Why myhouse rentals?
Welcome to myhouse, where "we rent your house like it's our house"
Come on over to myhouse and experience the myhouse difference.
Here at myhouse, while our management service is comprehensive - our fees are simple. We offer a competitive, fully inclusive capped rate with no hidden fees or charges. myhouse is a locally owned and operated estate agency that has complete control over our business decisions and directions, with freedom to evolve our services and products in synchronicity with client requests and ever changing market conditions.
Our portfolios are small and intimate - Property managers operating a portfolio system are typically juggling in excess of 150 and sometimes 200 properties at any one time. How much time and attention do you think your property would get in this situation? Answer: this could be as little as 10 hours per year. Here at myhouse, the owners of the company are heavily involved with the day to day running's of the business, from getting a property marketed online, showing tenants, right through to checking references and signing leases. Whether we are doing this work ourselves or closely overseeing our property management staff, we believe it is our responsibility to ensure that our owners asset/s are well cared for and maintained.
How experienced would you like your property manager to be? Certification to act as a property manager can be obtained after just a five (5) day course of study. Often property managers are inexperienced and operate without the general property knowledge obtained from the personal experiences of owning and acting as landlord for your own investment property. This can become costly to the landlord when inexperience leads to mistakes like minor maintenance issues being over-attended to (eg., an electrician called to clean air conditioning filters), or when major maintenance issues are altogether missed. At myhouse, our property management team have bought, sold, developed, renovated and managed their own personal tenanted properties and therefore we operate with the benefit of both property management experience and general property and investing knowledge.
Not just one, but a whole team of agents working for you. While our property management staff will be the main contact for a majority of your requirements, with myhouse you get the benefit of in-house business owners/directors that are on-hand and assist in the management of your investment; PLUS you have the added benefit of being able to call one of them 7 days a week should you have any concerns. While most property managers are merely working a job, here at myhouse, each member of your management team has an intrinsic interest in the proper management of your investment.
Since we want to offer you and your tenants the best possible service we have made ourselves more available than ever. For standard enquiries we are contactable Monday through Saturday but are also available Sundays and afterhours for urgent or scheduled (pre-arranged) contact.
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myhouse rental service and charges explained
How will myhouse Market your Property For Rent?
- On the Internet:- www.realestate.com.au and several other key internet sites. FREE OF CHARGE!
- Our own easy to use website updated daily. Our website is only advertised locally and attracts new clients to it every day. FREE OF CHARGE!
- Great stand out For Rent signs. FREE OF CHARGE!
- Prospective Tenant databases are updated daily and are a great source for finding great tenants quickly. FREE OF CHARGE!
Schedule of Fees and Charges:
While our service to you is extensive and complex, our fees and charges are not. We believe in a simplistic pricing system that is easy for our Clients to understand at a glance.
- Our GENERAL management and rent collection charges are included in ONE FLAT RATE
- Total Management Service Fee: 8.8%! (No hidden monthly admin/bank charges or lease renewal fees)
- Letting Fee: The equivalent of one week's rent + GST
ADDITIONAL Management Charges:
In the unlikely event that your property will require court representation or insurance claim our property management service will assist you with this at an additional cost.
Preparation of court documents: $40
Court attendance fees: $40 per hour
Lodgement of insurance claims: $40
At myhouse you do not pay more for:
- Monthly postage/petty or administration fees
- Lease renewals
- Meter readings
- Inspections or open homes
- For rent signage
- Standard advertising
- End of financial statements
- Inventory reports
Letting Service:
- Advertising via Internet, window displays, For Rent signs and Open House Inspections.
- Tenant Enquiry Databases: We keep a database of quality tenant enquiries.
- Staff accompanied prospective tenant inspections and open house inspections by negotiation.
- Tenant Application Processing: Strict and comprehensive tenant screening including identification, employment and previous rental history checks and Tenant default database clearance.
Property Management:
- Bond collections, lodgements with Bond Board, and bond refunds
- Preparation of tenancy documents
- Property maintenance including quotes and refurbishments and compliance with smoke alarm legislation
- Afterhours attention to emergency repairs
- Annual rent reviews and negotiations
- Issuance of notice forms
- Entry and Exit Condition reports and inventories
- Water meter readings at start and end of tenancy and water invoicing to tenants.
- Routine inspections
Rent Collection:
- Direct Debit collection
- B-pay payments
- Centre pay payments
- Reciting of rent payments
- Issuing of receipts and ledgers
- Banking of rental payments
- Payment of rent to owner
- End of month statements
- Rent ledger report
Other:
- We can arrange payments to any creditor in relation to your property on your behalf. Eg., insurance premiums, rates and body corporate levies.
