Exclusive Leasing and Managing Authority: Residential Property
The ‘Exclusive Leasing and Managing Authority’ (otherwise known as ‘The Authority’) is a binding contract signed between a landlord and the agent. In signing it, the landlord gives the agent exclusive rights to find a tenant and authorises them to manage the rental property.
The authority should include:
The agent notifying you of any damage to the property
The agent notifying you of any unpaid rent
How often the agent will inspect the property
All Fees and expenses, including any GST liabilities
The management fee – displayed in % as well as $ amount
If you wish to have any costs deducted from the rent including council rates, utility charges, insurance and creditors
Authorisation of agent to arrange urgent repairs up to a specified maximum $ amount
The amount of rent to be paid and how regularly
Leasing and re-leasing fee amount
Level of service regarding – letting, property management, periodic property inspections, accounting services, engagement of appropriate contractors
Many property investors ignore the crucial role a professional property manager can play in preserving their property’s capital value and maximising its income.
There is a misguided perception that the property manager’s role is just collecting rent however it is much more complex than that and too many landlords choose their property manager on fees alone rather than considering things such as their years of experience, how many properties do they manage (can they give your property individual attention?) and are they pro-active or reactive when dealing with maintenance issues?
A landlord should treat their relationship with their property manager as an ongoing business partnership therefore they should choose a top professional who understands their needs.
If you are a new investor or you are fed up with your current property manager or you just have a query, please ring One Agency Robert Mure today on 5997 2425 and speak to Allison Andrews, Senior Property Manager. She has a wealth of knowledge and experience and her industry specific skills will maximise the returns on your investment and minimise your stress.