Landlord's Guide to Property Management
About Marriott Lane
Marriott Lane Real Estate is the Lower North Shore`s leading independent real estate agency, having treaded at Alexander Street, Crows Nes since 1992. We mange more than 1,000 residential properties and sold well over 2,000 homes over the years, making us one of the largest and well-respected agencies in the area.
Marriott Lane is the highest rayed agency in the Lower Norh Shore (4.9 Stars from 460+ Google Reviews in September 2023) and manages more properties in 2060 and 2065 postcode than any other agency. What is the reason for this market leadership? There is no mystery to what good Property Management looks like. Every agency has a good idea of this but, remarkably, very few actually deliver it.
This booklet describes what best practice entails – how to find a suitable tenant, how to ensure your property is protected and returned to you in the same or better condition, setting rent and collecting it, organising repairs, communication and so on.
Knowing what to do is one thing, but delivering high-level service consistently is much harder. This requires going right back to basics. Firstly, the leadership of the agency must be focused, passionate and determined that this will be done. Crucially, the structure of the property management team must be the one that best facilitates best practice – Portfolio.
Once these fundamentals are set in place, then it all comes down to finding and keeping excellent people and giving them superior processes, technology and administrative support. Marriott Lane does this and it sets us apart.
Selling? Our brilliant sales team delivers best practice too. Good people, working hard, producing great results. Thank you for considering Marriott Lane as your partner in property management.
- Rate My Agent - Property Management Top 100 Australia ranked #48
- Rate My Agent – Property Management Agency of the year Artarmon, Crows Nest, St Leonards, Waverton, Wollstonecraft
- Rate My Agent – Agency of the year for Wollstonecraft
- Rate My Agent - Property Management Top 100 Australia ranked #21
- Rate My Agent - Property Management Top 10 New South Wales ranked #9
- Rate My Agent – Property Management Agency of the year Artarmon, Crows Nest, St Leonards, Waverton, Wollstonecraft
- Rate My Agent - Property Management Top 100 Australia ranked #19
- Rate My Agent - Property Management Top 10 New South Wales ranked #6
- Rate My Agent - Property Management Top 5 Sydney ranked #5
- Rate My Agent – Property Management Agency of the year Artarmon, Cammeray, Chatswood, Crows Nest, Lane Cove North, St Leonards, Waverton, Wollstonecraft
- Rate My Agent – Agent of the year for Crows Nest – Stephen O’Sullivan
- Rate My Agent – Agency of the year for Wollstonecraft
- Rate My Agent – Property Management Top 10 Agency NSW ranked #3
- Rate My Agent – Property Management Top 100 Agency Australia ranked #6
- Rate My Agent – Property Management Top 5 Agency Sydney ranked #3
- Rate My Agent – Property Management Agency of the year Artarmon, Cammeray, Crows Nest, Lane Cove North, North Sydney, St Leonards, Waverton, Wollstonecraft
- Rate My Agent – Agent of the year for Crows Nest, Stephen O’Sullivan
- Rate My Agent Ranked 5th – Top 20 Agency in Australia – Property Management
- Rate My Agent Ranked 3rd – Top 10 Agency in NSW – Property Management
- Rate My Agent Agency of the year for Crows Nest & Artarmon
- Rate My Agent Agent of the year for Crows Nest – Stuart Howard
- Rate My Agent Agent of the year for Artarmon – Stephen O’Sullivan
- Rate My Agent Agency of the year for Artarmon & Wollstonecraft
- Rate My Agent Agent of the year for Wollstonecraft – Stuart Howard
- Rate My Agent Agent of the year for Artarmon – Stephen O’Sullivan
Marriott Lane Real Estate is a proud sponsor of the Taldumande Youth Services, MS Society and the Cancer Society.
Best Practice for Property Management
From our long association with Owners of residential real estate, we have gained a clear insight into what they are looking for from their Property Management Agent.
