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Property Management

Appointing a managing agent is not always an easy process.  Personal and accountable service is hard to find nowadays.  Appointing the right agent for your property is critical, it can mean the difference in the quality of tenants you secure,  the kind of financial return you can obtain and maintain your property to the highest standard.



Selection of tenants

 

Finding the right tenant for your property is one of the most crucial aspects of property management and we have a comprehensive screening process for their selection. Prospective tenants are asked to complete a tenancy application form and in many instances conducting credit checks and rental history through the National Tenancy Database (NTD).

 

Condition Reports

 

Prior to the commencement of a tenancy, a detailed condition report is conducted by our office. Copies of the condition report are signed by the tenant and stored in our office for future reference should any damage and/or dispute arises throughout the tenancy.

 

Leasing agreement

 

Our preference is to initially offer a twelve month agreement, with an option to renew for a further term. The fixed term agreement converts automatically to a month by month basis if the tenant does not renew the lease.

 

Rental payments & reviews

 

Upon collection of rent, disbursement of monies will be paid into the nominated bank account accompanied by a financial statement outlining income and expenditure. At the commencement of the tenancy, the tenant pays one month in advance and continues to pay on a monthly basis. Rent is reviewed on an annual basis and adjusted according to current market trends.

 

Open for Inspections

 

Open for inspections for our rental properties are conducted on Saturday’s and evenings throughout the week, thereby allowing for maximum exposure of your property to prospective tenants. 

 

Breaking of Lease

 

If a tenant wishes to vacate whilst under the lease, they may do so, provided all rent is paid up until the property is re-let or the lease expires, whichever comes first. The tenant is also liable for a letting fee and all advertising costs associated with a new lease.

 

Routine Inspections

 

It is essential to conduct routine inspections of each property to evaluate how a tenancy is going. BFG conduct a routine inspection in the first 3 months of a tenancy and once every six months thereafter in accordance with legislation. When inspecting the property BFG will prepare a report on its general condition, similar to that of the initial condition report.

 

Rent Arrears

 

A security bond equal to one month’s rent is held by the Residential Tenancy Bond Authority (RTBA) as part of the lease establishment with the tenants. This bond is essentially security for any damages and or rent arrears that may be present at the end of the lease. Although every care is taken in finding suitable tenants, occasionally tenants may fall into rent arrears.

Under legislation, we may only issue a notice to vacate when a tenant is at least 14 days in rent arrears. In an effort to minimise rent arrears, BFG monitor tenants payments on a daily basis. Our procedures include personal reminder emails, phone calls & formal letters which are delivered prior to the 14 + day period of rental arrears.

 

 

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