Whether you live some distance from your investment property or just around the corner, it is in your best interest to have your investment property comprehensively managed on a full time professional basis and in accordance with the Residential Tenancy Act. At First Western it is the Property Management staff that are here to be of service and take the worry out of owning an investment portfolio.
Property Management is no longer just a matter of collecting and remitting funds: it is a specialised area of Real Estate practice which has to be geared to handle both the physical and financial complexities of property ownership today. Our Property Management team mediate between owners, tenants and creditors, with constant communication and ensuring alleviating any problems and aggravations that may arise.
Our Government often introduces new legislative changes that can have an impact on you as a property investor. Our Property Managers are kept informed of these changes and have regular training on all matters of the Residential Tenancy Act and Code of Practice which are actioned immediately. We will also keep you informed of any new changes that are introduced.
One of the most important aspects of Property Management is selection of a suitable tenant. Our well known presence in the marketplace, our prominent office position in Joondalup with advertising and photos on eight popular websites assures high levels of enquiries. Prospective tenants are carefully selected through both interview systems on site and application processing in the office including:
- Conducting previous rental and employment checks as well as verbal references, and
- Obtaining details of each applicant from the National Tenancy Database – should they have a bad rental history anywhere in Australia and New Zealand; there is a very real possibility of it being registered.
We are particularly discerning when it comes to maintaining the quality of tenants for our managed properties. The greatest care is taken to ensure that the correct tenant is chosen for your property and our philosophy is always to be critically selective of prospective tenants, as our aim is for you to have a worry free tenancy.
A detailed Property Condition Report is compiled at the commencement of a new tenancy. This is a detailed report, describing the condition of all items contained at the property for example floorcoverings, paintwork, fittings etc. The tenants are required to check, amend if necessary, and sign the report within 7 days of receipt. At the end of the tenancy, this report is used to complete the Final Bond Inspection prior to release of bond monies.
As per the Residential Tenancies Act (1987), a maximum of four weeks rent is taken as a Security Bond to be held against any damage, beyond normal wear and tear, which may occur during the course of the tenancy. The Bond is lodged with the Bond Administrator and can only be released by mutual agreement between the Tenant and the Lessor/Property Manager.
The initial inspection for a new tenant is carried out 6 to 8 weeks after commencement of the tenancy and then at quarterly intervals. A report containing a description of each room’s condition as well as colour photos and outdoor areas is sent to the Lessor. Any maintenance requirements which require attention are also listed in the report.