Initially, they may start thinking they want the highest rent and lowest fees. However, on true reflection their prioritised list would more likely look something like this:
- Protection of the property - not harmed by the tenant, kept safe and secure, repairs carried out to prevent damage, correct insurance
- Fair and reliable income - market rent, no arrears, short vacancy, rental increases in the future, suggestions for cost effective improvements
- Confidence - that their interests are being looked after, great two-way communication resulting in the experience of feeling a relaxed confidence
- A happy tenant - knowing that the tenant appreciates living in your property and is being treated with respect by your agent
- Value for money - fair fees, fair tradespeople costs, regular rent increases, a feeling that your investment is managed as though it was owned by the agent
- Redress - a guarantee that means something tangible, plus a ‘if we mess up, we fix up’ culture
To deliver these results, there are many things the Agent must get right. Some of them are very important. Most problems in property management begin with selection of a poor tenant. Therefore, focus on finding a good tenant, preparing a comprehensive initial condition report, conducting regular inspections of the property, being vigilant about arrears, proactive with repairs and reviewing rent at regular intervals. Also, all of the time initiating useful communication with the Owners and Tenants and returning calls promptly.
Leadership and Structure
Residential real estate agencies generally have two areas of operations – Sales and Property Management. The workflows are relatively different and most Property Managers would never consider working in sales and vice versa. Very often, the Agency Principal favours one side of the business. Usually it’s Sales, as that is the glamorous part of real estate. It’s where they started and it matches their entrepreneurial personality. Property Management is often considered the poor cousin. It is important for you to select an agency that has a Principal who is interested and involved in Property Management and has a team, systems and processes built and managed to deliver superior and consistent service. The size of the business is also important. A small team doesn’t have the capacity to invest in the best systems, technology and training and is very vulnerable to staff leaving and temporary absences. It is also possible that a business can get too big and become complacent, or lose focus and control. Being big is more of an office management challenge rather than a fundamental flaw.
Marriott Lane is a medium to large-sized agency (over 1,000 properties).
With a strong focus on both Property Management and Sales.
Structure - Portfolio is Superior
In a small agency, one person fills all the roles of property management. Letting, Initial & Routine Inspections, Repairs, Rental Arrears, Owner Communication, New Business, Accounting and more. They know everything about their portfolio each owner, property and tenant. This is an ideal structure, except for the issues of being small, with a single point of failure. And no chance of a holiday!
As agencies grow the number of properties under management, a structural choice is required.
Portfolio - Effectively the same structure as above is maintained whereby multiple staff members split the portfolio and each is responsible for all the tasks associated with their properties. The intense familiarity with the owner and property is maintained. Backup is provided by peers and administrative assistance.
Task / Pod - Where different people do different tasks – you can have a letting clerk, someone who does just inspections, someone who organises repairs, arrears, accounting, new business etc. The landlords may get phone calls from five different people or perhaps from one person trying to relay information from others – or a combination of forms.
When asked for their opinion, the vast majority of Landlords and Tenants prefer Portfolio. However, many agencies adopt the Task model as they can gain efficiencies and pay people less for the menial tasks. The senior staff do the tasks they prefer and delegate the ones they don’t. Another consequence of this structure is high staff turnover, as employees get fed up with doing the same thing over and over and not developing their skills and building fulfilling relationships with clients. The existence of a Letting Clerk is a sure sign that the agency has a Task structure.
Marriott Lane has a Portfolio structure as it’s best for owners.
Tenant Selection | Marketing
The single most important action of your Property Manager is securing a quality tenant for your property. A quality tenant is one who is reliable and consistent in paying rent, who maintains your property in outstanding condition and who is diligent in alerting your Property Manager to any repairs needed or issues with the property. Ideally, they stay for a substantial period of time.
There is an increasing desire for pet ownership by tenants. Therefore, there is a significant rental premium available for owners who advertise that their property is 'pet friendly'.
The 2 steps to finding a quality tenant is to attract the broadest range of suitable candidates and select the best of them.
As in sales, attractive marketing creates more interest and higher prices for rental properties. This is the foundation for our superior marketing strategy that is designed to give the owner the best opportunity to let their property quickly. Our elements to achieve this is the use of professional photography, 3-D tours, virtual furniture, floor plans, well written copywriting, innovative electronic brochures and signboards if permitted.
Professional showcasing of your property results in more quality applications, higher rental and shorter vacancy times.
