For Commercial Owners / Frequently Asked Questions
Is property management the only function Utopia Rentals perform?
No. Utopia Rentals offer leasing services to commercial property owners as well. If an option is not exercised or the tenant expresses they do not want to enter into a new lease agreement past the expiration of the current contract we will advertise the property, with the owners consent. Once we have a formal expression of interest we will advise the owner and liase with solicitors to formalise the contract.
What management costs do you charge owners?
We have a standard 6% commission rate on rent collected only, which in most cases is recoupable from tenants through a monthly charge for outgoings derived from an annual estimate. This is completely dependant on the lease agreement.
There are no further fees, unlike other agencies. Our payment structure has been created to encourage our staff to diligently and effectively collect the rent on time.
How quickly do you process the rent statements to property owners?
In most cases rent is payable by tenants on the 1st of every month for the month in advance. Once the money has been received and cleared the funds will be transferred to your nominated bank account and a statement will be prepared and sent with copies of all creditor accounts paid during the period.
How often, and how are property inspections conducted?
Detailed commercial property inspections are carried out once every 6 months. A report is generated and the information gathered during the inspection is used to ascertain whether maintenance issues are the liability of the tenant, landlord or caused by fair wear and tear. The affected party is notified in writing with a formal request to repair any necessary problems.
How are rental collections handled?
Once a tenant's account is 4 days behind they will receive a phone call to remind them to pay the outstanding account immediately. If the account is unpaid after 7 days a formal letter of demand is sent to the tenant requesting payment immediately. If the account is unpaid after 12 days the property owner is contacted and advised of the situation. If the property owner requests legal action we will engage the owner's solicitors to prepare a breach of covenant of the Lease to be served on the tenant with the costs of preparing said breach being incurred by the tenant. On the other hand, if the owner decides to show leniency with respect to the arrears our office will pursue the tenant for the outstanding account keeping the owner informed every step of the way.