We make sure our tenant database is filled with good tenants. What are good tenants? They are not people who just pay their rent, they are people who look after your property like it was their own; people we can trust; people who have proven stability; people who are respectful; people who are open and honest.
Each prospective tenant must fully complete a Pre Tenancy Application
Form. This includes all relevant information we need to assess their potential as a tenant. These tenants are placed on our database and only those we feel suitable for your property are put forward to you for approval.
Once we have received applications for your property we will discuss with you prospective tenants. You may have all the information you need to make your decision. You may want to know more. We will help you with this process.
Prospective tenants cannot have an inspection of your property without having completed one of these forms. We accompany all prospective tenants to view your property. We never give out keys to anyone wishing to rent your property without an agent present.
This is a report on the condition of your property. One of our professional property managers will visit your property detailing room by room the condition and any fixtures they have. They are usually rated between 1 to 5, with a 1 meaning excellent condition through to 5 meaning it needs to be fixed or replaced.
When a Tenant begins their contract, they will be given this 'Entry' report. They have 2 weeks to then add or make comment on anything related to this report which we will then discuss, review and alter if necessary. For example, the heater fan only works on high, or the back security door doesn't lock with the key provided. Sometimes things are only apparant after a tenant has moved in and had a chance to live in the property.
During a tenancy we can complete 6 or 12 monthly inspections depending on your request. On these inspections, a professional property manager will attend the property on a specified day and time and complete a new Condition Report. This will enable us to assess the condition of the property and document any maintenance or upgrades that may be necessary. You will be given a copy of this report and an opportunity to discuss the outcome at your convenience. The tenants will receive a copy of this report also.
Generally, when a tenant identifies a problem e.g. leaking tap, gas leak, broken window; they will be required to contact us to fill in a maintenance request form. According to the Residential Tenancies Act there are requiremens in regards to time periods when responding to requests. These can be found in the Forms, Links and Information tab. Alternatively, tenants can call their property manager direct or make a request by logging into Rent HQ.
When the team at iU receive a request, we will undertake any maintenance in the manner that you have requested upon sign up. Some landlords will have trades people they would rather use and these can be nominated upon sign up.
At iU Property Services we can recommend a team of people who can help with any maintenance needs. We have experienced, qualified and friendly electricians, plumbers and general maintenance people willing to undertake any job. These are trades people not directly employed by iU but come highly recommended. When you sign up with iU you have the opportunity to select your own trades people and nominate how tenants can request any emergency maintenance.
24 Hour Emergency Maintenance
If there is an emergency maintenance matter, tenants can ring us 24 hours a day, 7 days a week, 365 days a year and we will respond to requests appropriately. This puts landlords and tenants at peace of mind all the time not just during business hours.
Once a tenant is selected, they will be required to enter into an agreement. This is known as a Lease or Tenancy Agreement. This agreement is a standard agreement which is in line with the Residential Tenancies Act. However, you may have reasonable additional clauses you wish to add which we may be able to include. The length of the agreement is dependant on your needs but generally they are initially for a 12 month period with a view to extend. This agreement is signed and dated and becomes a legal contract between the tenant(s) and the landlord.
Payment of Rent
Tenants are given a variety of options to pay their rent. We can set up Direct Debit, Cheque, Money Orders, Centrepay and Direct Deposit options for them. Frequency of payment can be negotiated with weekly, fortnightly or monthly options.
When a tenant misses a payment, we believe communication is the key. They will be immediately contacted and given a reminder that their rent is due. If a tenant fails to pay their rent after this reminder and they fall 7 days in arrears they will be sent a letter outlining what will happen if they do not pay their due rent. When a tenant falls 14 days in arrears we will follow the Victorian Civil and Adminstartive Tribunal (VCAT) proceedings. These proceedings are outlined in the Forms, Links and Information tab under VCAT information.
When do Landlords Receive Rent Money
On the 28th of each month you will receive a payment deposited into your nominated bank account or we can arrange for a cheque to be sent to you. At this time, you will also receive a statement outlining any payments and disbursements made.
All tenancies will be required to pay a rental bond of up to 1 months rent. This is then sent to the Residential Tenancies Bond Authority (RTBA) for the duration of the agreement. The RTBA holds bonds in trust for landlords/agents and tenants, or owners and residents, giving all parties equal say on how bonds should be repaid when a rental agreement ends. Bonds are repaid either as agreed by the landlord/agent or tenant, or owner or resident. If there is a dispute about how repayment is to be divided, an application may be made to the Victorian Civil and Administrative Tribunal to decide the matter.
Each year we can conduct rental reviews of your property. If the tenancy is a fixed-term agreement, the landlord or agent cannot increase the rent before the end date, unless the lease states otherwise. In any case, the landlord or agent must not increase the rent more than once in any six-month period. The landlord or agent must give the tenant at least 60 days’ notice of any rent increase.
Rental increases are driven by market forces which in turn are influenced by the supply and demand of particular properties and areas. A landlord cannot increase the rent because the tenant has asked for repairs or maintenance to be carried out on the property.
Landlords can obtain insurance through a variety of local and national agencies. We are happy to help you with this process, however, iU are not in any way affiliated with or receive incentives from any agencies. We will simply identify where you can obtain insurance and the type of covers that are available to help you decide which is right for you.
What is Landlord's Insurance?
Landlord’s insurance can cover for not only damage to buildings and contents, but also for rental default and damage by tenants. Policies can cover building, contents, rent default and from some extra's such as motor burnout and/or lock and key replacement to tax audit insurance. There are many agencies that we can identify that supply cover for all aspects of insurance.