We also believe one of the key elements to premium marketing is being organised and starting the letting process at the earliest opportunity, leading to minimum vacancy time to the owner. Utilising the tenants notice period to find a new occupant means that very often the actual vacancy time is just a matter of days, not weeks.
Tenant Selection | Attracting
Attracting Superior Tenants
The aim is to showcase the property using a wide variety of quality marketing options, including professional photography, a strong online presence, appropriate availability for inspection and ease of application submission.
- Websites - realestate.com.au, domain.com.au, homely.com.au, rent.com.au and others as well as our own website marriottlane.com.au.
- Office Attraction - Marriott Lane boasts the most prominent window displays of all real estate agencies in your local area. Our office location is in the heart of Crows Nest, opposite the Woolworths complex, is highly visible, providing exposure to significant volumes of foot traffic. We are the only office to be open 7 days per week.
- Signboards - For Lease signboards erected if applicable.
- Viewings and Appointments - Open homes are typically conducted twice weekly and by appointment to allow prospective tenants to view the property. We also use Inspect Real Estate which is an advanced web-based system that makes it easier for tenants to inspect properties, receive updates and register their interest in applying. Inspect Real Estate has the capability to send invitation alerts to prospective tenants who have previously viewed our other comparable properties.
- Correct Rental Price - Asking too much for a property can lead to an extended vacancy period. It is preferable to set a fair asking price that should lead to the swift receipt of multiple applications from acceptable tenants.
Tenant Selection | Selecting
Selecting the Best of Them
Our goal to this point is to receive applications from several qualified tenants. It is a difficult position to be in when there are no applications or just one or two that don’t quite make the grade.
It is better to wait and consider adjusting the asking rent than to go against that gut feeling that all is not right.
Comprehensive Application Forms - All prospective tenants wishing to rent your property must submit an online application form that outlines who the applicants are, their proof of identity, past tenancy history, current employment, references, financial situation and provides evidence to support the above information.
Reference & Financial Viability Checks - Marriott Lane will diligently contact key referees to check the information supplied on the application and independently verify this information. These referees might include the applicant’s current or past employers, past Landlords and/or Accountant etc.
Tenancy History Checks - Marriott Lane will contact the applicant’s past Property Manager if applicable to check their rental history, past rental payment ledgers and gain an overall impression of how they have performed in previous tenancies. This will provide important precedents to support whether the applicants are suitable.
TRA Database Checks - The Trading References Australia database is a national database of problem tenants who have been blacklisted by other real estate agents. This kind of reference check is an important professional tool available to your property manager in screening applicants to rent your property.
Respect – We respect tenants, realising that 98% of tenants are great and shouldn’t be treated as though they are probably part of the 2%. Currently we have a good number or tenants who are also our landlord clients, an interesting situation and one we are very proud of. With the rise of ‘Rentvesting’ this will be increasingly common.
Inspections and Condition Reports
Ingoing Condition Report
The first and most critical inspection is made before the tenant moves in, using the advanced office and mobilebased program, Inspection Manager. The Ingoing Condition Report is the record of the state of the premises at the commencement of the tenancy. All further inspections during a tenancy are compared to this first report. The ability to demand cleaning and recover costs for damages at the end of the tenancy is non-existent if the initial inspection was not done, was lost or sloppy. Clear written comments are recorded, not just ticks in the boxes. Photographs are taken to establish proof of condition and inclusions. An electronic copy of this report is saved and filed.
The tenant is given the opportunity to check the report for accuracy and add comments, corrections and photographs. This updated version must be returned to our office within 7 days to have weight in any future dispute.
Routine Inspections & Reports
- Regular physical inspections of your property are essential in protecting your investment.
- A physical inspection is carried out after 3 months of the initial lease, then every 6 months (earlier if the condition is below par), with each visit updating the Inspection manager records.
- Notification will be sent to you advising you of the day and time a property inspection has been scheduled. Should you like to take the opportunity to attend, you can contact your Senior Property Manager at this time.
- A written report along with photographs and a 3-D tour will be sent to you shortly after the Inspection.
- In keeping with our desire to deliver best practice, we usually take a short video of the property with a commentary that highlights the major points such as required repairs, any damage, wear and tear and a rental value assessment. The private link to the Vimeo video is sent directly to you for viewing.
