Frequently Asked Questions explained…

Do I need Landlord Protection Insurance?
Landlord Protection Insurance is strongly recommended by our Key4 Property. Whilst every
action is taken to secure good quality tenants for your investment, life changes such as job
losses, relationship breakdowns, health issues and sometime death of a partner or close
family members, can sometimes lead to people acting out of character. To protect your
investment, and for a relatively low cost which may be tax deductible; Landlord Insurance is
a must for today’s investor.

Please send a copy of the Certificate of Currency to rentals@key4property.com.au .

Do I need Public Liability Insurance and Building & Contents Insurance?
It is a contractual requirement under the Management Agreement that our Client holds and
maintains appropriate Public Liability Insurance. We can’t begin managing your property
until your insurance information is provided. Public Liability insurance is important to
protect you and your investment.

It is strongly recommended that appropriate insurance is sought in relation to adequate
Building & Contents Insurance. Please Note that some items in your property may fall under
contents insurance therefore both building and contents insurance is recommended.

Before you purchase such insurances, please check with your Strata Manager (Body
Corporate Manager) to confirm the level of cover obtained by them in this regard.

Please send a copy of the Certificate of Currency to rentals@key4property.com.au .

Do I need a Tax Depreciation report?
A Tax Depreciation Schedule is essential for any property investor and through our
Management partner, WRC Quantity Surveyors, we can arrange on your behalf a Tax
Depreciation inspection and Report. Please check with your Tax Accountant about the
benefits of a Tax Depreciation inspection.

Do I need a Title Search?
As part of listing your property with us, a Title Search is required to verify ownership, and
the property description. The cost of this will be charged to your account. When you have
purchased óff-the-plan’ a property from Graded Developments, often we obtain these
details from the settlement packs from the Developer. A Title Search will not be required in
this instance.

 


 

Can Council Rates, Water Rates & Strata Levies (Body Corporate fees) be paid from rent
collected?
It is possible for us to arrange payment of the Council Rates, Water Rates and Strata Levies
(Body Corporate fees) from the rent received. Payment can be managed in one of two
ways:
• You can arrange for these Service Providers to send copies of the bills
directly to us for payment; or
• You can send these to me for payment to rentals@key4property.com.au

N.B. Copies of the Invoices paid with follow the corresponding Property Management
Statement.

Isn’t Pest Control a tenant responsibility?
Although Queensland tenancy laws do not specifically refer to pest control, it does state, the
Owner must keep the rental property in good repair and fit for the tenant to live in, while
the tenant has to keep the place clean and undamaged.

We recommend the owner undertake regular pest treatment for spiders, cockroaches,
silverfish and ants. Often we can obtain discounted prices if treated in conjunction with the
treatment of the common areas undertaken annually by the Strata Manager (Body
Corporate).

Do I need a third-party inspector for Smoke Alarms, Safety Switches and Corded
Windows?
Unfortunately, we are not qualified to test a smoke alarm and our insurance does not
extend to cover in a fire event, where we have tested a button. We strongly urge you to use
a service provider, however, if you opt to test and clean yourself, you will need to ensure
that your obligations are met, as required by law, and that you complete the Statutory
Declaration provided, indemnifying Key4 Property Pty Ltd from any possible litigation or
fines relating to Smoke Alarm, Safety Switch or Corded Windows Compliance at your
property.

 


 

How many Keys do I need to provide?
Tenancy legislation requires all tenants listed on the Tenancy Agreement be provided with
keys. The requirement is for one full set of (to every lockable door or device) be provided to
the first tenant, with each tenant thereafter being provided with a set of entry keys. We will
also require a full set to be held in our office.

Keys include electronic key cards, swipe cards and remote controls.

Do I need to regularly Test & Tag electrical appliances?
Queensland tenancy laws do not specifically refer to the requirement for testing and tagging
of electrical appliances in a residential context. However, to mitigate the risk of unsafe
electrical equipment being used, best practice indicates owners should test and tag
electrical appliances which are leased for domestic use at regular intervals.

Can you offer Budget Recommendations for Emergency and Preventative maintenance?
It is recommended that monies, where possible be kept aside for maintenance and general
upkeep of the property. We recommend you keep approximately $1000 handy at all times
for a maintenance budget. This will ensure your property is maintained in accordance with
legislative obligations and sound risk management. Well maintained properties generally
attract quality tenants and generally, longer term tenants.

Contact Us…

Key4 Property
ABN 74 160 758 805

E rentals@key4property.com.au
W www.key4property.com.au