check your junk mailbox or contact your Property Manager to ensure your details are correct.
Q. I find it difficult to follow the statement.
A. We have several different statement formats which we you might find easier to follow. Please contact your Property Manager if you would like to view these.
Q. How can I see my statements, invoices or end of year statements?
A. All owners have access to their statements, invoices and end of year statements online via the owner login. Owners can also request a reprint of statements for a charge of $5 per statement.
Q. Can I do any repairs and maintenance myself?
A. We have a large range of contractors which we can organise at a discounted rate. Using our contractors saves you the hassle of dealing with emergency call outs and allows us to keep a record of what goes on at the property. It also makes it easier for your accountant at the end of the year as it keeps all income and expenditure on one end of year statement.
Q. What do I do if I want to sell my property?
A. You are legally required to advise the tenant that you are intending to sell. We have the appropriate letters that cover these legal requirements.
Q. How much notice do I need to give the tenants if I wish to move back into my property
A. Notice for tenants is either 42 days or 90 days. If you sell or want to move into the property it is 42 days. For any other reason it is 90 days. If you do decide to return to the property please allow extra time after the tenant vacates to ensure that cleaning or maintenance is carried out if required.