• RealExpertise

Portfolio Management

We only get one chance to make a lasting impression. That’s why we ensure excellence in every detail of managing your property.

With over thirty years of experience as Urban Liveability experts, we know the Melbourne market. Our priority is to provide you with absolute world-class service and deliver real results. Our appetite for success ensures that we find the best tenants for your property in the fastest time for the best possible price. We lease faster at higher rents, giving us an edge to outperform the competition.

As a two-time winner of the REB Property Management Business of the Year, and six victories at the REIV Awards for Residential Marketing, our innovative approach to marketing and leasing is industry-leading.

Choose MRE today.

 

 

  • Real Results

MRE IN JANUARY 2024

  • Real Strategy

We employ a tried-and-true, strategic process that allows our team to achieve real success for your investment. Leasing a property every hour, MRE’s Leasing Plan is the most refined and effective in the marketplace. We take a proactive approach to service, systems, and technology that are quite simply, game changers.

Experience The MRE Difference

Contact our experts in Urban Liveability and Portfolio Management, today.

  • Real Service

We’re real people who treat your investment as if it were our own. At MRE, superior service is not merely aspired to, but expected. We pride ourselves on our real communication with you. Call us and we’ll pick up or call you back shortly. With the personality to match, our Portfolio Managers go above and beyond to deliver the best service, every single time.

 

 

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MARKET UPDATE

With the changing of seasons comes a fresh wave of opportunities in the real estate landscape. This Market Report serves as a compass, guiding you through the intricate trends, insights and possibilities that lie ahead.

Our people are at the heart of MRE's premier service. Meet some of the leaders shaping our Portfolio Management team.

  • Real Testimonials

“Finding a good professional agency team with honesty, integrity and good work ethics can be and was quite daunting especially if one is new in the game. However when I ran across Matthew McKenna of MRE {Melbourne Real Estate] he helped lay all my stress and fears away in no time. His patience and reassurance was very timely and his team subsequently found me a good tenant for my commercial property. They've managed it for me for almost 3 years now without a hiccup. I have absolutely no issues or regrets, and would highly recommend them.”

Joseph Saigal

“Annie G from MRE helped and provided me with invaluable suggestions about my property in South Yarra and managed to rent it in a week. She was brilliant, communicative and extremely supportive from A to Z. A big relief that I finally found such a wonderful person.”

Shahrokh Gudarzi

“This is the best real estate agency I have ever used. All procedures are handled quickly and well. As my PM, Rayna is very dedicated and updates the situation of the apartment in real time.”

Catherine Zhao

“I have been most impressed with the services of my property manager Tilly Gillan. I highly recommend MRE to any landlord seeking the ease of the complete management package they offer.”

Hazel Brown

  • Real Difference

We have implemented a raft of cutting-edge practices across our Leasing and Portfolio Management divisions and are proud to have set an industry standard of excellence along the way. Let us show you the MRE difference today.

  • Switch to MRE

Switching to MRE is easy. It’s free and the process is entirely executed by us. We have the experience, knowledge, and resources to swiftly transfer your property under MRE management. Don’t settle for second best, sign with MRE today.

Call MRE Today

Meet our Business Development team

  • Frequently Asked Questions

What are our fees?

At MRE, we tailor our fee structure to you and your property. Our management fees are typically between 4-8% plus GST of the rent collected. We recognise that managing a property that rents for $1000 per week does not require double the effort of managing a property that rents for $500 per week. Get in touch with one of our Liveability Experts today so we can optimise a package that suits your property.

Do I need a Portfolio Manager?

The vast majority of owners prefer to have one for a variety of reasons. A good Portfolio Manager will guide you through the rental regulations, maximise your rent, find and retain the best tenants, and handle the day-to-day operations of the property, such as maintenance, inspections, and dealing with problems that require a legal resolution.

What happens if the tenant doesn’t pay rent?

A tenant may be issued a notice to vacate if they are more than 14 days late on their rent. This is then cancelled if they pay. If they are late five times in a 12-month period, the notice to vacate will still be valid.

How often can the rent be increased?

Rent can now only be increased once every 12 months, rather than every 6 months, as was previously the case. If you want to raise the rent during a fixed-term rental agreement, the amount and method of calculation must be specified in the rental agreement. We will conduct an annual rental review to ensure that your property is performing.

How much is a bond and where is it kept?

