Landlord FAQs
From our property management costs, to information about inspections and bonds, we answer some of the more common questions from landlords.
How do I find out how much rent I could get for my property?
You can:
- Contact a property manager
- Ask us for a rental appraisal
- Check out the latest market and rental reports
I would like Barfoot & Thompson to manage my property
To find out more about how to use our services check out our page: Want us to manage your rental investment?
How much will your property management service cost me?
Costs for our full property management service
A very competitive fee of 8.5% +GST (9.5% + GST if the property is furnished) of all money collected and any repairs and maintenance we carry out on your behalf. The fee is usually tax deductible. Extra costs may apply for credit checks and marketing upgrades. For more information contact a property manager.
How do I pay you?
It would be normal practice for our fee to be taken our of rent received before we make payment to you, alternatively payment in advance is also acceptable
How often do you pay me?
Monthly, or mid monthly, by direct crediting funds into your account. A comprehensive monthly statement detailing funds collected and disbursed on your behalf can be posted or emailed to you anywhere in the world. Copies of invoices of accounts paid are included.
What does yield or return on investment mean?
Find out more about return on investment, which also explains capital gain and yield.
Will there be a cost for me to advertise the property?
No. Barfoot & Thompson do not charge landlords of managed properties to advertise their property.
If my property is vacant do you still charge me?
No.
Does Barfoot & Thompson guarantee me for any loss of rent?
No.
I will be moving overseas - can you handle all repairs?
Yes. Each property management branch uses a range of contractors who are highly skilled, competitively priced and quick to respond to our calls. If you have a preference for any particular tradesperson we would be pleased to accommodate this.
How often will you inspect my property?
Inspections are carried out on a regular basis. The frequency should be discussed with your property manager at the commencement of the management.
What's involved if I wanted to list my property for sale?
Your property manager can arrange with any of our experienced sales staff to have the property appraised and then listed for sale. This can be a very delicate situation and it is extremely important it is handled professionally and efficiently. It is our job to ensure you and your tenants' interests are protected.
Tenants must be notified in writing that the property is going to be listed for sale. Once the property is sold, if the term of the existing tenancy is periodic and the sale is subject to vacant possession we will issue the tenant with 90 days notice to vacate once the sale becomes unconditional.
If the term of the tenancy is a fixed term the property must be sold subject to existing tenancies unless the expiry date of the fixed term coincides with or falls before settlement date.
What will you do if my tenant becomes in arrears?
Rent collection is computer monitored, enabling us to act very quickly when a rent payment is missed. The debt recovery process commences immediately. Whilst we take every possible action to resolve the matter, it may be necessary to take the tenant through the mediation process or to the Tenancy Tribunal. If this is the case, you will not be charged for our time.
Do you take a bond?
Yes. The Residential Tenancies Act requires that no more than four weeks bond be collected. Unless otherwise agreed to, Barfoot & Thompson consider two weeks to be the minimum that should be paid.
The bond is paid before the tenant takes possession and held by Tenancy Services until the tenant vacates.
More information
For advice and more information about tenancies and renting contact a property manager.