Q1: Is an agent‘s location important to their ability to manage my property?
One of the most common misconceptions about finding an agent to manage your property is that they need to be located in the neighbourhood. Long gone are the days when prospective tenants went from real estate agency to real estate agency looking for homes to rent in any given area. They simply don’t have the time.
Almost 100% of our entire tenant enquiry now comes from the internet. This means that we can quickly and easily lease properties in a very large geographic area. We can also very quickly assess rents in any given area to determine what the right amount of rent is for a particular property.
At Regentwood we easily manage properties in over 50 different suburbs in Sydney and all from 1 office location.
Q2: Why use a professional property manager?
Lots of owners choose to manage their property themselves and many of them are very successful. However, with the time involved in collecting rents, arranging repairs and finding the best tenants, most owners have found that their time is more valuable spent elsewhere.
A good property manager will make you money on your investment, not cost you money.
Other important considerations are the legal aspects of property management. In the litigious society that we live in, a property owner can ill afford to handle a problem tenant in an incorrect manner. Professional property managers are well versed in landlord tenant law, and are abreast of the constantly changing legislation governing them.
Q3: How do I switch to Regentwood if it is currently being managed by another agent?
Changing to Regentwood is easy! Did you know you can change managing agents without affecting the tenancy in any way, even if your property is tenanted and on a current lease?
Currently managed by another agency and not satisfied? All you have to do is make the decision and we will provide a seamless transition, taking care of everything.
We will send your current agent the Transfer Letter (download from our Forms & Documents page) that you have signed and make arrangements for your tenant to be notified and for the keys to be collected from your managing agent. Everything else carries on as usual.
Q4: How long will it take to find a tenant for my property?
This is a common question and there is no guarantee on how long it takes to rent a property however the better your property is presented, the more realistic the rental amount that you are asking and the better the agent who is letting your property, the quicker it will be leased.
Q5: What happens if my tenant does not pay rent?
We monitor tenant arrears on a daily basis. When a tenant is 3+ days in arrears we will contact them via telephone, email and SMS. On the 5th & 10th day we will also post an Arrears Breach Notice. If we still have not received rent after 14 days we will issue a Termination Notice on the 15th day giving them 14 clear days to vacate.
We will communicate with you throughout this process and a Termination Notice will never be issued without discussing the situation with you first. It is our intention at all times to minimise any loss to the owner so these actions need to be carried out promptly.
Q6: Do I need landlord’s insurance?
As with any insurance policy, it is not compulsory to have landlord insurance on your property however we strongly recommend that every property investor has a specific landlord insurance policy in place for their property. Landlord Insurance protects you in the event of a tenant not paying rent, departing the property early or damaging the property. It also includes public liability and limited cover for contents (e.g. floor coverings, curtains). Please contact your property manager for further information.