0413 504 084
md@realmgmt.com.au
WE LOVE PROPERTY MANAGEMENT
It’s exciting! Buying an asset to create passive income is a great feeling. I have been through this journey many times myself, and now manage many tens of millions of dollars’ worth of others’ properties. Suffice to say, we know what we are doing, and we know what you as Owners expect and the stresses and pressures you face. We work with you and welcome questions and feedback. By teaching we improve our own learning and understanding.
When you work back from the worst-case scenarios such as heading to QCAT to enforce rights under a contract (such as a tenancy lease) or dealing with loss adjusters and insurers for claims against tenants, it is absolute paramount that your property manager has done their job right. The most critical factors are documents and record keeping – it must be perfect otherwise you risk losing money.
Parallel to the importance of administration processes and procedures, is the handling of Trust monies (your money), collected on your behalf by your Agent. Real Estate is a regulated industry by the Queensland Government Office of Fair Trading (OFT). Failing to comply with these legislations can lead to fines, penalties, loss of licence, litigation and even gaol time. It’s serious stuff. The five main pieces of legislation that govern the industry are the:
- Property Occupants Act 2014
- Agents Financial Administration Act 2014
- Agents Financial Administration Regulation 2014
- Residential Tenancies and Rooming Accommodation Act 2008
- Body Corporate and Community Management Act 1997 (and the Building Units and Group Titles Act 1980)
Our office is fully accredited, fully insured, fully licenced and fully trained to provide the services we offer. We run Console Cloud to manage our Trust Account, and ADL Form’s for our document creation (which has automatic updates to ensure the most current version of the form is being used). There are cheaper solutions, but as the business owner, I won’t take the risk. I have created a propriety filing system to manage & store yours and our documents, with complete redundancy and efficiency.
Our accounts are audited both internally and externally in line with legislation, and audit reports are sent to the OFT in line with licencing requirements & legislation. Owner statements are generated with every disbursement, either once a month on the 1st, or twice a month on 15th as well, as upon request. A financial year statement is generated and sent to all Owners annually as well for them to give straight to their accountant. We are happy to deal direct and answer any questions from your accountant about any statements and queries relating to your property.
During a tenancy we conduct routine inspections every 3 months and provide photographic reports which are emailed to you so you can see for yourself the condition your property is being maintained in. During these inspections we also take water meter readings (if applicable) and generate invoices to charge the tenants for their water usage inline with their lease terms and the Act. Competent inspections are vital to managing risk with your investment property because if damage/maintenance issues are not addressed in a timely and attentive manner they can have negative implications for the Owner by way of denied insurance claims or failure to secure compensation from the tenants.
Managing expectations of both tenants and landlords is a huge part of the investment property equation. From our experience, the majority of people involved in these property dynamics are good people, and consequently there are no issues. Like with any relationship – commercial all otherwise - there can be a small number of problems arising from time-to-time. When problems do arise, we rely on a process of Principled Negotiation, which focuses on the best interests of both parties and emphasizes conflict management through dispute resolution. All this must be based on objective criteria - not emotions. More often than not, issues are resolved promptly without undue angst. Ensuring parties remain respectful and open to resolution throughout this process is key to success, however, in a very small number of cases no agreement is reached, and matters may thereafter be escalated to QCAT (Queensland Civil and Administrative Tribunal). Alternatively, difficulties may also be pre-empted with a Dispute Resolution session run by the RTA. Generally, we don’t charge our Owners for this. If we believe it is a winnable case, often a representation cost, (which is listed on your Form 6), can be claimed from the tenant so you suffer no out of pocket expense. Failing that, any associated cost is usually claimable under your landlords insurance policy. If we do not succeed we simply waive the fee.
Below is a list of our Schedule of Fees for the management of your property. To engage us to manage your property simply complete and return a Form 6 and we will take care of the rest, including notifying your current property manager that we are taking on the management and facilitating the handover of your property files and keys, and of course letting the tenants know and advising the RTA there has been a change of property manager.
Quick Links Instructions for completing the Form 6:
- Complete your current contact details on Page 1
- Sign on Page 6 Part 9
- On Page 7 Part C, specify your account details for where disbursements are to be paid to
- Sign on Page 12 Part Z
- Initial the bottom of every page
- Scan and email back to me
- I will complete the rest and return a fully signed copy to you for final check over & acknowledgement