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The leasing process
The leasing process can be in two different aspects.
One is a new property that’s never been leased out before. Usually, that involves getting some marketing together so writing a description, getting some professional photos so that the property looks really great to attract the right kind of tenant.
Second, to that, would be the leasing process for a property that’s already tenanted, which involves the tenants giving us a notice to vacate and we have a process around that. We would then coordinate to show the property with the existing tenant to other potential tenants.
After we’ve had inspections and we’ve got some applications through from prospective people, we start screening the applicants and looking at if they can afford to pay the rent there.
What do we do from here:
- We check the affordability of the prospective tenant
- Check employment references
- Previous rental history via Tica
- Prepare lease agreements and contracts for the new tenant
- Receive the bond and rent
At Dowling Maitland, much work is done to market your property and find a tenant – long before the ‘For lease’ sign is placed outside. If you wanted more information please contact us on [email protected]
Hi, I’m Roseanne Gaut And I’m Monique Gaut And we’re from Dowling Maitland. Monique would you be able to give us some information on the leasing process? Sure, so the leasing process can be in two different aspects. So, one is a new property that's never been leased out before. Usually, that involves getting some marketing together so writing a description, getting some professional photos so that the property looks really great to attract the right kind of tenant. Second, to that, would be the leasing process for property that's already tenanted, so that would involve the tenants giving us a notice to vacate and we have a process around that which I'm happy to explain in detail to you later. But with that, we would then have to coordinate to show the property with the existing tenant to other potential tenants. So, after we've had inspections and we've got some applications through from prospective people, we start screening the applicants and really looking at if they can afford to pay the rent there. So, we do work off affordability of a third of their income as an affordability factor. So, for an example, if it was $900 total income into the household a week, that it would then be a $300 a week property that they could afford up to and we do give or take on that, but not to the point where it was $100 per week. So that's really important step and, and then after we progress through that we've also got their employment references. So, we make sure that they do have that supportive income. So not only we check affordability, we check that that income is consistent and how regulated they’re getting paid. And if that’s able to be shown on payslips or if that's a word of mouth from the tenant. So, we do that we check in with the previous and current rental references and they do hold a lot of weight when it comes to the tenancy application process. I’m sure you understand that payment is a really important factor for a lot of landlords and, and you don't want to just be lending the tenant money or having a house rent free. So that's, that's really important in that process. Another step is that we check potential tenants on a default database called Tica and we subscribe to that so that we have access to it at all times and can check if a tenant has ever defaulted on their end. So, if anyone comes up in that search, we actually don't proceed to the next stage. We end the process there. That's our office policy. That's really good information. Thank you. If you've got any questions or would like more information, please email us at [email protected]
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