These are just sample costs to give you an idea. There can be other surprises, too. Things like paying for rubbish bins if your New Build doesn’t have one.

But this list should give you a good idea of all the times a property manager will charge you and what you get for it.

It’s important to emphasise these fees don’t all go to the property manager, but sometimes we’ll pay for these costs and then on-charge you, so it’s worth being ready for them.

Step 3: Managing your property over the long term

Once your tenants are in, we will manage the relationship for you. 

We’ll inspect the property every three months, and if the tenant’s lease comes to an end we’ll either renew it or look for new tenants. 

At this point you are in the Background Wealth Builder:

Where does my rent get paid? 

Some people like to set up a bank account for each rental property; others like to have one account per entity (e.g. one account for a trust or company). 

Once you have this account, let us know the details. We’ll collect the rent and pay you twice a month. This happens on the 1st and 16th of each month. 

If that falls on a weekend or public holiday, we’ll pay you on the next working day. 

You’ll get regular statements showing the money we’ve collected and paid to you. 

You can also see any fees we’ve deducted, like our management fee (7.99% + GST). 

What happens if there are issues with the property?

Eventually your property will need some maintenance.

If you’ve bought a New Build, we’ll handle any maintenance issues with the developer during the first 12 months. That’s because the developer has to fix defects for the first year.

After that 12-month period, if it’s not urgent maintenance we’ll come to you to discuss paying for any fair wear and tear. We’ll often deduct these costs from the rent. 

What happens if my tenant wants to move out?

Often we sign tenants up for a 12-month fixed term. That gives you the confidence that you have rent coming in for a set time. And it also means the tenant feels comfortable they’ve got a place to stay for a while. 

We then start talking to the tenant about their plans 60-90 days before their lease ends. That includes whether they want to renew their fixed term or if they want to move out. 

If the tenant decides not to renew, we’ll relist the property four weeks before they move out. 

It’s always worth having a few days’ vacancy between tenancies to fix any issues and make sure the place is clean and tidy. 

Sometimes we’ll recommend fixing non-urgent maintenance when the property is empty (between tenancies). This is because we want to start the new tenancy off the right way. 

What happens if a tenant leaves during a 12-month fixed term?

If the tenant chooses to break the fixed term lease, they have to keep paying rent until we find a new tenant or until the fixed term tenancy ends. 

In this case, we’ll relist the property ASAP. 

What happens at the end of tenancy?

Once a tenant moves out, we’ll inspect the property for any damage or cleaning that’s needed. 

If everything is in order, we refund their bond. If there are issues, we’ll manage the repairs, and aim to cover those costs from their bond.

If there’s a dispute with the tenant, we’ll handle it through the Tenancy Tribunal.