Information about your investment
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 at the commencement of the tenancy 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 is a Routine Inspection?
Routine inspections are conducted after a tenant takes possession of the property and are conducted every four 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 Thomas Property Inner City's Property Management Team will contact you to discuss items noted on the report.
What happens when a tenant stops paying rent?
When a tenant falls behind in their rental payments they are issued with a notice of breach advising them that they are behind and requesting that they rectify the problem. If this is not done within the stipulated time period then a termination notice is issued requiring that they vacate the premises.
How do tenants pay their rent?
Tenants have several options to pay their rent, leaving no excuse for late payments. - By cheque or money order - Internet Banking through their chosen financial institution - Direct debit from their nominated bank account, we will supply the tenant with our account details to arrange an automatic transfer.
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.
Starting a tenancy, information for landlords
Rent Default claims caused by Abandonment, Hardship & Absconding rose by up to 40% in 2016.
Our research has reported that the number of tenants applying to the Court/Tribunal to have their Rental Agreement terminated on the grounds of hardship is on the increase.
The rate is also growing for claims where tenants have just up and left the property with no notice - frequently with unpaid rent and a clean-up required.
Combined with the extended time it's currently taking to re-tenant, you may be finding that your current landlord insurance just doesn't pay out enough to keep you from suffering a good portion of this loss.
Thomas Property has been working closely with an insurer that covers landlord insurance for up to 15 weeks rent for all rent default situations - which includes tenant hardship and absconding tenants.
15 x weeks rent
Court/Tribunal termination of the lease for Hardship
15 x weeks rent
For Absconding or Departure without Notice
15 x weeks rent
Tenant failing to pay rent which results in eviction
Don't be caught short with policies that are limited in what they pay out:
Insurer A: Departure without Notice - 6 weeks | Tenant Hardship - 6 weeks
Insurer B: Absconding Tenants - 6 weeks | Tenant Hardship - 4 weeks
Contact Thomas Property on 02 9550 1916 for more information.