Every single one of our clients has gone through the experience of searching for a new tenant.
It can be a daunting process for first-time Investors and Long-Term Investors who have had long tenants.
At Running Property, we pride ourselves on sourcing the best tenants.
How does someone apply for my property?
We always ask that the prospective tenant fill in an application form giving us permission to check the information provided. We will never discuss an applicant with you without this application form being completed.
How do you check an applicant?
With the information provided we confirm the applicants’ payment and tenancy history by calling their current and/or previous landlord/agent as well as confirming their employment. We then check them against a National Tenancy Internet Database to check if they have been lodged as a bad tenant by a previous agent. In some cases where an applicant may not have a tenancy history we try and confirm other information that may give us insight to show their ability to maintain a tenancy in your rental property, for example a stable employment history. In some cases where this is not possible, we may simply reject the application.
What reason do you have to give the applicant to reject their application?
Legally we do not have to give a reason and by industry practice we never give a reason.
Who selects the applicant for my property?
You do! We will simply give you the information we have collected and by using our experience give you our recommendation as to the tenancy outcome, but at the end of the day it is always your choice.
Do you guarantee the tenant?
We can never guarantee any approved tenant for your property. We can only attempt to collect information on their past history and confirm their income arrangements. As payment of rent and maintaining the property is purely voluntary, we cannot guarantee any tenancy outcome.
Tenancy agreements
What do you explain to the tenant when they move into the property?
We go through all the most important expectations. For example, they must pay their rent on time, where to pay their rent, what we do if they do not pay their rent. We discuss our repairs and maintenance policy, what happens in an emergency repair situation, how often inspections occur and what we look for. We also supply them with a copy of the Entry Condition Report, explain how they must check, sign and return a copy of the report to our office within 3 days. We explain and get them to sign the Bond Lodgement Form.
We also hand to them the RTA Form 17A that explains some of their tenancy rights and obligations. We must issue them with this form in accordance with legislative requirements.
Taking the bond
How much bond do you take from the tenant?
If the rent is $700 a week or less the maximum bond is four weeks. However, if the rent is more than $700 a week there is no limit on the bond that can be charged.
When do you pay back the bond monies?
We only refund the bond after the following has occurred: a) The tenant has fully vacated the property and keys returned b) The property has been inspected and is satisfactory when compared with the ingoing inspection report. c) All monies are paid. This could be any outstanding rent, water or anything owed by the tenant d) If the tenant is breaking their lease, any re-letting fees and advertising costs.
If the tenant has a pet, can I ask for an extra bond (a pet bond)?
Unfortunately, No! We are legally only allowed to take one bond, as specified above. However, we are allowed to specify that the carpets be professionally steam cleaned and that the property be professionally fumigated when the tenant vacates the property.
What do they sign?
We prepare a Form 18a General Tenancy Agreement.
When do they get keys and possession of the property?
After all the forms have been explained and signed, all bond monies and first payment of rent received we will then provide them with a full set of keys and possession to the property.
