Landlord FAQ

How much will it cost me to let my property?

With Richardson & Wrench it will cost you the agent’s initial letting fee which is generally 1 weeks rent + GST which is payable from the 1st month’s rent collected.

How much will it cost to have my property managed & when do I get paid?

Our Management fees are extremely competitive and are deducted from the monthly rent collected. You will be paid your monthly rent less any disbursements at the end of each month or on a specific date that meets your financial requirements, as previously arranged with us.

Are there any additional marketing costs involved?

No. There are no additional marketing costs. Richardson & Wrench incur all marketing expenses associated with advertising your property. We believe we earn our letting fee after we have found you a suitable tenant.

Who will show prospective tenants through my property?

Your agent will accompany any potential tenant on inspection of the property, whether during the ‘open house’ time or out of hours at a private inspection. Richardson & Wrench Property Management team offer after hours viewing times for added convenience to any new potential tenant.

Should I be present during the inspection?

As your agent, we will arrange keys and security tags prior to our first ‘open’, so your presence will not be required. It is also worth remembering that most tenants often feel more relaxed when the owner is not present.

How will I know that the tenant won’t damage my property?

Every tenant’s application is screened very carefully & their details are screened through the NTD.

We will conduct regular inspections to minimise any problems that may arise. Routine inspections generally take place three months after a tenant moves in, and twice each year thereafter. As the owner of the property you can be present for inspections if you wish. Periodic inspections allow us to check on the condition of the property and report any required maintenance and repairs to you as early as possible. Our tenants understand they must report in writing any maintenance issues directly to us. We have a ‘maintenance’ report on our website for their convenience.

What if a tenant falls into arrears with his rent?

Richardson & Wrench Lane Cove have introduced the ‘Rental Rewards’ program to all our tenants. They do not have the option of paying in cash, cheque or doing an internet transfer. All tenants must register through RR and elect to have their rent either directly debited from their bank account or credit card.
Richardson & Wrench monitors arrears on a daily basis to ensure rent arrears are brought to our attention immediately. If for some reason the tenants rent is declined both the tenant and R&W receive an SMS from RR immediately. We can then immediately contact the tenant to find our why the payment has failed.
Any tenant who fails to bring their payments up todate within seven days is issued a termination notice giving them 14 days to vacate the property. Should this unfortunate event ever happen, you will be totally informed every step of the way.

How often can I expect a rent increase?

One of our jobs as the Manager of your investment is to make regular reviews of the rental value of your property.

We must take into consideration the following:
• The strength of the current market
• How long since the tenant last had a rent increase
• The condition of your property
• The vacancy rate of similar properties in the immediate area
• We will of course discuss all of the above with you & seek your instructions

How will I know what is being paid from my account?

Each month you will receive a detailed monthly statement.
This statement will show the following:

• The period the rent has been paid from and to
• Any disbursements that have been paid on your behalf
• Management fees & letting fees
• The amount that has been EFT’d to your nominated account