- Bond dispute defence
- Preparation of Court documents and court representation
- Annual property appraisal
- Advice on depreciation schedules, landlord insurances and debt collection protection.
Our Processes
Explained...
Finding your Tenant
Tenant to Property matching will be one of the most important processes your property manager can do for you. Different properties lend themselves to be more suitable to a certain type of tenant, for eg., properties that have several steep staircases may not be the most suitable for a family with very young children, nor is a 2 bedroom property suitable to a family of 8. Our first step in the tenant selection process is assessing our 'target tenant'. Once a 'target tenant type' is identified we can filter through enquiries from our internet advertising and in-house Tenant Enquiry Database.
Tenant Application Checks
Prospective tenants are assessed for suitability from our very first meeting at the property inspection. When an application is received we do strict identity checks (requiring passport, 18+ Card, or driver's license), call all past employment and real estate references, and check them against Tenant Default Databases (a database of tenants who have defaulted on rent or have breached their Tenancy Agreement). After we are satisfied that we have a quality tenant we will consult you for your final approval.
Experiencing Lengthy Vacancy Periods?
Toowoomba enjoys a prospering rental market due to great economy and ever-growing infrastructure. It is great for families with ample and well-designed parks, the university attracts a flood of new students every year, we have 3 hospitals, airports, and major road upgrades underway - basically growth everywhere. We typically see low vacancy rates, although this does lend itself to seasonal changes and market trends. If you are experiencing frequent tenant change-overs or lengthy vacancy periods in your property we recommend you assess:
a) THE RENT: while the aim of the game is to achieve the maximum return on your property, if your property is priced too high you are losing hundreds of dollars in rent over the weeks of vacancy. In this instance it is advised to reduce the rent, after all, a rented property is an income, a vacant property is only an expense.
b) VACANCY RATES: Is there more rental housing than tenants in the market? When supply outweighs demand we have higher vacancy rates. This is a market trend that fluctuates and can be experienced in different extremes in different locations - luckily we don't typically see this trend in any extreme form in Toowoomba, but when vacancy rates do rise our actions are to be more negotiable on our rent price as prospective tenants have far greater choice in the market.
c) PRESENTATION: Is the property presented well? Tenants seek clean and well maintained properties. Sometimes it is worthwhile to look at kitchen or bathroom upgrades. New paint and floor coverings are also relatively inexpensive options that can often make the most difference aesthetically to a tired property.
Property Presentation
The property and any inclusions should present as clean, in good repair and fit to live in. Some things to check before a property is tenanted are:
- Any maintenance concerns have been attended to
- Drains and gutters are clear
- The yard, lawns and gardens are neat and tidy.
- All light bulbs are working
- The property is free of mould. If mould has been present, the cause should be explored and rectified. Often mould is caused by blocked gutters, tree branches overhanging the roof, and lack of or poor ventilation.
- General cleaning has been done.
Once the property is clean and in good repair an Entry Condition Report will be filled out detailing the condition and cleanliness of the property. A copy is issued to the Tenant and this becomes the standard that the Tenant is required to leave the property at the end of their lease agreement excluding what is deemed as fair wear and tear.
If you are preparing your property for the rental market yourself, your Property Manager can give you a comprehensive cleaning checklist for guidance.
Routine Inspections
Routine inspections are conducted 3 times a year. Inspections are a good opportunity to assess the condition of the property, the care the tenant is taking in maintaining the property, and to address any maintenance issues. You will receive a copy of each Routine Inspection Report conducted on your property.
Repairs and Maintenance
It is our responsibility to ensure that your property is in good condition. Tenants are required to inform us of any maintenance issues as soon as they occur. We can arrange quotes and work orders from our Trades database. We will consult you if any repair to your property exceeds your nominated repair amount as declared in your Appointment of Management agreement.
Emergency Repairs
Emergency repairs are required to be attended to immediately. If an emergency repair is required for your property we will make every effort to contact you. If we cannot contact you we will carry out the repair and notify you as soon as possible. Your Property Manager can provide you with a list of what constitutes an emergency repair according to the Residential Tenancy Act 2008.
Rent Arrears and Increase Reviews
Rent will be reviewed regularly -usually twice a year in time with your Tenants' lease renewal. Notice periods for rental increases are 2 months before the lease renewal date. Increases are assessed based on the condition of the property and the market conditions at the time. You will be consulted regarding any rental changes.
Should your tenant fall into rental arrears our Property Management Software will flag the arrears and issue arrears notices to the Tenant. We will closely monitor any arrears that occur and keep you informed at all times.
