Corporate Serviced Apartments
This option guarantees you, the owner, a set minimum rental amount for your investment no matter what the market conditions. If actual rental income is below our agreed amount, we will top it up to the agreed amount. There are no limitations to the amount you can earn.
This is purely based on market conditions and rate of occupancy. It can be very profitable for investors with properties in prime positions such as Brisbane CBD. This method also has unlimited earning potential. It does require your apartment to be completed furnished.
When available, at discretion and requirement of management, we will lease your unit from you for an agreed monthly amount to be used in our corporate letting pool. Management companies require rooms of this kind to use for guests given complimentary stays, discount stays or for any other unforeseen reasons. Set agreed earning capacity gives you the same income every month for the duration of the lease.
Marketing of Buildings
Song Properties Corporate letting pool is being advertised on many well-known and highly successful websites on the internet. Websites such as Wotif, Booking.com, Orbitz and HotelClub just to name a few. Constant monitoring of the websites allows us to find the balance between the supply and demand markets efficiently. This ensures that you, the owner, benefits from the most revenue through maximisation of Occupancy and Revenue per Available Room (RevPar).
We spend money on numerous other advertising campaigns each year also, such as ads in magazines, brochures, and charitable donations.
The fee for advertising is included in the Management fee of 3% of rent taken.
Selection of Unit
Selection of which unit a guest will stay in, is dependent on several things. The first and most vital is the guests individual needs and preferences, ensuring that we accommodate as best we can, clarifying further details through direct contact to hopefully guarantee they will stay with us again on their next visit. This is our number one priority at Song Properties.
Once this has been taken into account, assuming all other available rooms are ready to receive a guest, reservations will be allotted to units evenly and at random by our Property Management System (PMS). We aim to have each unit’s occupancy exactly the same at the conclusion of each month, and while in reality this simply isn’t possible, all efforts will be made to ensure the most equitable result for every single owner is achieved.
Security of your investment
All guests staying at the complex under the corporate letting arrangement must provide us with valid credit card details and photo identification as security for the room. Should housekeepers notice damage to any property, or property missing, we will immediately contact the guest to question them about the issue. Following this, the appropriate decision will be made to contact police if warranted, or their credit card charged for a fair and reasonable amount.
We do require all owners to have Landlord insurance to protect against circumstances that may not be foreseen. We are able to assist in this process and are an agent of Terri Scheer, specialists in landlord insurance. We will however accept any policy that contains public liability and contents insurance.
Payment of Rent – By the Guest
We take payment of accommodation up front from all corporate guests.
Should a guest not have paid their tariff by 10am(checkout time) on the day of their departure, they will be asked to depart, or pay for any additional nights they wish to stay.
Owners will receive monthly rental statements via email for each separate amount in the complex should it be more than one. Copies of any required documentation will be included in these emails, as well as being held on file should you require them in the future. Monthly statements will itemise each guest that has stayed in your apartment, and clearly show any fees that have been deducted from your income. If there should be extenuating circumstances, we will contact you.
Payment of Rent – To the Owner
We pay money to owners out of the Trust Account at the conclusion of each month, after we have conducted our monthly balancing procedures. This will be completed on the first working day of the month, and all money owing to you, transferred by no later than the 5th day of each following month.
Authority to manage your apartment is provided to us by your completion of an Authority to Act – POA Form 6 under the Property Occupations Act and the accompanying Addendum. We require this document by law prior to undertaking any work on your behalf. The addendum that accompanies the Form 6, outlines all fees, charges and commissions that are associated with the corporate letting pool.
As the Owner, you are required to maintain the following insurance
- Public Liability
- Contents Insurance
- Landlord Protection
We are happy to help you with this, and can refer you to specialist insurance brokers for the accommodation industry which can cover all three areas above. We are a certified agent of Terri Scheer and will happily explain the benefits of a Terri Scheer policy with you, should you wish.
Repairs and Maintenance
We are able to carry out all minor repairs that may be required in your apartment. With the use of resources on site to carry out these minor repairs, you save significantly by not having to arrange tradespeople or a handyman to complete the tasks each and every time. Our rate of $40 per hour plus GST is free of call out fees and charged in 15minute increments to ensure you don’t pay more than you have to. Any repairs exceeding the limit you specify in the POA Form 6 will be confirmed with you, prior to us commencing or arranging any repairs.
Repairs and maintenance undertaken by us, that takes less than 15minutes is FREE of charge to you and included within our Management Fee.
Utilities, Expenses & Bill Payment
In the corporate letting pool, all utilities, levies and rates are payable by the owner. In addition to these, electricity and hot water/gas is also payable by the owner. Included FREE as a part of our management fee, we are able to accept bills on your behalf and pay them from money we hold for you in the Trust. These expenses will be outlined on your monthly statement and a copy of each, kept on file located in the building. A copy will also be uploaded to your portal and you will be able to access all this information at any time, completely FREE.