Protect Yourself Against Risk
Marriott Lane strongly recommends that our clients are protected by a comprehensive Landlord Insurance policy. Most use the services of a specialist provider, rather than the general insurance companies that focus on life, building, contents and motor vehicles. The typical specialist policy has an annual cost in the range of $500.00 to $600.00.
Landlord Insurance is designed to protect you from most, if not all, the possible things that can go wrong in relation to your residential investment property. The three basic areas of concern are an unfortunate or bad tenant, accidental or malicious damage or loss to the property & contents and legal liabilities. Most insurers cover all three areas in a single policy.
There are three insurance types relevant to residential investment property
- Building Insurance – covered by Owners Corporation for strata properties or covered by your own Building Insurance Policy for non-strata
- Landlords Insurance – designed to cover what the other two don’t
- Contents Insurance – the responsibility of the tenant
Tenants and Rent Issues
There are a wide range of situations that can lead to a loss of rent. The obvious situations are rental default and refusal to leave, but other possible causes that can lead to lost rent are damage to the property, death of the tenant, hardship, broken leases, loss of access to the property and a victim of domestic violence being entitled to flee the property.
Loss & Damage
The landlord’s contents include such items as carpet, floating floorboards, curtains, light fittings, kitchen and bathrooms fixtures and fittings, built-ins and door locks. It can also extend to furnishings where the property is furnished by the landlord. These items are covered for accidents such are fire, theft, burglary, storm and water damage as well as malicious or deliberate damage by the tenant or others.
Repairs and Maintenance
There are two types of repairs relating to investment properties. Those that the tenant is anxious to see carried out and any other type of repair. In other words, we can’t rely on tenants to always alert us to the mould appearing on a ceiling, the small drip falling within the vanity or grout deterioration in the shower. The latter will only be discovered at the routine inspection.
Repairs & Maintenance
- Regular, vigilant inspections
- Prompt action on repairs & maintenance issues
- Competitive quotations from trusted, qualified tradespeople
Normal Repairs & Emergency Repairs
Non-urgent repairs require tenants to advise us in writing. Whenever possible we advise you of the issue, recommend a solution and seek your approval. Many owners authorise us to go ahead with minor repairs (up to an agreed cost limit) at our discretion. Regardless, we would usually let you know in advance.
A special situation exists for an ‘Emergency Repair’. These are defined by legislation and permit the tenant to organise the repair themselves at the owner’s expense. This is only after they have attempted to contact the agent and give them the opportunity to organise it.
Many property management agents are impossible to contact after-hours, so an expensive or unnecessary repair may result, one that may have been possibly handled in a more cost-effective manner by an experienced person. Marriott Lane provides tenants with a list of preferred tradespeople who will assist out of hours. Additionally, our property managers’ mobile numbers are listed on our websites. We are also unique in the vicinity as an agency that is open every Sunday, delivering our clients another means of mitigating the cost of out of hour’s emergency repairs.
Smoke Alarm installation and maintenance is a very important safety item with onerous legislative requirements for landlords. Marriott Lane will ensure that your property complies in this important regard.
Up-to-date Rent Return
To protect the owner`s investment, it is critical to keep the rental in line with the current market through regular rental reviews. Some owners fear that this process can cause them to lose good tenants. This is not the case.
Why do Tenants leave?
Good tenants invariably leave a rental property due to:
- Relationships - they move in together or they move away from each other
- Proximity - they move closer to work/family - another suburb, another city, another country
- Accommodation - they now need more space or less space
- Pride - they don’t like the way they are being treated by the Agent or Owner - ongoing repair issues, poor communication etc
They don't leave because the rent is being maintained at 'fair market'.
They don't stay just because the rent is 'below market'.
