Guide to Elite Property Management

One of the biggest concerns for investors is how their investment property will be managed and rent collected from afar.

At Elite we act for a large number of investors and offer a total trouble free service handling everything on your behalf including payment of all accounts, transfer of funds into your bank account and sending your monthly statement.


 

Why Choose Elite Property for Melbourne Property Management?

Elite Real Estate (“ELITE”), with more than 18 years of experience in the Melbourne rental market, ELITE rental team has in-depth knowledge of Melbourne property market alongside our innovative management philosophy and the commitment to offering the very best in property management services that delivers exceptional client services experience to both local and overseas investors.

We currently have 4 offices located in some of the most prominent streets in Melbourne CBD, to ensure your rental property will be able to obtain sufficient exposure to prospective tenants. This allows ELITE to lease out your property within the shortest amount of time possible, obtain the maximum rental return and minimise your investment risk.

The ELITE rental team consists of industry professionals with multi-lingual backgrounds (English, Mandarin, Cantonese, Malay), allows us to greatly understand specific and unique cultural aspects of our clients’ needs.

We have comprehensive knowledge of Melbourne CBD properties including accurate market rental appraisal and tailored cost efficient marketing plan. We adhere to a stringent process to eliminate as many risks as possible to select a suitable tenant for your property. To proactively communicate with you on all matters in the process, we leave you with the benefit of stress free from owning investment property.

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How do you find Tenants for my Property?

At Elite we concentrate on marketing your property to the greatest number of potential tenants to ensure a quality tenant in the shortest possible time frame.

We use:

Extensive online and e-marketing – using leading websites, including:

www.ereal.com.au, realestate.com.au, domain.com.au, rent.com.au

Open for Inspections

Elite conducts private inspections and advertised open for inspections on weekends and mid-week ensuring convenient property viewing times for prospective tenants.

Our Office Network

Our conveniently located offices are open 6 days a week. Professional leasing consultants are available at each site to make the task of looking for a new property hassle free.

Our Client Database

Elite maintains an extensive database of potential tenants who receive email details of properties that meet their search criteria.

Company Branding

Strong company advertising provides optimum exposure to people searching for properties for rent. Our marketing communications continue to reinforce Elite’s position as an industry leader.

  • We aim to have a leasing consultant accompany all prospective tenants during inspections. This means that our leasing consultants can answer any queries immediately and ensure that any facilities such as pools, gyms, car parks, and security features are identified.

The above factors insure that Elite has one of the lowest vacancy rates in Melbourne.

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When you find Prospective Tenants, how do you Qualify them?

To ensure tenants of a high calibre are selected, Elite completes an extensive background check on each applicant, including:

An identity check – Elite requires all applicants to confirm their identity and current address through a ‘100 points’ system.

Previous tenancy – All applicants are required to provide references from their past and current tenancies.

Verification of employment – Along with any previous tenancy checks Elite also confirms an applicant’s current employment details and history.

Any student applications are processed with a parental guarantee. In addition, students must provide confirmation of income or financial support.

On completion of the relevant checks, your property manager will provide you with a detailed report for your approval and instructions.

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How Frequently will you Inspect my Property?

As your managing agent, Elite will conduct regular inspections of the property. This includes:

Entry Condition Report A condition report based on a physical inspection of your property will be completed prior to your tenant occupying the property.

Routine Inspections Elite conducts routine inspections of your property every six months. Upon completion of the inspection, you will receive a report confirming that the inspection has taken place and detailing the conditions of your property and information such as if any maintenance is required.

Vacating Inspections Elite will conduct a comprehensive inspection when your tenant vacates. The condition of the property will be compared to the original condition report, and variances other than ‘Fair Wear and Tear’ will be the responsibility of the tenant to repair.

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How often Elite carry out Market Rental Reviews?

In accordance with the Residential Tenancies Act 1997, rent cannot be increased more than once during a six-month period, and cannot be increased during the term of a fixed term tenancy.

At Elite, all properties undergo rent reviews on an annual basis to maximise your rental return – generally prior to the anniversary of the lease commencement. If the tenants are on the periodic lease, we will closely monitor the rental market to ensure you are receiving the maximum return. The rental can be reviewed every six months.

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How often will you pay Funds into my Account?

Rental monies received by Elite will be transferred into your nominated bank account as soon as your tenant’s payment is cleared.

Please allow approximately 4 to 7 days for rental payment to arrive to your bank account after the rental date.

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What is your Process for Dealing with Rent Arrears?

Elite Rental Team operates on a 2 day default system i.e. arrears collection process begins on the 3rd of arrears. Our process then involves direct contact with the tenants either via mobile, sms or email; this is then followed up by a Reminder letter at 5 days arrears, and a warning letter at 8 days arrears. A Notice to vacate is issued on 15 days arrears, followed by application to VCAT on the 20th day, should there be no response from the tenant/s.

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How often do I get a Landlord Statement?

Once rental income is transferred into your bank account, a detailed statement is produced and transferred to you at the same time via email. Alternatively you can opt to have your statement sent by post. Statements are generally monthly.

