Page 10 - Property Management

RENT REVIEWS

& INCREASES

Your Portfolio Manager will perform periodic reviews RENT AL ARREARS
of your property’s rent to ensure that you maximise
its potential, as well as making all necessary rental Most renters pay their rent on time, usually on the
payments and managing any instances of second of every month. Your Portfolio Manager will use
rental arrears. a strict 4 step process:
1. Rent is 3 to 5 days in arrears: Your Portfolio
REN T AL REVIEWS Manager sends the tenant a text message or calls
them on the phone (along with a formal letter) to
Your Portfolio Manager will monitor the rental remind them of their overdue rent.
market, paying particular attention to rental prices of
comparable properties. A review of your property’s 2. Rent is 6 to 10 days in arrears: A second text, call
rent may be performed on a number of occasions, or formal letter is sent to the tenant informing
including at the end of a tenancy, during periodic them of their rent arrears and warning them that if
inspections and on a 6-monthly basis. If an increase not paid immediately, further action will be taken.
in rent is deemed advisable by your Portfolio 3. Rent is 16 days in arrears: Your Portfolio Manager
Manager you will be contacted by letter with their issues the tenant with a termination notice for the
recommendations. This is to ensure that the rental non-payment of rent and informs the property
yield from your property achieves its full potential in investor of the situation. If the tenant pays the rent
the existing rental market and that you receive the best immediately, this termination notice is withdrawn.
possible return on your investment.
4. Rent is still unpaid: If the tenant does not pay the
overdue rent and does not vacate the property on
RE NT AL P AYMENT S the date specified in the termination notice, an

Once a month, usually around the 31st of the month, application is made to the Residential Tenancies
your Portfolio Manager will send you an itemised Tribunal on your behalf.
statement, clarifying all the rental income and
payments made on your behalf. All invoices will also be At Century 21, we want your property investment
forwarded, for example council and water rates, Body to return high yields and a positive return on your
Corporate fees and Landlord Protection Insurance investment. This means that your Portfolio Manager
premiums. You will also receive an EOFY statement to will closely monitor your property and the existing
assist with your tax returns. rental market, as well as managing any issues that may
arise during the tenancy.