Frequently Asked Questions

Do I have to use a real estate agent to manage my rental property?

No, but be aware that you would be bound by the same legislative requirements that apply to a property manager. If you were found to be in breach of the Residential Tenancies Act, you would be subject to the same disciplinary action - including potential fines.

How do I know how much rent should I ask?

We review how much similar properties in the area are renting for, rental performance and vacancy rates.

Can I increase the rent during the lease period?

In most cases the established rent rates must remain in place for the term of the lease term. There is a required notice period if you want to increase the rent at the end of the current lease.

What is a typical lease?

Six or 12 months leases are most common, but there are tenants who may want longer or shorter. We discuss the different advantages of each lease length with you.

Who is responsible for property security?

The owner responsible for ensuring your property is able to be secured and lockable. The tenant remains responsible for their own contents and locking up the premises & for proper use of provided security.

Who is responsible for carrying out property repairs?

The owner is responsible for repairs considered to be fair wear and tear to be carried out by a qualified, licensed tradesperson but your property manager can organize this on your behalf, which includes advising tenants of how, when and where this will happen. Tenants are however responsible for malicious, wilful or accidental damage to the property other than fair wear and tear.

Can I charge the tenant for water?

Your property manager will tell you the local ruling on this. In Queensland tenants can be charged for all or part of the water usage costs. It is the owners responsibility to have utilities such as water and sewerage connected to the property.

What is property depreciation?

Property depreciation is the most often missed tax deduction because it is a non-cash deduction, which means you do not need to spend money to claim it. A building and its fixtures depreciate  you, the owner, claims it or not. As a building gets older, items wear out - they depreciate. The Australian Taxation Office (ATO) allows property owners to claim this wear and tear, depreciation, as a deduction. A Tax Depreciation Schedule, available from a Quantity Surveyor or other qualified professional, will outline the deductions available on your specific property and your accountant will consult this when preparing your tax return.

Where can I get more Information?