Compass Asset Management | Frequently Asked Questions
Am I obligated to allow pets in my property?
There are still certain requirements for approving pets in properties. the Residential Tenancies and Rooming Accommodation Act 2008 (RTRA Act) outlines the tenant's responsibility for having pets in the property. We can provide further guidance and practical suggestions for your consideration if a pet request is received from your tenant.
Who holds the Bond money?
A maximum amount equal to four weeks rent is to be paid by the tenant as a bond before the tenant moves into the property unless the rent is greater than $700 per week. In this case, an agreed amount can be requested to be paid over and above the four weeks rent as a bond. The bond is lodged with the Residential Tenancies Authority and held there until the tenant vacates the premises and a thorough Agent Exit Property Inspection and report is completed and we are satisfied the tenant has returned the property in an acceptable standard and there are no rental arrears. The bond is then dispersed accordingly.
How and when am I paid the rent from my tenants?
All monies received on your behalf are held in our regularly audited trust account. From these monies, we make all authorised payments relating to your property (for example, council rates, insurance, repairs and maintenance). Invoices are sent to you with each statement. The trust account period concludes with account processing occurring on the first business day of each month to comply with trust account auditor requirements. Funds are transferred electronically into your nominated financial account within the next two business days and we can coordinate weekly, fortnightly, or monthly transfers
Are all repairs done properly?
Work arranged by our agency for your property is carried out by a suitably qualified and licensed tradesperson. If the work required is covered by a warranty, we will contact the supplier. If the work is claimable under your landlord or any other insurance policy, we can contact the insurer to claim on your behalf. Our agency has access to a wide range of tradespeople who have met our stringent criteria.
Who keeps track of rental payments?
Each business day, rental arrears are monitored with any relevant action taken. If the tenant is a single day in arrears, a reminder is sent. If rent is in arrears on day eight, a formal Notice to Remedy is issued as the law allows at this time. If rent remains in arrears, we issue a formal Notice to Leave when the law allows. We maintain contact with you throughout the entire process until the matter is finalised and rent is paid or the eviction process concludes.
What happens when the lease is due for renewal?
We will contact you within three months before the current lease on your investment property expires. A price evaluation is completed, and our recommendation is made based on the current market rate for your property. You can choose to increase or decrease the tenant's rent and change or amend any terms of the lease at this time.
How often can I inspect the property other than for maintenance?
The Tenancy Agreement specifies that the tenant permits the lessor/agent to inspect the property during the tenancy provided the tenant is given notice, as required by the RTRA Act. The act states that unless a tenant agrees otherwise, entry may not be made less than three months after a previous entry by the lessor/agent.
What insurance is needed for an investment property?
You must have adequate landlord insurance on your property. Landlord insurance protects against unforeseen circumstances that may occur during a tenancy. Most insurance companies offer landlord insurance. Please take the time to discuss in detail the conditions of your policy, as these conditions can differ greatly depending on the insurance company provider. We make every effort possible to ensure that the applicants we recommend are reliable and suitable but occasionally, unforeseen circumstances can affect a tenant's ability to pay rent or have them act totally out of character. A copy of your rental property's Building and Landlord Insurance will need to be provided before tenants can move into the property.
Who pays for water?
The lessor is responsible to pay council/shire sewerage and drainage rates, land tax and all corporate charges. From the tenancy start date and if specified on the tenancy agreement, tenants are responsible for paying for electricity, telephone, gas, plus water charges over and above the average allowance incurred. The lessor can pass on full water consumption costs as long as their property meets the criteria of the three-star wells rating, commonly referred to as being 'Waterwise. We strongly urge owners to provide a copy of water accounts once received so that we can arrange for this amount to be recovered from the tenant.
Who pays for the telephone connection?
It is recommended that if the property is new and a telephone line is not connected to the property, the lessor pays for a line connection. We recommend the tenant organises the work and submits the account to us for the lessor to reimburse. The tenant is responsible for paying for the service connection to the line and all services used.
Can you help me sell my property?
Yes, we can!
Our property consultant has over 30 years of experience helping clients buy and sell property and has already completed many successful transactions on behalf of our landlords. Whether you're looking to find out the value of the property or you just want a general market snapshot, please contact Geoff at any time.
How can I keep track of what is happening at my property?
Our landlords are supported by the very latest in trust accounting software, PropertyMe. PropertyMe allows access via a smartphone app to enable all owners to see up to date information including rent payments, reports, and data relating to their property. This can be accessed at any time of day or night. Alternatively, our team are available by email or telephone during business hours.
Where are you located?
Our head office and central administration point is on the Gold Coast in Queensland. We also have staff available in key locations across Queensland including Brisbane, Bundaberg, and the Sunshine and Fraser Coasts.
If you can't find the answers to your questions, please call 07 5502 9903 to arrange a no-obligation consultation.