Efficient property management for maximum returns

12 May 2023 · Vivid Land Team

At Vivid Land we are dedicated to providing top-notch property management services — finding the best possible tenant and managing your property with the utmost care. Here's how we ensure a seamless and efficient experience.

Selecting a skilled and trustworthy property manager

Choose an agent who is transparent, energetic, passionate and works in your best interest — with extensive knowledge of the area and experience in rental appraisals for properties in your neighbourhood.

Appointing an agent

For a vacant property you'll enter an Exclusive Leasing agreement; for a tenanted property or ongoing management, an Exclusive Management Agreement. These outline the agent's obligations, duties and fees. You'll also provide bank details for rent payments.

Insurance

We recommend a minimum of $10 million in public liability cover, with a certificate of currency provided to your agent. Landlord Protection Insurance is also worth considering for tenancy-related issues.

Effective property marketing

Our team handles your marketing campaign for maximum return with minimum expense — key websites, property signage and 360-degree video tours to generate strong leads. Professional photography significantly enhances appeal and expedites the leasing process, and we provide regular reports on interest levels and organised open inspections.

Tenant selection

Thorough due diligence is conducted on every application: reference checks on current and previous tenancies, employment verification, ID and credit checks, and visa checks where applicable. All applications and our recommendation are submitted to you for the final decision.

Lease agreements and terms

You'll enter a Residential Tenancy Agreement prepared in accordance with the Residential Tenancies Act. Initial terms are typically 12 months, with further fixed terms agreed by both parties.

Condition report

A condition report is completed before or when the tenancy agreement is given to the tenant for signing, covering walls, floors, window coverings and appliances. The tenant signs and returns it within 7 days — it's the reference point for the entire tenancy, and vital if there's ever a bond dispute.

Bond and rent collection

We collect the first month's rent in advance and the bond — capped at four weeks' rent under NSW law. The tenant is invited to lodge the bond directly with NSW Fair Trading via Rental Bonds Online; if the bond is paid to us, it is deposited within 10 business days as the law requires. Rent is paid into the agent's trust account, fees and bills are deducted, the balance is deposited to your nominated account, and you receive an itemised statement with every payment.

Routine inspections

Routine inspections are limited to 4 per 12-month period, with at least 7 days' written notice each time — entry between 8am and 8pm, and never on Sundays or public holidays without agreement. Tenants receive a guide beforehand, and you receive comprehensive post-inspection reports with photos (taken with the tenant's consent where belongings are visible). Any maintenance or repairs are approved by you before we coordinate the work.

Rent increases and renewals

Rent can only be increased once every 12 months, with at least 60 days' written notice. When the fixed period ends and both parties wish to continue, we negotiate revised terms and issue a new Residential Tenancy Agreement — a seamless continuation while protecting both parties' interests.

Our experienced team is dedicated to finding the best tenants, maintaining your property's condition, and ensuring a smooth and efficient management process.