Frequently asked questions
Yes, we provide online access 24/7 to our property management software, so Landlords and Tenants have a single access point to see everything to do with their property and tenancy.
We pay out all disbursements fortnightly on Fridays, we don’t believe in keeping your money from you.
We use a dedicated trust account for all money received, keeping it separate from our trading accounts. We hold Public and Statutory Liability Insurance, in addition to ensuring that all of our staff are fit and proper people (as per the Ministry of Justice).
No, we stand behind our service, if your not satisfied with our service, we won’t hold you to any fixed term, only 1 months notice is required.
We believe in keeping things simple, we only charge 8.5% (plus GST). Regardless of what service we provide, when we have chosen your tenant. There maybe extra charges when you came over with existing tenants, that need to be followed up on or taken to the tenancy tribunal.
No, we don’t offer you a guarantee, we act promptly on arrears. However we have found that, the correct vetting of the tenant at the start can prevent the majority of problems. We do have policies in place so that a breach notice runs with the arrears, when a tenant is 14 Days behind we are applying to the tribunal to have the tenancy ended. Resulting in the Tenant being evicted and the funds claimed from the bond. But we have found, if the tenant has been taken to the tribunal, they will pay arrears and keep payments regular.
No, usually property owners are relieved and pleased with the savings they are making by having a professional engaged in looking after their investment.
Inspections take place prior to tenancy commencement and when the tenant vacates the property.
During the tenancy period, the property will be inspected a minimum of four times per year. Tenants are provided with a written notice of the inspection day at-least a minimum of 48 hours.
In the event of an issue being identified at an inspection, follow-up inspections will be scheduled and carried out to insure the issue has been resolved.
Our experience and knowledge of the industry means combined with robust systems, minimise the risk of placing a poor tenant in a property.
All prospective tenants complete a comprehensive application form. This allows us to check personal references and have discussions with a tenant’s current or previous landlord. We’ll also undertake a credit check of the applicant to ensure there are no red flags.
We arrange a property viewing for every prospective applicant. This allows us to form our own opinions on an individual and their situation.
It is important to note that we do decline tenants – especially if the reference and credit checks do not satisfy our requirements.
We recommend that all landlords and property owners renting out their property take out a policy that is normally coined the “Landlord’s Extension”. This is similar to a Contents Policy which covers the landlord’s fixtures and fittings within the property.
Other policies that maybe of interest include:
- Insurance cover on property and contents (to cover the fixtures and fittings).
- Special cover to protect against loss of rents and damage by Tenants.
It is important to note that the tenants are responsible for insuring their own possessions under their own Contents insurance – this isn’t something that you will need to be covered for.
You can place your property on the market whilst tenanted. Contact us to talk through the process and ensure you remain within the bounds of the law.
There is a legal process that you need to abide to.
If your tenant is on a fixed term tenancy, you must sell that tenancy as part of property sale.
A big thing to consider is that you have the right team looking after you.
Luckily your property manager is a great communicator and understands that the property is a tenant’s home. Its essential to organise property viewings during set times to show potential purchases without treading too much into the daily routines of the tenant.
A happy and cooperative tenant can help attract other property investors – especially if they want to continue living in the property.
We believe there is no black and white, one person may struggle at a number that another excels at. Our approach is to work on how many our property managers feel comfortable with, to guarantee they can provide the best service possible for the best price possible.
All our property managers have a vested interest in YLPM Ltd, they are not just staff so their success relying on landlords being 100% satisfied. When you deal with your property manager, you are dealing with someone that can make the decisions. We use software and reminders to make sure nothing is overlooked.
Maybe, credit checks are an essential part of our background checks on all potential tenants. But whether this would rule you out depends on a number of factors including; how many defaults, the amount, how long ago and reasoning behind the default/s..
Yes, we understand that it may be your first time in the rental market and as part of our tenant checks we can look at alternative references to satisfy our requirements..
Yes, we require 4 weeks of rent to be paid as a bond at the start of a tenancy. Depending on your situation Work and Income may be able to assist. Please speak with our property during the application stage for further information.
It is essential you pay your rent on time. We treat late or missed payments of rent very seriously. Any rent that is more than 24 hours late will receive a 14 day breach notice to remedy the rent arrears in addition to the ongoing rent.
We are available 24/7 on our 0800 114 978. All repairs urgent or not can be logged and will be addressed as required.
This will depend on your type of lease, duration remaining, notice period and a number of other factors, please contact your property manager to discuss in detail.
We use Palace Property Management software – when you joined Your Local Property Managers your property manager would have provided you with a username and password. That enables you to login and view everything relating to your tenancy or on the Palace App