Over time, rental values historically tend to gradually climb in Sydney. During periods of high demand, this increase in rental values can be more rapid. It is important therefore to review rents often and keep existing tenancies in line with the rising market. Steadily increasing your rent at yearly intervals to maintain an up to date market rental:
- Maximises your return
- Avoids the need for sudden, large increases which can cause tenants to move out
- Protects the sale value of your property should you decide to sell. Investors look closely at the rental being achieved by the property as a guide to its likely future return
Rent reviews are conducted regularly as part of our routine inspection process, occurring two times per year. Each time your property is inspected a review of the current market rental is also supplied. This doesn’t mean rent is adjusted as frequently as this. We simply actively review how the rent being paid for each property compares to equivalent properties in the current market. Typically rental increases are undertaken annually. Current legislation requires that rent cannot be increased more than once in any twelve month period.
We never change rent without consultation with the Owner.
Ensuring Your Income
Or approach to protecting your income goes beyond simply collecting rent on your behalf. At Marriott Lane we understand that our landlord clients are often relying on the timely receipt of rent for other financial commitments and that late payment or default on the part of a tenant could create significant inconvenience or consequences. For this reason, we treat rental arrears with a high degree of importance and urgency.
Systemised rent collection via Direct Debit
A key strategy in minimising the incidence of arrears is the use of direct debit as our preferred method of collecting rent. This automated process collects rent directly from the tenant’s bank account in a regular, systemised manner and also allows us to quickly identify any failure in payment.
Strict Arrears Management Procedures
At Marriott Lane we follow a strict procedure in the event of a tenant falling behind in rent, a procedure designed to be both professional and pro-active so as to resolve the issue as swiftly as possible in a firm yet courteous fashion. In the event of tenant falling behind in rent, Marriott Lane will:
After 3 days - Contact the tenant via telephone to provide a reminder that their rent is overdue and request immediate payment.
After 10 days - Contact the tenant via telephone to follow up, making the tenant aware that they may face termination of their lease after 14 days should they fail to rectify the arrears.
After 14 days - Contact you, the owner, for permission to issue a termination notice to the tenant. With your permission, we will issue a termination notice. Please be aware that by law, the tenant still has the right to continue their lease by rectifying the arrears prior to the termination date. In the event of their failure to do so, the termination of their lease will proceed and a new tenant will be sourced on your behalf.
3 DAYS IN ARREARS > REMINDER CALL
10 DAYS IN ARREARS > WARNING CALL
14 DAYS IN ARREARS > PERMISSION SOUGHT TO TERMINATE
Payouts and Statements
Your Money, Your Choice
At Marriott Lane we understand that a steady and timely flow of rental income is important. For this reason we offer:
YOUR CHOICE OF MONTHLY OR WEEKLY PAYMENTS
Funds are paid quickly and easily by direct transfer to your nominated bank account.
We believe in making your life easier, so we provide an easy-to-read weekly statement outlining your income and expenses for the period, directly to your email inbox.
At the end of each financial year you will receive an easy-to-read annual statement summarising your income and expenses for the financial year. Just take it with you when you go to see your tax agent. Simple!
Marriott Lane we are always looking for ways to use modern technology to improve the service we provide to valued clients. We provide you with secure 24-hours, 7 days a week access to view your property details, including monthly and annual statements, owner income/expenditure reports, condition reports, current paid-to dates and more.
Tax Depreciation of residential investment properties is a significant potential value that is often left untapped by the majority of investors. This is because its value is not fully appreciated or understood by most investors, real estate agents and accountants. Actually, it is one of the few things in life that sounds too good to be true, but is true.
What is tax depreciation?
As a building gets older and items within it wear out, they depreciate in value. The Australian Tax Office (ATO) allows owners of income producing property to claim a tax deduction called depreciation, on a building’s structure and plant and equipment assets contained within it. Note: New Legislation affects some properties purchased after 9th May 2017.
How do property owners claim depreciation?
All the assets are included in a schedule - a description of the asset, type of asset (Plant & Equipment or Capital Works), its original value and date of assessment. They are allocated a depreciation method (diminishing value or a fixed percentage) and a depreciation rate (a higher rate for short-life assets and a lower rate for long-life assets).
The calculations produce three summary figures, the starting value of all the assets, the depreciation amount for that financial year and the remaining un-deducted value to be used for next year’s calculation. The depreciation amount for the financial year is deducted from the income for the year, reducing the tax payable by the owner. This is often a substantial amount of money and invariably considerably exceeds the cost of preparing the depreciation schedule.