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Can you Pay all my Invoices Associated with the Property?

With your authority, we can pay all or selected outgoings/expenses incurred on the property on your behalf, thus allowing you the benefit of a clear account history of both income and expenditure.

All outgoings or expenses paid on your behalf will be detailed in a breakdown and listed on the monthly Landlord Statement we send to you.

We will also provide you with an end of financial year summary for taxation purposes at no additional cost to you.

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What is going to happen after the Tenants’ Fixed Term Lease Expires?

We will endeavour to secure a further “fixed term tenancy” with the existing tenant 60 days prior to the expiry of the original fixed term agreement. At this time we will preview the rental and provide a recommendation in accordance with the current market values.

In the event that your tenant does not accept the offer of a further fixed term lease, under the residential tenancies legislation the tenant has the right to stay and continue as a periodic or monthly tenancy. This situation is a common occurrence with the tenants staying on in the property for months or years after the initial fixed term lease has expired. In this case, all terms and conditions of the original lease agreement continue to be in full effect.

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What is going to happen after the Tenants’ Fixed Term Lease Expires?

We will endeavour to secure a further “fixed term tenancy” with the existing tenant 60 days prior to the expiry of the original fixed term agreement. At this time we will preview the rental and provide a recommendation in accordance with the current market values.

In the event that your tenant does not accept the offer of a further fixed term lease, under the residential tenancies legislation the tenant has the right to stay and continue as a periodic or monthly tenancy. This situation is a common occurrence with the tenants staying on in the property for months or years after the initial fixed term lease has expired. In this case, all terms and conditions of the original lease agreement continue to be in full effect.

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How do you Deal with Repairs and Maintenance?

We will handle all maintenance matters on your behalf in accordance with your instructions. Elite rental team will identify the need for maintenance and repairs either through reports from your tenant or through our regular inspections. Elite is committed to responding to repairs in a timely fashion, and to attend to minor maintenance before they become more major issues.

You can provide us with a pre approved limit to handle minor maintenance on your behalf without referring to you.

As your managing agent we have a duty of care to make sure all contractors appointed by Elite meet our strict selection criteria to hold necessary qualifications, licenses, and must have Public Liability Insurance cover to protect your investment.

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What is the difference between Urgent and Non-Urgent Repairs?

Non Urgent repairs are required to be attended to within 14 days of notice provided by the tenant.

Repairs are classified as urgent if they can have an immediate health, safety or security risk or when the property will be damaged further if work is not carried out quickly. If urgent repairs are unable to be arranged within a reasonable time frame legislation provides tenants with the right to arrange for the work to be carried out to a maximum value of $1800 and seek reimbursement from the landlord.

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Do I require Insurance?

If your property is part of an Owners Corporation (Body Corporate), insurance will be included in the overall building insurance provided by the Owners Corporation. However this will not include items such as carpet, blinds and light fittings.

We highly recommend that you consider Landlords Insurance that covers these items together with, more importantly, public liability insurance – should the tenants injure themselves within the property. In addition, this policy protects you against financial loss if the tenant defaults on rental payments. Elite can arrange for a Landlords Insurance policy at favourable rates on behalf of clients.

If your property is not part of an Owners Corporation, it is important that you have a building insurance cover against unexpected damage to your property e.g. storm damage, fire, etc.

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Are there any other Associated Fees Involved?

Apart from our management, letting and advertising, Elite does not charge additional fees to represent you on the following matters:

• Insurance Claims – if you need to make a claim with your insurance policy, Elite will lodge an insurance claim on your behalf at no extra cost to you. Other management companies may change $200 to process the application or leave it to the owner to make their own claim.

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Are Elite’s Fees Comparable to other Companies?

Elite’s fees are competitive to the general market. For most of our clients their investment property is one of the major assets that they own and they want the peace of mind of an experienced quality Property Management company.

Some companies may offer a cheaper fee by providing discounted, inferior service with inexperienced staff and a lack of support. However, most owners do not want to take the risk of using these companies.

Many of our landlords have been using our service with confidence for over ten years.

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Australia


268 Russell street, Melbourne vic 3000 Australia
+61 3 9663 9977
info@ereal.com.au

455 Elizabeth street,Melbourne vic 3000 Australia
+61 3 9326 9977
qinfo@ereal.com.au

200 Spencer street, Melbourne vic 3000 Australia
+61 3 9642 2298
spencer@ereal.com.au

228 A'Beckett St, Melbourne vic 3000 Australia
+61 3 9088 6299
ainfo@ereal.com.au

China


Room 126, Block 2,
750 Zhongshan Xi Road,
Changing District, ShangHai 200051, China
Tel: +86 21 5466 6560
Fax: +86 21 5466 6560
amy.huang@eliteapac.com

10/f seattle business plaza
69 south xian rd
chengdu, sichuan 610071
Tel: +86 28 8608 2806
Fax: +86 28 8608 2807
info-cd@eliteapac.com