Frequently Asked Questions
Answers to some common queries about renting your property.
Where is the tenant's bond held during the tenancy?
The tenants bond is placed with the Bond Administrator. Both the tenant and the asset manager sign the bond into the account and both also sign it out of the account, much like any other bank account.
What if there is a dispute over bond monies?
Clear communication and management of expectations is the key to minimising disputes with tenants. Once the tenant has decided to vacate a letter is sent to them outlining clearly and concisely what their responsibilities are and what is required for them to receive a full bond refund.
Should there be a need for deductions from the bond then the agent negotiates with the tenant. When agreement is reached then the requisite bond form is signed and the bond monies are released.
If agreement cannot be reached then the matter may go to court for resolution.
These negotiations are held in conjunction with the owner.
What if the tenant does not look after the property?
The tenant must look after the property as per their lease agreement. When an inspection is carried out and the tenant is seen not to be maintaining the property they will be sent a letter outlining the concerns the agent has. Notice to rectify the problem is given and a further inspection will be carried out to ensure the work has been attended to.
What is a Diplomatic Clause?
Almost all Corporate and Defence Force leases will include a Diplomatic Clause. The benefits of having a corporate tenant are numerous as you have the weight of a large corporation behind the lease. However, large corporations do require a special clause in the lease as there is sometimes a need to transfer personnel.
What happens if the property is damaged by fire or flood?
The owner must insure the building and the tenant must have their personal possessions insured.