Our Property Management Services
With all properties it is important to know that your property is being looked after and to do this you need dedicated property managers. We have a tight team of property managers with years of experience and we know what is important to our clients. The major issues being the collection of rent, what happens if a maintenance issue is required, what happens if your tenant falls into arrears, what happens with renegotiations & options and what happens when a property becomes vacant. We have outlined below, the steps we take in those particular areas.
All tenants will be posted or emailed tax invoices by the 15th of every month for rent that falls due the following month. Payments are made monthly in advance. We have various options available for tenants to pay rent including DEFT, POST billpay, Bpay, cheque or direct deposit. We know that collecting rent is one of the most important aspects for landlords to ensure they are receiving full financial benefit for their property
From time to time maintenance issues occur in all buildings, whether it is an office, retail shopping centres or industrial. As soon as our property management team have been notified by the tenant of any maintenance issues, they will be dealt with on the same day by well-respected tradespeople that we have been using for some years. Our property managers are all trained in every aspect of maintenance issues. In all of our property management contracts, landlords have the option to put a limit for the amount of money to be spent on any one maintenance issue where we don’t need to seek approval from the landlord. This makes it easier for the tenant and landlord to ensure that we can act quickly. For any larger issues our property management team will liaise with the landlord directly to work out the best outcome. If required, multiple quotes can be obtained to make sure that the job is done in the most cost effective way for yourself as the landlord.
During the last four years within the commercial industry and on the Gold Coast in particular, there has been great effect by what was known as the Global Financial Crisis which has now slipped into an ongoing continuous hurdle that all landlords need to be aware of. During recent times in particular we have noticed our roles have become even more important in ensuring that every tenant is followed up, even if they are one day late in making their rent payments. Clear communication and an effective record keeping process, ensure that we keep the rental arrears at a minimum. We communicate with the tenant and landlord as soon as the tenants default on their rent. We have procedures in place to ensure that rental collection is as smooth as possible, however when the occasion does arise that the tenant falls behind in rent, there are clear processes in place to ensure the rent is collected at the earliest possible time.
When a tenant’s lease is coming up to an option or to an expiry, we have qualified leasing agents who are able to renegotiate new terms or options with the tenant on your behalf. You will be made aware in excess of six months of when an option is due and also when a lease is terminating so there is enough lead time to let you know what is happening with your tenancies. It also allows us to start talking to the tenant if it is a market review, renegotiation of a lease or to start marketing the property for a new tenant.
If and when a tenant does vacate your property, we have one of the largest leasing teams on the Gold Coast experienced in all facets of leasing including retail, office and industrial. We know the importance of keeping premises full for landlords to get the best value out of the asset. As such we have briefly outlined recommendations for vacant premises which includes marketing strategies, where the property will be marketed to, the strength of our database system to generate as much enquiry as possible and also a basic budget to ensure that we can spread the net as far wide as possible, attracting enquiry to get your property leased as quickly as possible, therefore limiting your loss of income.
To help you keep abreast of everything that is happening, we use one of the most respected commercial accounting packages on the market, which is called CMS Manhattan. This accounting packages provides you with up to date reports on a monthly basis on the rent that has been paid, any maintenance issues that may have happened and a full account of the in’s and out’s on your property. A variety of reports are available and can be provided at any point in time if requested.
Within ten (10) working days of the end of each month, we will provide:
- A detailed account of all income received and expenditure incurred up to and including the last day of the preceding month
- An arrears report with recommended action
- A comparison of actual to budgeted income and expenditure
- A current comprehensive tenancy schedule, identification of vacancy, rent and outgoings shortfalls
At the end of each financial or outgoings year, we will provide a comprehensive annual report, reflecting:
- Details of actual income and expenditure for the year suitable for audit purposes
- A comparison of actual to budgeted income and expenditure for the year
- An overview of the performance of the property, in financial, physical and other terms
- Before the beginning of each financial / outgoings year, we will provide budget estimates of property income and expenditure for the coming period and issue statements as required under the Retail Shop Leases Act. At other times as appropriate, Ray White Commercial (Gold Coast) will:
- Notify the owner of insurance, lease and other matters of urgency or immediate significance and;
- Serve the owner with original copies of all notices relating to the property and which have been received by the property manager
A normal investment profile usually addresses such matters as market activity, capitalisation rates and reversionary interests. It is important however that the property manager understands that it is the configuration of leases within the property which underpins its investment profile. The length of term, calibre of tenant, frequency of rent reviews and the position with regard to recovery of outgoings, all have a major impact on the capital value.