Who can prepare a Depreciation Schedule and why you shouldn’t DIY?
Only people authorised by the ATO may produce comprehensive depreciation reports. Many owners and accountants will look to depreciate some obvious plant and equipment, such as a renovation or new carpet or a stove etc. What they don’t realise, is that they could also be claiming a multitude of other items - the capital cost of the building, the carpet and light fittings etc that were there when they bought it and perhaps even a percentage of the common property. The completed report looks quite complicated, but summarises everything down to a couple of figures that are entered into the tax return each year. The report produces savings for 40 years.
A common reaction we find from investors is that they wish they had known about it before. We can’t wind back the clock, but the report will provide you with the ability to re-coup unclaimed or missed tax benefits for up to two years.
When renovating, it’s sad to be tossing out an old kitchen, air-conditioner, vanity or carpet. The good news is that all the remaining un-deducted depreciation value of the items can be claimed in that year (scrapping), so it’s best to get a report before renovating, not after. Effectively, you claim all the old and the first year of new at the same time.
Improvements and Property Renovation
Many owners have underperforming properties simply because they are in need of improvement. Most of them already know this, though are fazed by the work involved.
Often, we find that the very best investment return that Landlords can achieve is by improving their rundown property. This results in a much higher rental, being easier to rent, attracting a quality tenant, plus delivering a more saleable commodity as well. How would you like to achieve a 10% + net return on a real estate investment?
Improvements and Renovation Justification
Current net rental returns are typically in the 3.0% to 4.0% range. A wisely spent $10,000 improvement can justify a $20.00 per week increase in rent. Therefore, the net return on this investment is 10%.
A renovation, say $50,000 for a new kitchen and bathroom in a tired two bedroom unit, can comfortably deliver more than a $120.00 per week rise in the rental amount, plus a valuable tax benefit through depreciation. Again, the return achieved on the $50,000 investment is considerably in excess of 10%.
Such improvements also increase the capital value of the property forever. Good Agents will report on the opportunity for improvements to your investment in order to maximize the ongoing and capital return. Marriott Lane have formed relationships with contractors who can undertake cost-effective and timely renovations of kitchens and bathrooms, as well as the simpler jobs that result in a higher net return to the investor.
Remember: The hardest properties to rent are the ones that are ‘rundown’.
Why Marriott Lane
Size, Experience & Expertise.
Marriott Lane’s property management team boasts a wealth of experience; our five senior property managers alone possess over 50 years of property management experience between them. Marriott Lane manages a portfolio of more than 1,000 properties making it one of the largest property management businesses on the lower north shore. With size and experience comes expertise. Our portfolio managers are real estate professionals who have dedicated their careers to specialising in the management of residential property. Their extensive experience in the local market place is your guarantee of being in safe hands.
Superior market knowledge.
Given our property management team is one of the most active across the lower north shore, the up-to-date market knowledge of our property managers is second to none. Pricing your property appropriately in the market is essential to securing a quality tenant in a timely fashion at the maximum possible rent. Overpricing or under-pricing a property can have serious consequences for the result achieved.
Some agencies have a task structure where different people do different tasks – you can have a letting clerk, someone who does just inspections, someone who organises repairs, arrears, accounting, new business etc. The landlords may get phone calls from five different people or perhaps from one person trying to relay information from others – or a combination of forms. No one has the complete picture. Marriott Lane uses a portfolio structure where one person fills all the roles of property management. Letting, Initial & Routine Inspections, Repairs, Rental Arrears, Owner
Communication, New Business and more. They know everything about the owner, property and tenant.
Marriott Lane believes that presenting your property in the best possible manner is the key to attracting interest from prospective tenants and to maximising your potential return. Our high quality photography, 3-D tours and virtual furniture will allow your property to showcase beautifully across all marketing platforms.
The key to ensuring your property is maintained in optimum condition is thorough, regular inspections. Routine inspection reports with supporting 3-D high-resolution photographs and a short video are available to you on each occasion, meaning you can see for yourself how the property is being maintained.
Marriott Lane is committed to upholding the highest professional standards in all our real estate dealings. We guarantee our service with a commitment to the philosophy “if we mess up, we fix up”.
