Assessment 1 – Property Management
Using the information contained below, complete the following documentation:
• Management Agency Agreement and Property Management Inspection Report
• Tenancy Agreement
• Bond Lodgement Form
• Condition Report
Landlords: Steven and Vivien Jones
Address: 85 King Street, North Sydney, NSW, 2060
Contacts: 0419-111-111 9905-1111 (Wk) 9904-1111 (Hm) 9905-1234 (Fax)
Landlords bank account details:
BSB: 858 858
Branch: North Sydney
Account no: 1473 2353
Property Address: 3 Logan Street, Cherrybrook, NSW, 2126
Property Details: Unfurnished 3 bedroom house with single garage
Rent: $410.00 per week
Term of Lease: 26 week lease commences on Wednesday 9th September 2009 and expires on
9th March 2010
Agency: Leverage Academy Pty Ltd Trading As Leverage Property Warehouse
A.C.N.: 123 456 789
Corp. Licence No: 1234567
Licensee No: 803549
Address: 2 Brookhollow Ave, BAULKHAM HILLS
Property Manager: Rose Love
Contacts: (W) 9659-4699 (Fax) 9659 4698
Agency’s bank account details for direct deposit for tenants to deposit rent:
BSB: 131 131
Branch: Baulkham Hills
Account no: 1233 2355
Account Name: Leverage Rent Trust
Tenant: Jeanette and Andrew Ford
Contacts: 0418-123-123 (Jeanette) 0418-234-234 (Andrew)
Agents ID for Rental Bond: 55550-0
As the agent, you have inspected the above property in Cherrybrook and you record the following details.
The property is currently vacant.
• The house is a single level brick cottage with three bedrooms, lounge, separate dining, separate entry, kitchen, bathroom, laundry and single garage.
• The house is unfurnished and has a Samsung 459 Dryer.
• The fences and grounds are in excellent order. The water meter reading is 12456.
• The letterbox lid is water damaged.
• The clothesline is a rotary Hills Hoist with a loose handle.
• All rooms have window furnishings consisting of vertical blinds and fly screens.
• Only the lounge and dining rooms have light fittings that are of the oyster type. The other rooms have bulbs only.
• The house is carpeted throughout in a beige berber. There is a burn mark in the dining room under the window. Also, it is showing signs of wear at the entry to the lounge room.
• Walls and ceilings are generally clean and in good condition throughout. However, the third bedroom has some grubby marks on the door. There is a patched hole in the wall of the second bedroom adjacent to where the door swings caused by the door handle.
• The kitchen is clean but the stove has some baked on grime and the vinyl flooring is beginning to lift in front of the sink.
As the agent, you are managing the property for Steven and Vivien Jones at a commission rate of 7.7% (inclusive of GST), plus $10 per month administration fee. You will be charging a letting fee equivalent to one week’s rent and a lease preparation fee of $16.50 (inclusive of GST). You are not paying any of his other accounts in relation to the property. You have agreed to rent the property to tenants for no more than 26 weeks at a time. If either you or the landlord wish to terminate the agreement, you will need to give a minimum of 45 days notice. The property is currently vacant.
You will be paying the landlord monthly directly into his personal bank account.
You have negotiated with Steven and Vivien Jones, that your fees for additional services in relation to the Consumer, Trader and Tenancy Tribunal ( NCAT ) will be charged at a rate of $65.00 per hour. The Tribunal Application fee will always be “At cost”. Each time the property becomes vacant, you will be charging the landlord an advertising fee of $150.00.
You will be charging the landlord a percentage fee for the processing of insurance claims and the calculation and collection of water usage. This fee will be the same as your management fee (GST inclusive).
Each time you place a tenant in a property and use the tenancy database to check rental history, you will charge the landlord a fee of $33.00 (GST inclusive).
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