Looking after your investment with Locate real estate
Set out below are details of our scale of fees and charges for the management of your Residential Property.
MANAGEMENT FEES: 10.5% plus GST of Gross Rental Collections
The Management Fee is for the daily collection of rents and depositing of these funds directly from Locate’s Trust Account to the Owner’s personal account at the end of each month. Locate also arranges for repairs by reputable trades-people, payment of council rates, water rates, and land taxes as requested by the owner. Locate also pays creditors on behalf of owners and prepares computerized end of month statements. Tenant and owner liaison continues throughout the term of the lease
This fee is charged for securing new tenants for a property, not on the renewal of leases with the same tenant in occupancy. The lease fee consists of the equivalent of two week’s rent plus GST
For this fee we undertake the following:
- Develop a marketing Strategy for the property and arrange advertising
- Accompany prospective tenants on an inspection of the premises being offered.
- Conduct a personal reference and employment enquiry of the prospective tenant and check the National Tenancy Database to confirm the applicants bonafides
- Complete all necessary documentation in accordance with the Residential Tenancies Legislation
- Complete bond forms and lodge funds with The Bond Administrator
- Supply the tenant with the original Tenancy Agreement and retain a stamped copy in our file and forward a copy to the owner
LEASE RENEWAL FEE: – $60.00 plus GST
As part of this process we undertake the following:
- Communicate with the owner re lease expiry to confirm owner’s intentions for the property and to discuss update of rental amount.
- Send the tenants a Lease Option letter to offer that which the owner instructed and to find out the tenant’s intentions to vacate or stay on at the property.
- Prepare the new lease documents and arrange for signing
- Provide the owner with a copy of the new lease contract
INTERNET ADVERTISING FEE: -$60.00 plus GST
When the home is presented at it’s best, photo’s are taken and a property summery is developed. We then commence advertising, with the asking price on a number of real estate websites. We will also advertise the property with a “For Lease” sign board ($80.00 plus GST), if required.
Your 10.5% (plus GST) management fee also covers the following:
PROPERTY CONDITION REPORT (PCR):
This is the preparation of the initial PCR- a detailed report noting the state of the fixtures and fittings of the property and an inventory of items at the property if furnished. Photos are also taken prior to the tenant taking occupation. This report is crucial to the application of the bond monies at the end of the tenancy.
An inspection will be conducted after the initial 6 weeks of a tenancy and quarterly there after, to ensure that the tenant is taking adequate care of the property and to check on any maintenance issues. Work orders are prepared for our tradesmen if required. An inspection report is typed and sent to the owner
FINAL BOND INSPECTION + UPDATE OF PCR:
At the end of each tenancy, prior to the new tenancy, the PCR must be updated, noting all changes to the initial report. Updated photos are taken, if required. The new tenants are provided with a copy of the updated PCR and have 7 days to check it over, sign and send back
END OF FINANCIAL YEAR STATEMENT:
Owners may obtain a copy of the Financial Year Summary Statement on request.