Property Management
Norm Honey - Director of Property Management
With spring upon us, the rental market still remains tight in most segments. We are expecting the usual increase in enquiry to take place, creating added pressure into the market. Our vacancy rate for August came in at 0.90%, still well under the ACT average of around 2.3%.
Following on from our August ‘Inside Rentals’, below are another 5 frequently asked questions. I would like to thank the owners who contacted us after receiving last month’s update, grateful for our helpful information. And again, if you have any questions that may be concerning you, please do not hesitate to contact your property manager.
How often can I increase rent?
Rent can only be increased once within a 12 month period, from either the commencement of the tenancy or the last rental increase date, whichever is applicable. The tenant must receive 8 weeks notice in writing of the rental increase. In addition to this, you must ensure that your rental increase is not excessive, nor place your property’s rental above the market rate. Please note that a tenant does have the right to dispute a rental increase.
How frequently do I receive my rental monies?
Rental monies receipted during the month are transferred to your nominated account on the last business day of the month (our fees are deducted prior to transfer). If you nominate for certain invoices to be paid from these rental funds, the balance (after our fees have been deducted) is transferred. You will receive a monthly statement outlining all credits and debits relative to your property.
How can I change my contact/bank account details with Independent Property Group
This can only be done in writing, with signatures from all principals on our managing agents’ contract. We request 3 days notice of any changes prior to the end of month transfers.
How often will routine inspections be carried out on my property and am I able to attend?
The Residential Tenancies Act 1997 permits 2 routine inspections within every 12 month period. If you wish to attend, please advise your Property Manager of your request so that we may endeavour to arrange a day and time that accommodates all parties.
How long do I have to conduct maintenance?
The Residential Tenancies Act 1997 outlines 2 categories of maintenance. The first is general maintenance reported to the lessor, required to be done to ensure the property is maintained in a reasonable state of repair, cleanliness, secure condition and more importantly, fit for habitation. Such repairs must be made within 4 weeks of being notified. More specific repairs, which the Act outlines, are considered as Urgent Repairs. They must be conducted as soon as necessary, having regard to the nature of the problem. As a guide, Urgent Repairs should be conducted within 24-48 hours. Urgent Repairs are serious matters, such as failure of hot water systems, blocked toilets, roof leaks, electrical faults, etc. A tenant has the authority to call in a tradesperson to conduct an Urgent Repair if the agent or lessors are un-contactable (ie: weekends).