Your guide to purchasing and managing investment property. Property represents a very secure and sound, long term form of wealth creation. And as such, Australians are increasingly turning to residential property investment to secure their future. A well managed investment can offer many advantages including income and capital growth. Many investors may also be able to use their investment to reduce tax payable on their assessable income. Property is also a good option as part of an investment portfolio, particularly with people who do not need immediate access to their money and wish to protect themselves against inflation over the long term.
It is important to be aware however, of the responsibilities of managing your property investment and assuring proper care and responsibility. As considerable money is at stake, you need to take the time to get good advice before you act - and remember, consideration of any investment presents wide and varied alternatives and there are always plenty of experts ready to pass on their opinion. It is wise, therefore, to always seek appropriate advice from a qualified financial advisor or your accountant.
What is a database check?
Database checks are conducted on all tenants applying for a property through Force Real Estate. These databases are used by Real Estate Agents to check the history of bad tenants. Any tenant who has rented through an agency that uses these databases and has defaulted in some way will be lodged on these databases. This can greatly reduce your chances of getting a tenant with a previous bad rental history
What is a Routine Inspection?
Routine inspections are conducted after a tenant takes possession of the property and are conducted 6 weeks after the start of the tenancy then every three months. These inspections are essential to ensure that your property is being maintained to an acceptable standard and to identify any maintenance that may be required. A copy of the routine inspection report is forwarded to you after each inspection and should it be necessary, a member of the Property Management Team will contact you to discuss items noted on the report.
How do tenants pay their rent?
Tenants have several options to pay their rent, leaving no excuse for late payments. – BPay, EFT, cheque or money order.
What is a property condition report?
This is a report that is compiled at the commencement of a tenancy prior to your tenant moving into the property. This report outlines the condition of the property and is used when the tenant vacates to ensure that the property is left in the same condition. This is the last inspection carried out as soon as possible after the end of a tenancy, when the tenants have returned their keys. The Property Condition Report is used at this inspection and each item is checked off to make certain that the property is in the same condition as when the tenant took possession. It is at this inspection that any items that need to be rectified by the tenant are identified.
What happens when a tenant stops paying rent?
If a tenant falls 3 days behind in their rental payments they are issued with a notice of termination advising them that they are behind and requesting that they rectify the problem within 7 days. If this is not done within the stipulated time period then the owner can apply to the court for vacant possession.
When does the rent money get paid into my account?
At the end of every month all monies held, unless instructed otherwise, is paid to you by way of direct debit to your nominated bank account or by cheque. A statement is issued at the same time outlining the debits and credits for that month.