LK REAL ESTATE
LKRE Property Management Services
If you are thinking about leasing your property then you need an experienced and competent Property Manager.
At LK Real Estate we pride ourselves on having one of the best Property Management departments. We have chosen to manage only a select number of rental properties to ensure that each property is well-managed and each landlord and tenant receives the best in personalised service. Our portfolio and experience is exclusive and the service is exceptional. For vacant properties we provide effective property marketing on all leading websites.
We believe successful property management involves more than just rent collection. Our established team of management professionals are trained to provide you with quality information and advice to help you make informed decisions. Upon commencement of our service, your individual needs will be discussed so that you can have as much or as little involvement as you wish.
Our List of Services
Here are just some of our services within Property Management:
• Detailed consultation and property leasing appraisal inspection
• Marketing campaign including but not limited to professional photography, internet advertising and open for inspections (30 minutes minimum per inspection)
• Thorough and careful tenant selection process including comprehensive rental, business & personal checks & credit checks through the National Tenancy Database.
• Preparation and management of all necessary documentation and administration from beginning of tenancy, during and completion of tenancy
• Hand over and possession of property and keys at tenancy commencement
• Prompt collection of rental monies and accounting services, including trust account, tax statements, processing of rental funds per month and end-of-year tax statement.
• Collection and processing of property outgoings and any relevant authorised creditor invoices
• Administration of outgoings including payment of rates, maintenance and body corporate fees where necessary.
• Routine property inspections & rent reviews.
• Assessment and written reports
• Rental increase reviews
• Arrangement and supervision of maintenance and repairs.
• Liaising and management of any repairs, maintenance, improvements, amendments, alterations and renovations
• Annual routine inspection of heating, air-conditioning systems, smoke detectors and swimming pool/spa via qualified trades people
• Monitoring of arrears in accordance with the Residential Tenancies Act.
• Management of legal issues and disputes.
• Preparation and attendance to the Victorian Civil and Administrative Tribunal (VCAT)
• Regular comprehensive due diligence and informative feedback
Service fees for Property Management for new properties:
• Management fees range from 6.6% to 8.8% including GST, per property of the ongoing per calendar month leasing amount achieved
• Plus any agreed marketing fees and disbursements relating to the leasing campaigns and ongoing management of the property
• Marketing: Cover photos, internet advertising, boards and floorplans all for a marketing fee of only $550.00 including GST, per property minimum commitment
• Letting fee is equivalent of 1 month’s rental upon the initial leasing of Residential/ Retail/ Commercial/ Industrial Property).
• VCAT preparation and attendance fee of $165.00 including GST, per property/per VCAT matter. (VCAT Application fees, Registered Post and Warrant of Possession fees are charged at an additional cost as required and with landlord(s) consent as prices are subject to change)
If you already have your property managed and wish to move across to LKRE we will give you the 1st month free!
5 Questions to Ask To Ask Your Property Manager
1. How many properties do you personally manage?
We find that Property Managers that handle over 120-150 properties single handedly don’t physically have the time to complete all their responsibilities as your property manager. You will find that they don’t have time to get back to you or the tenants in a timely manner and rarely complete the duties such as 6 monthly inspections of your property.
2. Will you be handling this property personally?
Quite often larger Agents will sit you down with a “lister” and sign you up only to hand your file to a less experienced junior to manage. At LKRE the person who signs you up is personally responsible to you and your tenant for the management of the property.
3. What steps do you take to ensure we will be accepting the best tenant?
Make sure all prospective tenants complete a full application form, then check references from employers and referees also cross referencing the NTD (National Tenants Database). From these results you will be able to select the best available applicant.
4. Do you hand out keys to prospective tenants?
Never ever deal with an Agent that hands out keys and lets the tenant look at the property unattended.
5. How often will you review the rent and how do you establish a fair market value?
Rents should be reviewed annually 90 days prior to a lease expiring to give the Agent sufficient time to let the tenant know in writing of any proposed increase. This reviewing should be done by checking on industry databases of other rental properties that are directly comparable and let by other Agents.