Residential Overview

LR Reed is one of the most successful Agencies in Melbourne, managing an investment portfolio valued in excess of hundreds of millions of dollars, comprising both Residential and Commercial Real Estate.

The backbone of L.R. Reed's business has always been Property Management across greater Melbourne. Due to rapid growth since the early 1990's, the company is now a dominant force in CBD Residential Property Management.

In managing a property, our depth and breadth of experience is second to none. The combination of a large investor client base and our extensive marketing experience guarantees that your property will receive maximum exposure. This also ensures that we will provide you with the best advice available.

Our Property Management Department is fully computerised using the REIV recommended Macpro System.

Clients have direct access to the principals as they are deeply involved in the day to day activity of the Company.

Managing Your Property

Tenant Payments

All rental payments are adjusted to fall on the first of each month. Tenants are given 48 hours grace then reminded by either telephone or mail. Our computerised accounting system is designed to achieve maximum efficiency, and ensure rentals are received by the due date.

Rental Payments and Statements

An income and expenditure statement and a cheque will be forwarded to you on a monthly basis. These are produced on the tenth day of each month.

If it is more convenient, the funds can be banked directly into an account nominated by you and the statement forwarded separately.

Legal Requirements

The current Residential Tenancies Act is fair to all parties as long as it is used as a working tool with Property Management. Our expert team utilises this Act to fully protect your rights however it is possible that despite all safeguards, problems will arise. Our working knowledge of the legal requirements makes it easier to cope with such problems.

Such legal matters are Notices to Vacate, Warrants of Possession, Fair Rent Procedures and other special notices. These are all matters with which our staff are familiar. We will attend Residential Tenancy Tribunal Hearings on your behalf.

Whenever the State Government changes the Residential Tenancies Act, it is most important in professional Property Management to have a thorough ongoing knowledge of any changes prior to their implementation. In order to protect your investment we have our knowledge continually updated through industry events, seminars and training.

Maintenance

Regular inspections are carried out to ensure that your tenants are maintaining the premises satisfactorily and that the property is not deteriorating. Well maintained properties will ensure that the vacancy factor is kept to a minimum and income to a maximum.

Should repairs be necessary, we have access to a network of reliable tradesmen and will refer any major repairs to you after having obtained a quotation. When applicable, repairs will be referred to your insurance company for reimbursement. Payments to tradesmen are made from rental payments and detailed on your monthly statement accompanied by invoices.

Condition Report

A condition report is completed prior to each letting, to comply with the Residential Tenancies Act, and to act as a safeguard against any damage that may be caused. This document is signed by the tenant(s) as a true and correct record of the condition of the property at the commencement of the tenancy.

Inventory

Should the property be partly or fully furnished, an inventory is prepared which becomes part of the lease.

The Lease

As members of the Real Estate Institute of Victoria, our lease and condition reports are based on it’s standards.

Bonds or Security Deposits

Since the Residential Tenancies Act came into operation, a security deposit is generally limited to the equivalent of one months rent. From the 01/07/98 all bonds are held with the Residential Tenancies Bond Authority.

Insurance

We believe that it is vital for your property to be adequately Insured.

There are three areas that should be covered:

• The Building
• The Contents such as:
  1. Carpets
  2. Light Fittings
  3. Drapes and Blinds
• Public Liability

Range of Services

As a professional Property Management company we will:

• Provide a landlord’s instruction sheet that allows for personalised management of your property.
• Collect rent payments in accordance with the lease agreement.
• Pay authorised accounts and statutory charges.
• Disburse the net rent to the landlord in accordance with the landlord’s instructions with a statement detailing all outgoings.
• Prepare annual revenue and expenditure statements.
• Prepare budget projections and cash flows.
• Establish and maintain property and rental records.
• Conduct regular inspections of the tenanted property.
• Advise the landlord of all maintenance requirements.
• It is our company policy that we inspect residential properties under our management every twelve (12) months. However, for your further peace of mind, we will do a full inspection of the property within six (6) months of it being let.
• Undertake regular maintenance reporting.
• Attend to maintenance requests from the Tenants.
• Advise Landlord on necessary repairs and maintenance:
  1. Prepare specifications for trades people
  2. Arrange quotations for repairs and maintenance
  3. Confirm satisfactory completion of works
  4. Pay any accounts
• Undertake project management of capital repairs and oversee any insurance claims.
• Prepare applications and serve notices in compliance with the relevant legislation and/or the tenancy agreement.
• Represent the owner at any statutory tribunal hearings or Owners Corporation meetings.
• Undertake inventory as required.