Select one of the frequently asked questions below to learn more about buying, selling, and renting real estate. Also, begin to think about important things to consider when diving into your real estate search.
We’re here to help
What does your ‘All-Inclusive’ Fee cover? Are there any other costs that I should expect?
At Red Rhino Property Management, we believe that if you are a paying a management fee, you should have your property managed completely. Our all-inclusive fee covers the complete management of your property; finding and qualifying tenants, quarterly property inspections, organising maintenance, administrative fees and the day to day management of your property.
The only other time you will be required to pay is for external costs such as maintenance, council rates etc, or if we are required to attend a tribunal hearing where there is a governmental fee associated.
How much rent can I receive for my property?
The first question that everyone wants answered, and the answer is always the same; ‘it depends’. Every property is different, offering different amenities and perks for tenants. To get an idea of what rent your property may receive, your best bet is to research similar properties in your area. You can look online to see how much rent similar properties are asking for, and then compare these properties to your own.
Of course the easiest way to get an idea of how much rent your property could achieve is to arrange a rental appraisal. May I suggest Red Rhino Property Management? We would be happy to offer you a free, no-obligation appraisal of your property.
What is the bond? How much can I ask for?
A bond is a deposit paid by tenants to ensure that your property is looked after. It is paid by the tenant and held in Trust by the Consumer and Business Services (CBS) department. At the end of the tenancy, if there is any damage, mess, unpaid rent or property maintenance costs for you beyond fair wear and tear, then you are able to lodge a request to withhold some of that bond to cover your repair expenses. This happens at the end of the tenant’s stay in your property.
The size of the bond you hold depends on the rent you are charging. If your rent is above $250 per week then you are able to hold six weeks rent as a bond. If your rent is $250 per week or less, then you can hold four weeks rent as a bond.
How do you select and qualify tenants?
Firstly, we speak with them, we take the time to get to know any potential tenants when we meet them at open inspections. Tenants who are interested in your property will then fill out an application where they will tell us about their rental history, their work history and any other relevant information. As part of the application process we require 100 points of identification. When we have established a short list of potential tenants, we contact previous landlords or property managers who they have dealt with in the past, as well as contacting employers or other references. We will then run a search through the National Tenancy Database, to look for anything of concern. Only once we are confident that we have the best candidates available will we sit down with our landlords and present our findings, and make our suggestions as to who we think is the best option.
Can you organise to pay my reoccurring costs such as council rates?
Yes, in fact we encourage it. We believe in managing every aspect of your investment property for you, so that you don’t have to worry about it. We can notify the relevant bodies of the request to have all future invoices forwarded to our office for payment. This will then be deducted from your monthly statement.
What is the simplest way to manage my property’s expenses?
At Red Rhino, we strive to take care of every aspect of managing your property, and to make it as stress free as possible. Anyone who owns property knows that from time to time costs come up, whether they be maintenance costs, council rates or strata fees. If you haven’t planned for these expenses they can be stressful. We encourage all of our landlords to put aside three to four weeks rent in a savings account, so that if something does arise you have funds put aside to deal with it quickly.
Do I need landlord insurance?
Although it is not a legal requirement, we strongly recommend all landlords arrange landlord insurance. We do our very best to qualify tenants and to ensure that we find the best possible candidate, but sometimes a tenant’s circumstances change, or something else happens unexpectedly. To protect yourself against excessive tenant damage, unpaid rent or other unexpected tenant related liabilities we encourage all our clients to take out landlord insurance. There are many reputable companies providing landlord insurance and most clients protect themselves by taking out a policy. When choosing insurance, please do take care to read through the relevant disclosure statements and see what is and what isn’t covered.
Can I nominate my own tradesperson to carry out repairs?
Red Rhino uses a number of qualified and fully licenced tradespersons to conduct repairs and maintenance required on our clients’ properties.
However if you have a tradesperson that you are comfortable with, we are happy to work with them to ensure your property is taken care of.
Will my property be inspected regularly?
Regular property inspections are an integral part of managing your property. We will always ensure that your property is being taken care of. As well as an ingoing and outgoing inspections at the beginning and end of any tenancy, we schedule inspections every 3 months, always providing written reports on your property’s condition afterwards.
Landlords are always welcome to attend inspections if they want to as well. It is your investment, you are welcome to check in on it.
Can I increase the rent during the lease period?
In South Australia, the legislation is quite strict on this. Your rent can only be increased once every twelve months (regardless of the fixed nature of the lease). We re-assess rental amounts towards the end of each 12 month lease. If you want the rent to increase mid tenancy that is fine as long as the details are included in the lease document and it has been more than twelve months since the last increase.