Renting with us
- “You deserve a property manager who cares as much about your property as you do”
Buying a property to put in the rental market is still one of the best investments you can make, but the difficulties of tenant selection and the day-to-day management challenges deter many prospective landlords.
At ACE REAL ESTATE we look after your property the way we look after our own, using our professional skills and the latest technology to find quality tenants, minimise vacancies and handle marketing, repairs, maintenance, accounting and legal compliance efficiently and cost-effectively.
- We understand that your investment property should be regarded as a valuable and appreciating asset—not just a source of rent.
- We recognise the importance of monitoring and managing your rental property to enhance its ongoing appreciation while maximising your short term returns.
WHAT WE AIM FOR
- A minimum vacancy period
- A reliable tenant
- A smooth tenancy
- A well maintained property
- Regular feedback
Our services to you include
- Advertising your property for lease.
- To let property in the event of vacancy.
- To sign all lease agreements on my / your behalf.
- To sign Bond Lodgement, Bond Transfer and Bond Claim forms on my / our behalf.
- Authorisation for urgent repairs up to $1,000.00 as under the Residential Tenancies Act 1997.
- Timely collection of rental payments.
- Rental statements detailing income and expenditure mailed or via email.
- Regular programmed property inspections with reports and recommendations.
- Recommendations on property improvement to maximise returns.
- Assessing market rents to maximise your return.
- Preparing of lease documentation, ensuring all legal requirements are met.
- Serve notices upon tenants and exercise my / our right to terminate tenancies and lease in accordance with the provision of the Residential Tenancies Act, 1997.
- Attending Residential Tenancy Tribunal on your behalf for eviction or issuing notices.
Advertising & Marketing
Our experience enables us to select the best advertising, media and marketing techniques necessary to attract tenancy for your property. Today’s advertising options can well be confusing to the inexperienced. Our results in this area are proven.
These lists contain a description of the property, rental amount and availability.
Selected routed advertising in the local papers which are distributed throughout the western suburbs.
A board may be erected at the property if desired (Note: – additional advertising cost plus GST may be incurred).
We keep close contact with a large number of institutions, and major companies, which have regular staff housing requirements. These contacts are a regular source of highly desirable, perfectly safe tenants.
Residential Tenancy Agreement
- As members of the Real Estate Institute Victoria, we use a standard Residential Tenancy Agreement designed by them. However to protect clients still further, our own set of conditions is incorporated in the lease, where necessary. Special conditions are specified to the tenant at the commencement and a signature is obtained as acknowledgement of them.
- Each tenant is supplied with a prescribed ‘statement of rights and duties’ as per Residential Tenancy Act 1997 outlining what can and cannot be done in the rental premises.
- We believe that a continuing tenancy at a fair market rental is more favourable than a series of tenants at the highest rent obtainable.
Bonds and security deposits
Once a tenant has been approved for your property a security deposit is immediately paid in cash.
As of the 1st of July, 1998, all bonds are required to be sent to the Residential Tenancy Bond Authority. The Bond Authority administers all bonds on the tenant’s behalf. Upon the tenant vacating the property, our office shall complete the going condition report and shall forward the required prescribed forms to the bond authority, which will allocate and/or refund the money to the tenant.
Tenants are able to pay rent in cash over the counter, to forward a cheque or money order or alternatively bank deposit by either going into their local branch or via internet banking.
Although every care is taken to secure suitable tenants occasionally through change in circumstances or other reasons the tenants do fall into arrears.
Our procedure in the event of arrears is as follows:
- 3 Days overdue : SMS.
- 5 Days overdue : Phone call.
- 10 Days overdue : Letter with advise notice to vacate will be issued.
- 14 Days overdue: Notice to vacate.
- 20 Days overdue: VCAT application which can then lead to a property possession after Matter is heard in the VCAT member.
Methods of Payment
Rental statements are prepared on a weekly basis to ensure rent is disbursed as quickly as possible, specifying income and expenditure clearly, together with copies of invoices or accounts which have been paid.
A Cheque can be sent out to you in the mail, or we can pay rental money directly into you nominated bank account weekly.
For you convenience if required, we have the facilities to pay from rent received, Council & City West Water Rates, Body Corporate Fees, Insurance and any other levies on your behalf.
We can also credit your bank/building society account with rental amount and forward both the statement and cheque to you or your accountant, or any other reasonable requirement you may have.
At the owner’s request, an annual statement is prepared at the end of each financial year as we realise the importance of the full details required for taxation purposes.
Periodic inspections are carried out to ensure the tenants are maintaining your premises satisfactorily, and that the property is not deteriorating with age.
“Well maintenance properties will ensure the vacancy factor is kept to a minimum”.
