Routine Inspections
A first inspection will be carried out 6-8 weeks after the commencement of a tenancy, then every 3 months thereafter. The Residential Tenancies Act allows a maximum of 4 routine inspections per year. Our inspections are carried out using IPADS and photos are taken of each room. The report is then emailed directly to the owner where you can see the condition of the property and any cleaning or maintenance thay may be required (by the owner or tenant). Your designated property manager is responsible for conducting your inspections and will follow through on any items addressed from the inspection (please note WE DO NOT outsource any inspections to contracting companies).
Collecting Rent
Tenants have various otpions of paying their rent. At Radi Estates we ensure that rent is paid on time and take appropriate steps to ensure tenants don’t fall into arrears. This includes reminder calls, text messages, breach notices and as a last resort termination/eviction if required. As an owner you will be notified and consulted should the later occur for your approval to proceed with eviction.
Monthly & Yearly Owner Financial Statements and Accounts
Radi Estates have an in-house trust accountant, who is a qualified accountant (we do not outsource this to an overseas or interstate company, and no third parties are in control of trust funds). End of month owner payments occur on the last working day of every month. We transfer all held trust funds that have been received over the month to your nominated bank account (less management fees and any outgoings/accounts). A statement is emailed to you with a breakdown of the income and expenses, along with copies of any accounts that have been deducted. Radi Estates can pay from your rental income, any associated rental expenses EG: water rates, council rates, insurances etc. Come tax time, Radi Estates will provide an annual financial summary of all your income and expenses on your investment property for your accountant/tax return.
Vacating Tenants
Once the tenants vacate, an outgoings property report will be conducted. This will be compared to the ingoing Property Condition Report. Your property manager will then liaise with the tenants to finalise any cleaning and or damage. Once the final costs are calculated, the bond will be released.
Renewal of Tenancy Agreements/Rent Reviews
Prior to the lease expiry, your property manager will contact you to ask what your intentions area. Negotiations will then commence with the tenants. Once new terms are agreed upon, paperwork will be prepared and issued to the tenants. Upon being executed, you will be sent a copy of the new documents.
Property Condition Report
Property Conditions Reports are vital, and have minimum standards under the Residential Tenancies Act to be valid. They assist to avoid disagreements with the tenant about damage to the property. Tenants are given 2 copies at the commencement of each tenancy. The report is an in depth document that lists all fixtures, fittings and contents, and identifies the condition is clean, undamaged, working. Ecah report contains colour digital photography and thorough descriptions of each room. The signed and completed report is used as a true condition of the property at the commencement of tenancy. (Please note WE DO NOT outsource any ingoing property condition reports to outsourced companies).