7 Q & A for Investors
How long will it take to lease my property?
A lot will depend on the current market conditions when we list the property, as of November 2021 our average days on the rental market are currently sitting at 48 hours. However looking back on a time like 2017 where the vacancy rates were high in Logan it may take as long as 3-4 weeks. I think the main thing is to be proactive, if we are receiving the correct enquiry level within the first 1-2 weeks, the agent needs to be proactive in change the ad and photos to get maximum exposure. We use our experience to guide you on how we will rent the property for the maximum rent with the least vacancy.
How do you determine the best rent for my property?
At My Logan Realty we strive for and always achieve the maximum rent the market is prepared to pay!
To do this, we consider these factors:
- Demand – is there currently a high or low demand for rental properties? What is the current vacancy rate for that particular suburb?
- What is on the market currently – we look at properties currently available for rent and consider their location and features for comparison to calculate a maximum rent for your property.
- What we have rented right now - we complete a CMA on each property before listing it online to make sure we are always coming in at the maximum rent for you
These factors allow us to give you enough information to set the right rent for your property.
What if I want a rent amount that is higher than your recommendation?
You may place your property on the market at whatever rental amount you wish. However, keep in mind that it is market demand that sets the rent, and if the market (i.e. prospective tenants looking for a rental property) think that the asking rent is too high, your property may stay vacant longer than necessary.
What is the length of the average tenancy?
The average lease is for generally 12 months, we often look at after that initial period increasing it sometimes for longer periods like 24 months if the tenants want security. Our goal is to have the best possible tenant, in the property for as long as possible.
What tenancy documentation is required?
All tenancies are subject to the Residential Tenancies Act.
The tenancy documentation includes:
- A statutory Tenancy Agreement
- A statutory Premises Condition Report
- 17A tenants QLD information kit
Who signs the tenancy documentation?
As the Managing Agent for your property we sign the lease agreement on your behalf and provide you with a signed copy.
May I give you some special instructions?
Yes. You may give us some special instructions in relation to the property and the way it is managed, provided the instructions are lawful. These special instructions will need to be either specified in the Management Agency Agreement or provided in writing to us.