PROPERTY MANAGEMENT FREQUENTLY ASKED QUESTIONS
Position One Property have put together a list of Frequently Asked Questions for Property owners, Tenants, Sellers and Buyers. If we haven’t answered your Frequently Asked Question below please email us so that we can address your concern.
How do I find a property manager?
At Position One Property we have made this process easy by offering a superior property management service. We encourage you to view some of our testimonials and see what our previous and current clients have had to say about our service.
When appointing a property manager always ensure that the agent has their real estate registration or license and that the agent who is registered with the Office of Fair Trading and an agency that is a member of the Real Estate Institute of Queensland.
What is the process of engaging a property manager?
Your first step is to give us a call or send us an enquiry. We will then send you and information pack outlining our services. We will offer a free market appraisal based on a market comparison of other properties in your area. Our team of experts may also offer suggestions for possible improvements that could be made to increase the rental return on your investment property.
Should you wish to engage us as your Property Manager we will then commence the leasing process. We will firstly introduce you to our Property Management Team and introduce you to your personal Property Manager. Should your property already be tenanted and managed elsewhere the change from agent to agent is streamlined – we handle everything on your behalf including tenant inspections, forms, and all relevant regulatory requirements.
Do I need landlord insurance?
We strongly advise that all landlords take out not only investment insurance through an insurance agency but also landlord insurance. Landlord Insurance provides cover for your property against loss or damage caused by tenants, whether malicious, accidental or deliberate. It can also cover loss of rent due to tenant default.
TENANTS FREQUENTLY ASKED QUESTIONS
How can I view a property you have available online?
All of our rental inspection times are listed on our website and our Facebook page. If you cannot view a property within the designated time please give our office a call or drop us an email and we will be happy to assist you with a different time, where possible. As most of our listings are properties that are already tenanted please be mindful of the fact that we also have to work in with times that suit the current tenants.
How do I apply for a property?
First of all you MUST inspect the property in person before you can apply. If you like the property, we will then ask you to come into our office and submit an application. You will be notified within 24 hours of the outcome of your application.
What do I need to supply with my application?
We will ask you to bring in photo identification. We will also ask you to provide payslips and/or evidence of income. If you do not have an income (retired) then you may be asked to provide a current bank statement to prove your ability to pay rent. If you are currently renting or have previously rented, we will ask you to provide the details of your current agent or landlord or home ownership information.
What happens once I am accepted?
We will ask you to complete a Tenancy Agreement, pay your first two weeks rent and your bond (usually 4 weeks rent). and arrange your move in date. We will provide you with keys and will ask you to complete a Condition of Entry Report. Your bond is lodged with the Rental Tenancy Authority (RTA).
What is pet bond?
Western Australia is the only state where a landlord can ask for a pet bond up to $260.00. You CANNOT be charged this in Queensland.
Current legislation requires tenants to get written permission in their tenancy agreement to have a pet in their rental property and stipulates they are also responsible for any damage to the property caused by their pets.
The special terms can also stress that tenants have the property fumigated and the carpets cleaned when their tenancy is up.
Do I need to get my own insurance?
Yes you will need insurance for your contents. Your landlord’s insurance only covers the property in which you live NOT your belongings.
SELLING FREQUENTLY ASKED QUESTIONS
How do I find an agent?
Position One Property encourage you to choose an agent that is the right fit for you and your property? Interview your agent and ensure that the have a current Real Estate Registration and are Practising with a Licensed agency.
Ask the agent about the methods they you use to sell your home and how much they charge for advertising. Look for testimonials and reviews of your agent and agency online. This will help you make an informed decision.
How do I engage an agent for sale?
Your first step is to give us a call or send us an enquiry. We will then send you and information pack and once you are happy we will come and inspect the property you have available for rent. We will offer a free market appraisal based on a market comparison of other properties in your area. Our team of experts can also offer suggestions for possible improvements that can be made to increase the rental return on your investment property.
Following this we will ask you to fill in a Real Estate Institute of Queensland Form 6. This allows us to act on your behalf to find a buyer and organise the marketing.
What is the difference between an Auction and Private Sale?
An auction is a sale held at a certain place, time and date, after a marketing campaign. A licensed real estate agent runs the auction and sells once a reserve price is reached.
Auctions are governed by strict rules and regulations, which are different in each state and territory.
A private sale is when a property is listed for sale through an agent, with an asking price attached. The property is marketed and potential buyers make offers to the agent, who presents them to the seller, who decides whether to accept or not.
Your agent can help you decide what’s the best sales process for your property.
What are your fees?
Average agency fee’s in Brisbane range from 2 % to 3%, we determine this based off the type and style of property as well. Give us a call and we would be happy to discuss what it would cost to sell your property.
Do I have to pay for marketing & when?
Marketing is paid upfront and at the start of a property campaign. The photographer, internet portals and flyer distribution all need to be paid at the time it is done. Some real estate agencies may offer no marketing paid upfront, however this puts an element of pressure on the real estate agent to get the property SOLD for whatever price they can get so they can recoup their marketing cost; as opposed to pursuing the best price possible.
Do I need to engage a solicitor?
While you don’t need to engage a solicitor we strongly recommend that you engage a qualified conveyancing company to perform searches for you, if required and mediate any legal issues that may arise.
What happens once my property is sold?
If you property has sold via private treaty this means that there may be a period where the property is still “conditional”. These conditions may be “subject to a satisfactory building and pest inspection”, subject to finance being approved, or subject to a “due diligence period”. Once this period has passed your property will go unconditional and a settlement date will be organised between your solicitor and the buyer’s solicitor.
BUYER FREQUENTLY ASKED QUESTIONS
What will I need to buy a property?
The first step, we recommend is to speak your bank or mortgage broker to work our your borrowing capacity. Once you have this established decide which area you want to buy in and ring local agents and tell them your budget and what you are looking for. Attend open homes and keep an eye on the market. Know what is buying and selling in the area are looking in and what your budget will buy. A buyer that has all of their finance sorted is a preferred buyer to a vendor.
Do I have to organise a building and pest inspection?
This will depend on the age and size of the property and the purpose for which you are buying. If you are buying a property to renovate or demolish you may not need to organise a building and pest inspection. If you are unsure of any additions to the property or structural issues you should engage a certified building and pest inspector.
How much is stamp duty?
Stamp duty differs in each state and can vary according to sale price, type of property and time in the market (eg first home buyers). It is best to discuss this with your conveyancer or accountant or use one of the free websites available to calculate this. This is done for you before settlement.
Do I need to engage a solicitor?
While you don’t need to engage a solicitor, we strongly recommend that you engage a qualified conveyancing company to perform searches for you, if required and mediate any legal issues that may arise.