Property Management is the managing of properties on a daily basis on behalf of the owner for maximum rental benefits. Such property include commercial, residential, industrial or agricultural real estate. Houses for Rent, apartments, warehouses, condominium units, empty plots, idle land, shopping centers may all be put forward for management. The Property Management concept characteristically involves the supervision of property owned by another party. The are various types of properties that can be managed for tremendous monetary outcomes.
Spectrum Real Estate Solutions Property Management offers you a superior degree of customer service. We specialize in the management of single family residences, townhomes and apartment complexes. Our dedication and organized approach has earned us a quality reputation with colleagues and tenants.
At Spectrum Real Estate Solutions Property Management, we are dedicated to preserving and protecting our owner’s properties in every way possible. We strive to please our tenants so they better maintain their rentals and extend their leases.
We strive to provide professional, ethical and competitive real estate services.
At Spectrum Real Estate Solutions we understand that property, like any investment, is only as good as its net annual return and capital appreciation. To maximize both, our objective is to ensure properties are maintained at optimum condition and presentation at a reasonable cost and to select suitable tenants while achieving competitive market rental.
We strive to provide a high quality service to our customers.
WHAT CAN WE DO FOR YOU?
Assess your property’s current market rental
Before finding a tenant Spectrum Real Estate Solutions can inspect your property and inform you of a current fair market rental. We can also advise you of any refurbishments or maintenances that can attract a higher rental income and better quality tenants as well as any safety issues you may need to consider in relation to risk management.
Marketing your property for rent
There are a number of ways that we market rental properties. These include:
- Listing the property on the internet on 3 websites including our own
- Checking our database of current prospective tenants
- Utilizing our relationship with major organizations, national and inter-national corporations and ‘executive’ relocation services.
- Our office window front display
- Conducting “Open for Inspections” and “Inspections by Appointment”
Find and select suitable tenants
Because of our prominent office location and proactive marketing strategies, Spectrum Real Estate solutions receives enquiries daily from reliable tenants wanting to rent the right property.
Prospective tenants are always accompanied to view properties.
If an interest is shown in the property, the tenants will then complete a detailed application form and meet with us for an interview.
Before recommending a tenant, we carefully check the applicant’s references, including employment details, previous landlord referees and passport/ visa checks for overseas visitors. We then advise you by phone or email and allow you to make the final decision.
Prepare legal documents required by law under the Residential Tenancies Act
Before any tenant moves in, we prepare a legally enforceable Tenancy Agreement and in addition to this, we will conduct a thorough inspection of the property and complete a detailed written report, including photos, of the condition of the property (including fittings and fixtures) prior to the commencement of the tenancy.
As part of the Tenancy Agreement, rent is always payable in advance.
Regardless of the care taken, on very rare occasions, tenants fall into arrears. When this occurs a set procedure is instigated which includes the following:
- An initial polite ‘reminder’ email to the tenant when rent becomes 2 days overdue
- After 5 days we email again and phone
- After 7 days overdue, a follow-up email and the require RTA Form ‘Notice to Remedy Breach’ is sent, as well as a phone call and inspection of the property to ensure the tenant is still in possession
- After 14 days overdue (the minimum period required by the Residential Tenancies agreement) a ‘Notice to Leave’ is served to the tenant requiring them to either bring their rental into credit or vacate the premises.
Properties are inspected, without fail, on a 3 monthly basis during the tenancy.
Following each routine inspection you will be provided with a written report detailing:
- The general condition of the property
- The manner in which the tenants are maintaining the property
- Any repair or maintenance required now or in the foreseeable future
Arrange Repairs and Maintenance
Repairs are attended to promptly. We engage reliable qualified tradespeople to attend to all types of repairs/maintenance.
We have a flexible system of maintenance to cover the requirements of owners who instruct us to attend to all maintenance matters on their behalf as well as for those who prefer to attend to these matters themselves. If requested we are happy to use specific tradespeople nominated by you.
Payments and Statements
You will receive a detailed owner statement every month including copies of invoice paid and a financial year statement. The net rent is paid monthly into your account in accordance with the monthly statement amount. We can also attend to the payment of regular disbursements such as council and water rates, body corporate levies etc. on your behalf if required.
Lease Renewals and Rent Reviews
The renewal of a fixed term lease is generally at the discretion of the landlord. Prior to the expiry of a fixed term tenancy, we email you with our recommendations regarding an appropriate current fair market rental and the conduct of the tenant and seeking your instructions regarding the renewal of the tenancy.
Oversee final inspections and end of tenancy matters
When the tenant advises us of their intention to vacate the property, we will set a date to conduct a final inspection and provide the tenant with a ‘Final Inspection Check List’. Following this, we will inform you of the tenant’s intention to vacate and oversee that the property is cleared of all personal effects, and all cleaning (including the carpets, mattresses, and soft furnishings) have been completed. A final Exit Condition Report will be checked against the original Entry Report prior to any Bond money being released.
The Security Bond (and subsequent completion of the required forms Bond Refund Form) will be refunded to the tenant only when rent is paid up-to-date and satisfactory completion of all cleaning and payment for any damages/missing items has been accounted.
Search for new tenants at the end of existing leases
The search for new tenants usually commences in advance of the property becoming vacant. In most cases, by the time your property is vacated, a suitable new tenant has already been found (depending on the market at the time), you will have already approved their application and they will be waiting to move in. This ensures your continuity of rental income.
Systems and Software
Our procedures and documentation systems developed through our extensive knowledge and experience and continuous improvement combined with the use of the leading property management software result in sound management of your property.
Enabling us to manage time effectively, attend to repairs promptly, and keep up-to-date with rental payments and any possible arrears among some of the aspects of property management.
We keep up to date with changing legislative requirements related to your property, through government and institute alerts and continuing professional development training.