Tenanting your property
Selection Criteria - We understand much of the property success depends on selecting the right person for each property therefore we always ensure that tenants can meet the strict criteria set out by Pride Real Estate. We will always ensure all references are thoroughly checked and the required documentation is received from any potential tenants.
Rental and Credit History – Using the National Tenancies Database – a specialised credit agency which is only accessible to real estate agents – we can check the tenancy and rental credit histories of applicants. It is our policy not to accept a tenant until you have approved their application. Naturally we will make a recommendation, but respect it is your right as the owner to make the final decision.
Lease Agreement – We prepare the lease in accordance with current legislation and include a set of additional conditions to provide for circumstances not specifically covered by the Residential Tenancies Act. We are happy to negotiate additional clauses with the prospective tenant on your behalf, in accordance with legislation.
Bond Lodgement – Section 406 of the Residential Tenancies Act 1997 states that all bonds must be forwarded to the Residential Tenancies Bond authority where they are held in trust for the tenant until the termination of the tenancy. The bond to be lodged is required to be the equivalent of a calendar month rent or where the weekly rental figure exceeds $350, a higher bond may be negotiated to reflect the tenancy. The bond may only be released to a tenant, at the end of a tenancy, with the signature of both the tenant and the managing agent or as a result of an order from the Victorian Civil & Administration tribunal (VCAT)
Condition Report - We complete a detailed condition report that clearly states the condition of your property at the commencement of the tenancy. The tenant is provided a copy of this report which they must sign and return to our office within 3 working days of the agreement. Once finalised, the condition report becomes the agreed state of the premises at the commencement of the tenancy. It can be used as evidence – after making allowance for fair wear and tear should a dispute arise. Initial photographs will also be taken of your property.
During the Tenancy
Routine inspections and Rental Reviews – In order to protect your property it is important to make sure that it is being maintained in good order. Routine inspections are conducted on all properties within the first 3 months of the tenancy commencing, then at 12 month intervals thereafter. A written report is forwarded to you together with recommendations and reports of any maintenance requirements and any suggested rent reviews complete with photos (where applicable). This means you are kept fully informed of the condition of your investment and are up to date with market conditions.
Rental Collections –Tenants rent is paid directly into your nominated bank account. In the unlikely event that rent becomes overdue, we will follow up with a reminder phone call, and if necessary a written or electronic messages. Should we not receive payment at all we will issue a notice to vacate and an application will be made to the Residential Tribunal for a hearing at the earliest possible opportunity to minimize any possible loss that may occur. Of course this action is discussed with you before we proceed.
Maintenance and Inspections - Pride Real Estate provides a complete regular routine inspection program of your property, to determine if there are any maintenance issues that have arisen. Any work that is deemed to be necessary is carried out by our approved trades people (or your preferred trades people), once authorised by you and within your cost limitations. All work is closely monitored to ensure it is completed to the highest standard. When your tenants give notice a pre-vacating inspection will be carried out.
Victorian Civil & Administrative Tribunal (VCAT)
On rare occasions, a tenancy may not run as smoothly, disputes can occur with tenants, rental payments can fall into arrears or other issues can arise. Should there be a problem, it is important to have a property manager who is fully conversant with the Residential Tenancies Act 1997 and can provide the appropriate advice and guidance.
Pride Real Estate property managers are skilled in negotiating, problem solving and mediation. By taking the appropriate action quickly to resolve disputes directly with the parties involved, our property managers often avoid the cost and inconvenience of a tribunal hearing.
Where a tribunal hearing cannot be avoided, we provide professional advice and prepare all documentation and applicants to the Victorian Civil & Administrates Tribunal (VCAT). Pride Real Estate property managers are fully trained in presenting to the tribunal and can represent owners at hearings if required. Owners can always welcome to attend the hearing.
Payments to Owners
Administration - At Pride Real Estate we provide the landlords with monthly statements outlining the income and expenditure. We can also pay your other expenses; such as insurance premiums and council rates so at the end of the financial year your will receive a complete reconciliation statement showing all incoming rent and outgoings, which is very straight forward to pass on to your accountant
At The End of a Tenancy
Vacating Checklist – Tenants are required to provide us with 28 days notice in writing of their intention to vacate the property.
A checklist outlining our expectations in relation to the property’s condition is sent out upon receipt of the tenants Notice to Vacate.
Final Inspection - A final inspection is conducted when the property becomes vacant. In consultation with the owner the tenant is notified of any outstanding repairs or cleaning they are responsible for, after fair wear and tear has been taken into consideration.
A bond claim form is completed and signed by the tenant. If the property’s condition and rental payments are in order, the form is then signed by the property manager to enable the tenant to reclaim their bond. Bond claim forms must be lodged within 14 days of the tenant vacating the property.
Open for Inspection - Pride Real Estate will conduct open for inspections allowing prospective tenants to inspect properties and also give out keys if authorised by you.
It is our standard practice to obtain identification and a deposit from the prospective tenant. Some estate agents do not give keys out, therefore reducing the opportunities to quickly lease your property. Pride Real Estate maximises leasing opportunities by allowing both to occur. We advertise on all major websites.