Should repairs be necessary, we will initially attempt to contact yourselves, in the event you may be able to rectify the problem. Alternatively, we have access to a network of reliable tradesmen. We will refer any major repairs
Presenting your property for rental
At ACE REAL ESTATE, we have managed to identify some of the factors that help in property presentation. We also know that tenants are more likely to care for your property if the landlord has gone to the trouble of presenting it to them in a clean tidy manner.
SOME HANDY PRESENTATION HINTS:
- Mow & Edge the lawns, weed gardens & garden beds
- No items should be left in the property
- Remove rubbish
- Remove cobwebs
- Garage & carport clean & tidy
- Gates & Fences secure
- Ensure all doors open and close properly and no loose door handles
- Provide keys to all locks – including window locks
- Aerate & provide and inviting scent
- Clean walls, floors & skirting boards
- Clean windows & ensure there are no cracks
- Curtains & blinds in working order
- Dust & remove cobwebs
- Steam clean carpets
- Repair items such as dripping taps & windows
- All light bulbs are in working order
- Smoke detectors batteries are new
- Oven, cook top and griller thoroughly cleaned
- Exhaust fans and range hoods cleaned
We believe that it is vital for your property to be adequately insured. There are three areas that should be covered. The building, the contents within building, such as carpets, light fittings, blinds etc., and public liability. A fourth policy covering workers compensation for gardeners etc. should be considered in some cases.
If your property is in a Strata Title group, most of these policies will be covered by your body corporate. However, it is most important in Strata units that you have your own contents insurance.
Tax deductable items against rental income
The following list constitutes a comprehensive guide as to what can be claimed in an income tax return against rental income in respect to properties owned as of June 1999.
- ADVERTISING:All advertising cost associated with obtaining tenants for the property are allowable.
- AGENT FEES & COMMISSIONS:All fees (eg: inspection, leasing, etc) and monthly commission charges are fully deductable.
- BANK FEES & CHARGES:This includes account keeping fees that Banks & Building societies etc charge on loan accounts. In addition, FID’s and BADT’s relating to financial transactions pertaining to rental property are deductable.
- BORROWING EXPENSES:The cost of procuring a mortgage (i.e. Valuation fee’s, loans established fees etc.) are deductable over 5 years where the loan is 5 or more years. If loan period of less those 5 years the cost are deducible over the period of the loan.
- CLEANING:The cost of cleaning a rental property is deductable. This even includes the cost of detergents etc.
- DEPRECIATION:It is permissible to claim depreciation of furniture, fixtures, window fittings, floor coverings and other items such as stoves, hot water systems and numerous other items. The rates of depreciation vary depending on the item. To ascertain the correct rate a current year booklet should be utilised.
- UTILITIES:Cost to the owner between tenancies are deductable.
- INSURANCE:Deductions are allowable for premiums paid in respect of property, contents, public liability and mortgage insurance policies.
- INTEREST LOANS:Interest on loans procured to assist in acquisition of rental property , to carry out major renovations and the purchase of chattels are all deductable against rental income.
- LAWN MOWING & GARDENING MAINTENANCE:All expenses associated with these items including tree lopping are allowable.
- LEGAL FEES:Any legal expenses incurred in connection with the rental of a property are deductable, excluding fees on acquisition and disposal of the property.
- MANAGEMENT LEVIES:Corporate Body Levies for home units, villas etc. Are deductable, excluding utilised to carry out capital improvements alterations or additions.
- PEST CONTROL:Cost of this nature are also deductable.
- RATES:Council water rates together with land tax are allowable in full. Pease note that water and sewerage use is also deductable.
- TELEPHONE< STATIONARY & POSTAGE:These cost if directly related to the rental property are deductable.
- REPAIRS & MAINTENANCE:Any expenses incurred through essential repairs or maintenance where they are not improvements on the property is deductable.
- SUNDRY:There may be other isolated items that could be Deductable.
A QUALIFIED ACCOUNTANT’S ADVICE SHOULD BE SOUGHT FOR ALL OF ABOVE POINTS
The current Residential Tenancies Act is fair to all parties as long as its used as a working tool within property management. Through training and expertise our staff uses the Act to protect your rights.
It is inevitable that despite all the safeguards, problems may arise. Our working knowledge of the legal requirements makes it easier to cope with such problems.
If necessary we will attend, on your behalf to the Residential Tenancy Tribunal hearings, and advise generally the best course to take. Such legal matters are Notices to Vacate, Warrants of possession, Fair Rent procedures and other specific notices, all of which our staff are familiar with.
With changes to Residential Tenancies Act, it is a most important part of our professional knowledge of these changes to the Act, in order to protect your investment. We have knowledge continually updated by attending seminars held by the REIV.
… A better return on your investments with minimum fuss and more peace of mind.