If the weekly rental amount is less than $900, the bond is set at one month’s rent. If your weekly rent is more than $900, you can request an extra amount. You can also request a higher bond if the tenant wishes to make changes to your property – but not if they have a pet. The Residential Tenancies Bond Authority (RTBA) in Victoria holds the bond as security until the end of the residential tenancy agreement, or lease. Any money raised goes towards running the Victorian Civil and Administrative Tribunal. The bond can be released to the tenant or landlord, only after both parties sign a bond claim form. The tenant is not permitted to use any of the bond money in lieu of rent.

What happens if something needs to be repaired?

Repairs are the responsibility of the owner unless the damage was caused by the tenants. Urgent repairs, such as dangerous electrical faults, gas leaks or serious water leaks, blocked or broken toilets, or the failure of an essential service, such as hot water, must be made right away. If you do not respond promptly, the tenants will be able to organise and pay for the repairs themselves. You then have seven days to reimburse the renter for the expenses incurred, up to $2500. Non-urgent repairs must be completed within 14 days of a written request. Your tenants must continue to pay rent while repairs are being made and are not permitted to withhold rent until the work is completed. They can, however, apply to VCAT to pay rent into a special fund until any repair dispute is resolved.

Can tenants have pets?

In most cases, yes. If a tenant would like to keep a pet at the property, they must first seek permission from you, as their landlord, by completing a Pet Request Form. You cannot unreasonably refuse this request and must apply to VCAT within 14 days of receipt of request if they wish to refuse consent for a pet. The matter will then be heard by a VCAT member, who will determine if it is reasonable for you to refuse consent or not. To date, practically all VCAT hearings regarding pets have gone in the favour of the tenants.

What are Minimum Standards?

Owners must now ensure their property meets minimum standards across 14 categories. Under these standards, rental properties must now have locks on all external doors and windows, bathrooms must have a washbasin and a shower or bath, and be connected to a reasonable supply of hot and cold water, and windows in rooms likely to be used as bedrooms or living areas must be fitted with working curtains or blinds. All rooms must have ventilation and there must be a fixed heater in good working order in the main living area. If the property does not meet these minimum standards, tenants can end their lease before moving in, or request an urgent repair. Click here to discover the 14 minimum standards that your investment must meet.

What are safety check obligations?

By law, electrical safety checks of all electrical installations and fittings, and all gas appliances such as heaters and stoves, must be checked by a licensed electrician and gas fitter every two years. You also need to keep records of safety checks conducted at the property. If these safety checks have not been conducted within the last two years at the time the tenant occupies the premises, the rental provider must arrange a gas or electrical safety check as soon as possible. Smoke alarms must be checked annually by a licensed electrician.

Can tenants make modifications without my consent?

From 2019, yes the tenants can make certain modifications to a rental property without the consent of the owner. However, they must reinstate the original conditions. (check Consumer affairs for details) at the end of the tenancy.

These include installing items such as:
• Picture hooks or screws for wall mounts, shelves or brackets on surfaces other than brick walls
• LED light globes which do not require new light fittings
• Low flow shower heads if the original shower head is kept
• A wireless doorbell
• Replacement curtains if the original curtains are retained by the tenant
• Adhesive child safety locks on drawers and doors

There are different specifications for properties that are listed under the Heritage Act 2017, and the rental provider must disclose to their tenant if the property is heritage listed prior to entering into a rental agreement.

For all other modifications, the tenant must obtain the owner’s permission before starting the work, and the rental provider must not unreasonably refuse these requests.

Can owners be fined for not complying with the new laws?

Consumer Affairs Victoria can issue infringement notices to owners if they breach the Residential Tenancies Act. This includes fines that are based on penalty units. A penalty unit is $184.92 for the 2022-23 financial year, but this amount is subject to change at the start of each financial year. For example, you can be fined 25 penalty units if you refuse to rent a property to someone because they intend to live there with a child. You can also be fined 60 penalty units if you take or dispose of a tenant’s property because they are behind on their rent. Click here to learn more.

Do I need landlord protection insurance?

Yes, we highly recommend taking out landlord protection insurance for a number of reasons.

Insurance covers some particular risks associated with renting out a property that may not be covered by a typical home and contents or strata title insurance policy.

Common features of a landlord insurance policy include protection against:
• Malicious or intentional damage to the property by the tenant or their guests;
• Theft by the tenant or their guests;
• Loss of rent if the renter defaults on their payments or the property becomes uninhabitable;
• Liability including a claim against you by the renter; and
• Cover for fixtures within the apartment such as carpet and window furnishings that are not usually covered by building insurance.

It is important to understand that not all policies are the same and you should be thorough in your choice of insurer.

Have another question?

Ask our Property Management Experts.