Frequently Asked Questions
When do my rental income payments commence?
Rental income payments commence 28 days from receiving your final build payment, or the return of your executed RentGuard documentation – whichever is the latter.
Will I receive a rental increase during the RentGuard program?
Yes, rent increase profits are shared with you during the 10-year period.
How regular will I receive payment?
All funds are disbursed on the first business day of each new month. You will receive a full statement of account showing rental income and expenses such as management, letting, sundry costs and maintenance
What happens when the 10-year RentGuard Program expires?
The current sub-leasing tenants are transferred to you as the direct owner. The responsibility for maintenance, vacancy periods etc. are also passed onto you. Gallery Real Estate will continue to provide property management services and your property we be re-carpeted and re-painted.
Who pays to maintain the property during the 10 years?
We maintain the property except for fair wear and tear, examples include servicing of air-conditioners and hot water systems.
Will my builders warranty still apply?
Yes – in fact, under the RentGuard 10 year program, the standard builders warranty will be automatically extended.
Can I sell my investment property during the 10-year leaseback?
Yes. There are a few terms and conditions surrounding the sale which are detailed within the leaseback contract such as;
– Paying back any advanced rent paid to you by the Asset Management Service.
– Providing the correct amount of notice to your investment manager and tenants.
– Ensure the lease contracts currently in place are upheld with the purchaser.
– Leaseback option can be transferred to the purchaser.
What regular additional charges can I expect to pay for as the owner?
As the owner of the property, there are some responsibilities that remain with you such as:
– Water & Land Rates.
– Smoke Alarm Inspections.
– Termite and Pest Inspections / Treatment.
– Building, Contents & Landlord Insurance.
Who coordinates bills and insurances?
You can opt to have your contact address updated with your rates suppliers to reflect ours. We can also set up your contents and landlord insurances for you too.
Where can I track Expenses?
All expenses are noted on your monthly statement and copies of invoices are sent to you for your records, helping to simplify your annual tax returns. The RentGuard program offers you 24/7 access to a portal which connects to your property, statements and inspections at anytime.