1. How does Property Navigators determine the best rent for my property investment?
At Property Navigators, we always see to it that you have the maximum rent possible. However, there are some factors that we also need to consider such as what’s the demand for the property and the competition or other similar properties available in the local Sydney market. We also need to consider the kind of market we are targeting to get the right tenants as soon as possible.
2. How soon will my property be rented?
In average market conditions, we can have your property rented in less than 10 days. In lean months, it can take longer but what we can assure you that we begin marketing your property the day it becomes available for rent. We also have a specialised team that is focused solely on finding suitable tenants for your property.
3. What if i want to set a higher rental price than what you have recommended?
You can actually set whatever rental amount you wish for your property. However, our concern is it might take longer for you to find tenants especially if the current market price is significantly lower than what you are asking. You have to keep in mind that for every week your property is vacant, your annual rental income will be reduced by 2%.
4. How long is the average tenancy contract?
5. What will happen if the tenant does not pay rent?
We at Property Navigators monitor rent payment on a daily basis. When a tenant does not pay rent in 3 days, we will contact them and inform them about the arrears. We will send an Arrears Breach Notice if the tenant continues to be in arrears on the 5th and 10th day. If we don’t receive payment after 14 days, it’s time to give a Termination Notice on the 15th day, informing the tenant to vacate the premises in 14 days.
6. Does Property Navigators guarantee the tenant?
Like any property manager, we cannot guarantee the performance of the tenant. However we can assure you we use our professional skills to screen every tenant and see to it that they are capable of paying your rent. Our goal is to help minimise your risks, but tenancy is ultimately your responsibility as the landlord. You may want to get a landlord protection insurance for added peace of mind.
7. Is landlord insurance needed?
Though it is actually a personal preference and not compulsory, we strongly suggest that you get a landlord insurance for your property. Depending on the type of landlord insurance policy that you are having, these policies usually can protect you in cases like non-payment of rent, property damage, or vacating the premises earlier than intended.
Still have questions?
Contact Property Navigators today and let us answer your questions and help you get a better deal on managing your investment properties.