Knowing what has been received, what has been spent and what needs attention helps you make decisions about your rental. Ray White New Era Property Management’s service includes rent collection, monitoring outstanding payments, regular payments to your nominated account and income and expenditure reporting.
Before management begins, confirm the account that should receive payments, the payment schedule for your property and how fees and authorised expenses will be handled. Check these arrangements against the written management agreement and fee schedule. Do not assume that a tenant’s rent due date is also the date money will reach your account.
The amount available to pay an owner depends on rent received and the charges or expenses applying to the property. Ask the team to explain how a vacancy, an outstanding rent payment or an authorised repair could affect the next payment. Our fees and inclusions page sets out useful questions to cover when comparing a quote.
Review the property address, reporting period, rent received, management charges, maintenance expenses and owner payments shown in your records. If an entry is unclear, ask for an explanation and the relevant supporting information. Keeping statements with your management agreement and property invoices makes it easier to follow a question through.
These records can also help you prepare information for your accountant. The property’s cash movements do not by themselves establish its taxable profit or investment return; financing, ownership arrangements and tax treatment need advice suited to your circumstances.
New Era monitors outstanding rent payments and provides ongoing communication about the property and tenancy. Agree how you will be told about an overdue payment and who to contact with a question. An expected payment is different from money already received, so seek clarification before relying on a projected amount.
Regular and end-of-tenancy inspection reports, together with maintenance updates, help explain the property’s condition and upcoming work. Read about rental inspections. Agree repair spending authority and the approval process in writing, including arrangements for urgent work; an income statement is not a substitute for discussing an important repair.
Let your property manager know about changed contact details, insurance, ownership or plans for the property. For a bank-account change, contact the office through a trusted number and follow its verification instructions. Do not rely on an unexpected message asking you to change payment details.
Call 03 386 0311 or contact New Era to confirm the payment and reporting arrangements for your rental. If you are appointing a manager, begin with the management process and a written explanation of the service.