1. How long will it take to lease my investment property?
MICM Property’s average time to lease an investment property varies, dependent on market conditions. We make sure your property has maximum market exposure through:
- Extensive online advertising
- Eye catching newspaper advertising
- Prominent signage
- Our detailed weekly rental list
- The MICM Property courtesy car to transport prospective tenants to and from your investment
- MICM Property’s network of six offi ces open seven days a week
The above factors ensure that MICM Property has one of the lowest vacancy rates in Melbourne.
2. Do MICM Property leasing staff personally show prospective clients though my property?
We aim to have a leasing consultant accompany all prospective tenants during inspections. This means that our leasing consultants can answer any queries immediately and ensure that any facilities such as pools, gyms, tennis courts, security features and on-site parking are identified.
3. When you find prospective tenants, how do you qualify them?
Before any application will be considered, MICM Property conducts an extensive background check on every applicant, including:
- Confirmation of the applicant’s employment or source of income
- Confirmation of past and current landlord/agent references
- Confirmation of the applicant’s identity through our ‘100 point’ check system
4. What is your process for dealing with rent arrears?
In accordance with the legislation, all tenants have a 14 day grace period in which to pay rent before legal action can be taken by the landlord. Our policy regarding rental collection and arrears is as follows:
- MICM Property will contact all tenants in writing who have not paid rent by the 5th day of their rental being due
- If the rental is still not received by the 8th day, the tenant will be telephoned asking them to make payment as a matter of urgency. You will also be contacted and advised of the late payment
- If rental still remains unpaid after 14 days, MICM Property will issue the tenant with a 14 day notice to vacate for non-payment of rent
- An application to VCAT (Victorian Civil and Administrative Tribunal) will follow three business days after the notice to vacate, requesting possession of the property
- If the matter cannot be resolved and is bought before VCAT, MICM Property will attempt to obtain an order entitling the landlord to possession of the property
- Once the landlord has possession of the property a subsequent application is made to VCAT. This application allows MICM Property to retrieve the bond and cover any outstanding rental
5. Can MICM Property assist with the sale of my property?
MICM Property has developed a team of professionals who are confidently able to advise on current market conditions and preferred sales methods to achieve the best possible result.
Statistics on sales data show that MICM Property’s sales team has time and time again achieved better results for owners than any other company.
If you are considering selling, please contact your Property Manager to arrange a free market appraisal.
6. How frequently will you inspect my property?
As your managing agent MICM Property has a responsibility to inspect your investment property. We will conduct the following inspections:
- Prior to your tenant occupying the property
- Upon the tenant vacating the property
- Every six months during the tenancy
- Additional inspections may be required during a tenancy to complete maintenance, property valuations or if the property is on the market for sale
7. What happens if my tenant vacates?
When your tenant decides to vacate the premises at the expiry of their fixed term, they must submit written notice of their intention to vacate 28 days prior to vacating.
If your tenant decides to vacate the premises prior to the expiry of their fixed term lease, commonly known as ‘breaking the lease’, there may be costs incurred by your tenant.
Should an unforseen circumstance arise whereby your tenant must break the lease agreement, the
vacating tenant may be responsible for charges associated with re-letting the property, including advertising and on-going rental until a new tenant is found.
Marketing your investment starts once your tenant submits their notice to vacate.
8. How frequently will you pay rental funds into my account?
Rental monies received by MICM Property will be transferred into your nominated bank account as
soon as your tenant has made payment. Tenants’ payments via direct debit or cheque will require three business days clearance in our trust account. A landlord statement will be prepared detailing the income and expenditure activity represented by the monies transferred and all invoices paid on your behalf will be attached.
9. Can you send me rental statements by email?
We can send all correspondence, including statements and invoices by email, rather than the standard postal service.
10. How frequently will you communicate with me and what form will it take?
You will hear from us as much or as little as you like. At a minimum your property manager will contact you:
- Each week during a vacancy period
- When an application to lease the property is submitted
- Each time a routine inspection is done (every six months)
- If the tenant falls into rental arrears
- When it is time to review the rent
- When a tenant gives notice that they will be vacating
Contact will occur via letter, email or phone. If you have a preferred method or frequency of contact please let us know and we will endeavour to communicate with you as advised.