Questions and answers
Below we cover a list of the most commonly asked questions that our clients ask when they engage us.
Please contact us if you have other questions not covered below.
Who takes care of all the paperwork, such as tenancy agreements and bond lodgements?
You can leave all that to Yes Lets. We keep records and files on your property so you don’t have to.
What happens to rent money once its collected?
Rent money is accumulated in a separate account until the first business day of the following month, or on a fortnightly cycle, and then deposited into your nominated bank account.
What will it cost me for Yes Lets to manage my rental property?
The full service management agreement costs 8.5% (Plus gst) of the property’s rental income. The agreement provides you a complete management solution including financial & consultancy services, leaving you free to sit back and enjoy the fruits of your investment.
Are there any other costs I should know about?
There may be small fees charged for rental assessments and lettings. These are detailed more fully in the management agreement.
What happens if tenants damage my property?
Any acts of deliberate or malicious damage by tenants would result in the tenants being liable for the cost of repairs. Yes Lets ltd will assist in recovering these costs from the tenants including lodging tenancy tribunal proceedings if necessary.
What happens if repairs are needed on my property and an appliance breaks down?
A certain amount of minor damage or wear and tear is inevitable and repairs can often wait until a time convenient to you and your tenants.
You advise Yes Lets Ltd of a monetary disbursement limit you are happy with and we will sort out any repair problems within that limit and advise you of the action we have taken. If you have not provided us a disbursement limit or the repairs will exceed the limit, we will contact you before repairs are done and request your authority to act.
However, occasionally appliances need to be fixed quickly or repairs cannot wait (if they involve property damaging water leakage or loss of security for example).
On such occasions, we will try to keep within your disbursement limit or, if the cost will exceed your limit, we will try to contact you and request your authority to act. However, if we cannot get a hold of you and the repairs are urgently needed to protect your property or keep in line with health and safety regulations, we will go ahead with the repairs needed to a reasonable cost and advise you of the action we have taken.
If we do need to spend money on your behalf we will deduct these expenditures from your tenancy income.
How much money should I authorise as my disbursement limit?
A disbursement is an amount of money pre-authorised to expend that allows Yes Lets to address, fix or manage small problems immediately.
A good rule of thumb is to set a minimum disbursement limit of one weeks rent. This amount generally covers urgent work such securing a damaged door, fixing a broken window to prevent wind/rain damage, and other small jobs that contribute to maintaining the value of your rental property.
Yes Lets Ltd has business relationships with many quality trades people who provide top service at a reasonable rate. We have done research into who we use so as to provide you with the best value for money. Most repairs have to be done on-site and a call out charge is often applied.
Yes Lets always informs you of work completed with this disbursement amount and will notify you promptly if work exceeding the amount is required.