Choosing an Agent
A Fair Fee
Our fee for service is all inclusive and fair. Of course, some competitors offer a lower headline fee and it is hard for potential clients to compare the total difference and justify an apparent premium for Marriott Lane’s service. Of course, any higher service fee should result in extra real and discernible value that exceeds that difference.
Inclusive Fees & Charges
Nearly all competitors add extra fees and charges to their base fee. For more than 30 years, Marriott Lane has never added any extra charges. It makes no sense to us to charge owners extra for just doing our job, ie. sending a monthly statement, renewing a lease, inspecting a property, organising a repair, accessing the owner portal etc. A common exorbitant charge is an End of Financial Year Statement fee, where the reality is that all systems create them in seconds and send them at no cost. The typical extra cost of these fees is between 0.5% and 1% of the annual income.
The vacancy period is defined as the number of days between the end of a tenant’s tenancy and the move-in of the new tenant. The minimum period in reality is 1 day, which allows time for the outgoing inspection, extra cleaning if necessary and the creation of the new in-going inspection report. Most agents don’t measure this period even though the actual dates are automatically recorded and easily calculated. Marriott Lane’s median vacancy period is always lower than other agencies. This is the result of great systems & procedures - correct asking rent, starting early, superior marketing and swift application evaluation to name a few. Remember that 1 week is 2% of a year, so an agency that takes extra time to find a tenant is losing you most, or all, of a fee difference before they even start managing.
Maintaining Rent at Market
It is a double-edged sword to focus on achieving at premium rental when letting a residential property. Being overly optimistic can be costly. It can lead to an extended and sometimes openended vacancy period. It could also lead to placing a poor tenant, the possible result of receiving a single application and losing the advantage being able to choose. The real issue to focus on is neglecting to adjust rent regularly to market value. Many agents forget, fear or are tardy in adjusting rent. Adjusting to market, or at a minimum for inflation, will not lose a tenant. Most agents and nearly all self-managing owners have a disparity between market and currently achieved rent between 2% and 10% over the tenancy, making a small fee premium for a superior agency negligible based on this one factor alone.
The Very Best Property Managers
It’s an axiom that you get what you pay for. It’s especially true with employing people. The senior property managers at Marriott Lane are enumerated at least 40% more than typical property managers in the vicinity. In business, nothing is more critical than attracting and keeping good people and giving them an environment and systems for them to excel in. Our people are wonderful time managers, organised and work to priorities using the best systems available. Owners hate a staff change and so do we. It’s not by chance that not a single Senior PM has left Marriott Lane for more than six years, giving our owners brilliant continuity of service. Happily, we very rarely lose clients as well.
Fees and Our Guarantee
Simple Inclusive Fees
- Letting fee > one week’s rent + GST
- Advertising and Certifying fee > $520 each time the property is let (as at 1 September 2023)
- All inclusive Management fee > No hidden fees or extra charges
Unlike most other agencies who charge for incidentals such as monthly and annual statements, postage, lease renewal, lease preparation, bank charges and inspections, etc. Marriott Lane offers a transparent, fixed, inclusive management fee in preference to these hidden costs. The above fees are all you will ever pay to Marriott Lane.
An important feature of our service is that Consumer Trader & Tenancy Tribunal attendance is included. In the event of a dispute with a tenant, most agencies charge $50-$100 per hour to act on your behalf. This can cost you hundreds of dollars. At Marriott Lane, representing your interests at tribunal is simply part of our service.
"Price is what you pay. Value is what you get” - Warren Buffett
Your Peace of Mind
At Marriott Lane Real Estate our business is built upon an ethical, service-based approach to real estate.
No management fees are payable if you are not happy with our service.
Just let us know what the issue is and request that ongoing fees cease until it is resolved.
We would be delighted to put you in touch with some current clients should you wish to hear first hand about the service they are enjoying. A large collection of testimonials from past and present satisfied clients is also available via Google and our website: www.marrriottlane.com.au
Marriott Lane Real Estate
Office: (612) 9906 2300
Fax: (612) 9906 2322
Address: 61 Alexander Street, Crows Nest NSW 2065