Leasing your property
How do I start the process of leasing my property with Award Group Real Estate?
Getting started is simple. We will provide a proposal outlining pricing, fees and presentation, once you’re ready, we handle everything from marketing and inspections through to securing a tenant and preparing the lease. Click here for a proposal.
How long does it typically take to find a tenant?
This can vary depending on market conditions, pricing, and presentation. In most cases, well-presented and correctly priced properties lease within 7-14 days, however we take pride that our current average days on the market according to Realestate.com.au for units is 6 days, 8 days for apartments and 12 days for houses/duplexes.
What is involved in preparing my property for lease?
Once we have inspected your property, we will provide you with our complete pre-letting recommendations. These recommendation will include identifying general repairs and maintenance, possible compliance issues, suggestions on improvements that will increase the weekly rental prices and can engage professional cleaners on your behalf to ensure the property is 100% ready for your tenants to move in. The work put in here will have a significant impact on your overall investment return and quality.
How do you determine the rental price?
We assess current market conditions, recent comparable rentals, property features, and demand in your area, this will assist us to recommend a competitive and realistic price strategy. As a landlord, you will be requested to make the final decision on what price your property will be advertised at. Click here to find out how much your property may be worth in the current market.
Do you recommend taking out landlord insurance before leasing my property?
Yes, landlord insurance is strongly recommended and a policy should be taken out as soon as you enter into our management agreement. Landlord insurance helps protect you against risks such as rental loss, tenant damage, and liability. Please note that not all Landlord insurance policies are created equal so we strongly suggest reviewing the policy inclusions to ensure you have the adequate level of asset protection.
Is landlord insurance the same as building insurance?
Although these conditions and or terms are set by the underwriter, the general answer is no. You will find that the majority of Strata titled properties will have a building insurance policy that covers the entire strata-plan however these policies will generally not cover any fixtures and fittings within the property. For this reason, many landlord insurance policies will include a portion of contents cover to protect items such as your kitchen cabinetry should this be damaged in the event of a spot fire or water leak. When it comes to freestanding, Torrens title properties and the like, you will find that if you have a mortgage on the property, it will be a requirement that you have a minimum of building insurance on the property. This in most cases is a separate policy to a landlord insurance policy however you may find some insurance companies will provide a singular product to group these together. Please contact your current insurance company or strata manager for further clarification
What costs or fee will be involved in leasing my property?
There is generally two main expenses when it comes to leasing your property. The first is a letting fee, this is the fee charged by the agency to cover the time and resources required to secure a tenant for your property. This is usually charged as a percentage of the weekly rent. Our letting fee is equal to 1 weeks rent + GST however you will find it common for this to be up to 2 weeks rent + GST in Coastal or Regional areas.
The second expense is the cost to market your property or the major portals such as Realestate.com.au, Domain.com.au and to arrange temporary property signage. These expenses are generally third party expenses and are passed directly to the landlord. To find out more about Award Group Real Estate’s sign-on-bonus that covers a premium marketing campaign for all new landlords Click here.
How will Award Group Real Estate advertise my property?
We utilize leading online platforms, such as Realestate.com.au, Domain.com.au and include professional photography, a 3D Virtual Tour and a property floorplan for all property listings. Properties offered for Lease with Award Group Real Estate are know to attract higher levels or online exposure, larger inspection and enquiry numbers, more applications and are leased significantly quicker than the local market average. Click here to visit our recently leased campaigns.
What costs are involved in leasing my property?
Standard fees associated with leasing a property are a letting fee, this is usually calculated as a percentage. Award Group Real Estate charges a letting fee of 1 weeks rent + GST. Advertising a property on the major Real Estate portals such as Realestate.com.au and Domain.com.au will also incur a marketing expense or contribution.
Click here to learn more about our recommended marketing package and new client on-boarding bonus that will cover your initial marketing campaign.
How do you advertise my property?
We utilize leading online platforms, such as Realestate.com.au and Domain.com.au, Professional Photography, 3D Virtual Tours, Property floorplans, Virtual Staging, Property Signage and our internal database to maximise exposure and attract high-quality tenants. Click here to visit our recently leased campaigns.
Can my property be advertised and shown to prospective tenants before the current tenant vacates the property?
Yes it can, under the conditions of your current tenants lease agreement, they are required to provide reasonable access to the property in the 14 days leading up to their vacate for the property to be shown to prospective tenants. It should be taken into account that often during this period, the property may not present at its best as the current tenants begin packing and preparing to vacate. In some circumstances your agent may advise against showing the property during this period for these reasons.
Tenancy Selection and Application Screening
How do you screen potential tenants?
At Award Group Real Estate, we require all tenancy applications to be submitted via the Tenant App/2Apply system. This is widely regarding as the leading tenancy application software nationally. Once applications are submitted, we conduct a thorough screening process, including identity checks, employment verification, rental history checks, and reference checks. All shortlisted applications are promptly sent to you via email for your feedback and approval.
Who makes the final decision on selecting a tenant?
At Award Group Real Estate, we will always provide our honest feedback on all applications however you, the landlord will always make the final decision on who is approved to move into your property.
How long does the application screening process take?
Complete applications are typically processed within 12-24 hours of being received and can be ready for your formal approval. Unfortunately, critical information can often be missing from shortlisted applications, such as tenant ledgers, so this can result in extended processing time.