Frequently Asked Questions
Q: How do I change my property over if it is currently being managed by another agent?
Simple! If you currently have a property managed by another agent and you’re not satisfied with the service you are getting and would like to change over to Ballarat Property Group all you have to do is sign an Authority to Act and an Owner Instruction Form with us and we will take care of everything else for you. We will organise for the tenant to be notified and all appropriate documents and the keys to be collected from your managing agent. Everything else carries on as usual. Changing your managing agent couldn’t be easier.
Q: How long will it take to find a tenant for my property?
This is a common one 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 you are asking and the better the agent whose letting your property, the quicker it will rent out.
Q: What happens if my tenant doesn’t pay rent?
We monitor tenant arrears on a daily basis. The vast majority of tenants pay their rent on or before the due date. However, there are occasions when this does not occur and our actions at this time are as follows: –
- 3 days overdue – a reminder notice is automatically forwarded to the Tenant via SMS or letter.
- 7 days overdue – letter to Tenant for payment . The tenant is advised that if payment in full is not received within 7 days, a 14 day Notice to Vacate the property will be served and an Application will be made to the Residential Tenancies Tribunal for a hearing.
- 11 days – phone call to owner and Tenant from Property Manager
- 15 days overdue – the above actions are carried out and a Warrant of Possession for the property is sought (unless payment plan agreed between Tenant and Landlord).
These actions are carried out automatically and are done to minimize the possibility of a loss of rent that could eventuate. No formal action for recovery of outstanding rent can be undertaken until the tenant is 14 days overdue with a rental payment. We will communicate with you throughout this process and a Notice to Leave 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.
Q: 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 owner 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 (eg floor coverings, curtains).
Q: How should I know what my property will rent for?
You will get the best indication of what rental amount you should be getting on your property by closely comparing it to other properties similar to yours that are currently being rented or have just been rented. The best way to do this is to either talk to your managing agent or just log on to realestate.com.au and look at what properties are for rent in your area. Apart from this, market forces will determine exactly what amount of rent you achieve. If you have a very popular property you will get more interest and subsequently a higher rent. If you have a property that is less rentable, you will find it hard to command a premium rent. At Ballarat Property Group we accompany all tenants on rental inspections, similar to a good real estate salesperson, to ensure that all tenants are made aware of the positive features of the property and hence are more likely to pay a higher rent.