How do I change the management of my property over if it is currently being managed by another agent?
Simple! If you currently have a property managed by another agent and for any reason would like to change over to Cooke Property Agents, all you have to do is contact one of our property managers to sign a form and we will take care of the rest. If you choose to have us manage your investment property we will organize for your tenants to be notified and for the keys to be collected from your managing agent. Everything else carries on as usual. Changing your managing agent couldn’t be easier.
How long will it take to find a tenant for my property?
This is a common question and unfortunately there is no one answer. However, we can tell you that properties that are better presented, more professionally marketed, priced according to market conditions and represented by a professional agent, will be rented quicker. At Cooke Property we have among the lowest vacancy rates in the industry and generally we will have most properties rented inside only one week of being placed on our rental list.
What happens if my tenant doesn’t pay rent?
We have invested in technology which allows us to monitor tenant arrears on a daily basis. After 4-7 days we contact tenants via telephone, email and SMS to follow up on payments. On the 8thday of arrears (the legal minimum) a Notice to Remedy Breach will be issued to the tenant giving them 7 clear days to bring the rent up to date. If rent is still not paid within this time frame a Notice to Leave will be issued to the tenant giving them seven days to vacate the property.
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 minimize any loss to the owner so these actions need to be carried out promptly. Currently (as of September 2013) we are at only 0.5% property arrears which are far below what the market averages.
Is an agent’s location important to their ability to manage my property?
With almost 99% of all our prospective tenants using the internet to find homes online and a majority of our current tenants paying electronically, it’s clear that an agent’s location is a concern of the past. Because of this we can quickly and easily rent out properties in a very large geographic area. We can also very quickly assess rents in any given area to determine what the right amount of rent is for a particular property.
What do I do if I want to sell my property?
If we currently manage your property and you are looking to sell (or even if we don’t and you are looking to sell), your choice of agent is critical in ensuring you get the best price in the sale. Many of our owners live interstate or out of the area and don’t have relationships with selling agents in the area that their property is located in. Fortunately we can help… We are a hugely successful sales team that has with their successes shaken up the areas industry and currently lead the way in turning over property sales.
Do I need landlord’s insurance?
As with any insurance policy, it is not compulsory to have landlord insurance on your property. However, as property specialists, it’s our expert recommendation that every investment property 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 (e.g. floor coverings, curtains).
While there are plenty of options out there, we suggest choosing very carefully. Many policies provided by the major banks are worthless! Be sure to look at how well a policy can cover unpaid rent, liability claims, damage to contents and extreme weather, and most importantly have a look at the excess conditions.
How should I know what my property will rent for?
You will get the best indication of what your property should rent for by closely comparing it to other properties similar to yours that are currently being rented, or have just been rented, in the same area. 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.
The average property managed by Cooke Property has been proven to generate more rent than the median for other properties in that suburb. Why? Because our property managers are trained to negotiate the best rent increase possible without costing you a good tenant. If your property manager doesn’t know exactly what your property should be renting for, then you could be missing out on valuable rental income.
How often do you do property inspection?
With all of our properties we complete routine inspection every seventeen (17) weeks that are completed a inspection agent who attends the property and will complete a report including photos, future, required and suggested maintenance which is then in turn sent to you and followed with any quotes that maybe needed to maintain the property.
How do we get a hold of rental property statements?
With all our properties we have them set up to receive monthly or bi-monthly statements (on the 15th and at the end of the month) at a cost of $3.85 including GST per statement. We also can put together end financial year statements and pack for a nominal fee.
Who will maintain the property?
At Cooke Property we have a team of people that help to maintain your property. These staff will identify, investigate, quote and follow up on any maintenance issues that are brought forward at a routine inspection or by the tenants. We have a handy man on staff and have accesses to an electrician, plumber and gardener who quote and complete work for us on a daily basis. We can also help you to get quotes for any renovations or instalments that you might like done.