There is no guarantee on how long it takes to rent a property. However, we can ensure your property is rented out quickly by ensuring it is presented at its best and that it is priced according to market conditions. At SOKO property, we maximise your chances of renting it out quickly by being flexible with viewing times if potential renters cannot make it to the weekend public viewing.
Q: How much will my property get in rental?
When you signup with SOKO Property, we will provide you with a report indicating how much you can expect in rental based on market conditions and past rentals within the area. We take into account property differences such as the condition of the property, location and even the time of year.
Q: What happens if my tenant doesn’t pay rent?
We monitor tenant arrears on a daily basis. When a tenant is 4 - 7 days in arrears we will contact them via telephone, email and SMS. On the 8th day of arrears a Notice to Remedy Breach will be issued to the tenant giving them 7 clear days to bring the rent up to date. If rent is still not paid within this time frame a Notice to Leave will be issued to the tenant giving them a further 7 clear days to vacate the property. We will communicate with you throughout this process and a Notice to Leave will never be issued without discussing the situation with you first. It is our intention at all times to minimise any loss to the owner so these actions need to be carried out promptly.
Q: Is an agent's location important to their ability to manage my property?
One of the most common misconceptions about finding an agent to manage your property is that they need to be located in the neighbourhood. Long gone are the days when prospective tenants went from real estate agency to real estate agency looking for homes to rent in any given area. They simply don't have the time. Over 95% of all of our tenant enquiry now comes from the internet meaning that we can quickly and easily rent out properties in a very large geographic area. We can also very quickly assess rents in any given area to determine what the right amount of rent is for a particular property.
Q: Do I need landlord’s insurance?
As with any insurance policy, it is not compulsory to have landlord insurance on your property however we strongly recommend that every investment property owner has a specific landlord insurance policy in place for their property. Landlord Insurance protects you in the event of a tenant not paying rent, departing the property early or damaging the property. It also includes public liability and limited cover for contents (eg floor coverings, curtains).
Q: When Can I Increase My Rent?
Assuming your property is rented out for two years or less, rent cannot be increased for the duration of the lease term unless it has been specified in your rental agreement. However, at the end of each lease, we will carry out a rent review on your property to ensure the rent reflects current market conditions.
Q: How Will You Ensure You Select Quality Tenants?
When selecting tenants, it is important to ensure we select reliable and trustworthy people to look after your property. We do a number of checks and will update you along the process. These checks include:
- - Check the national tenancy database to ensure the tenant does not have prior issues
- - Check payslips to ensure the tenant has a stable job and can afford the rent.
- - We will also call the tenant's workplace for a character reference
- - Obtain previous rental referees
- - Collect 100 points of ID.
- - Conduct a 30 minute interview with them prior to signing the lease.
The applicant’s information is then presented to you as the owner for the final decision on whether they are approved as tenants for your investment property.