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Your Relationship With Quest

Your Relationship With Quest

FAQs


 

Who will manage my property?
Each Quest business is owned and managed by an experienced Quest Franchisee Operator in line with the reputable standards of the Quest brand and supported by our proven systems and business format.
What are the management fees?
There are no management, letting or advertising fees, which is one of the key advantages of Quest properties over other investments. All obligations typically covered through the payment of a management fee are taken up by the Quest Franchisee Operator as outlined in the lease and without further deductions to you.
How frequently will my property be inspected?
As you would expect, our Operators and other staff are cleaning, checking and maintaining your apartment on a daily basis as part of running a high standard accommodation business.
Am I responsible for repairs and maintenance?
Quest will be responsible for general maintenance and upkeep of your apartment. Quest will also be responsible for repairs, maintenance and replacement of the contents. As a Landlord you will be responsible for any structural and capital expenditures, replacements, repairs and works to fixed equipment items. Periodically you will be required to repaint, re-carpet and undertake certain works to keep your apartment in fresh condition.
What utilities will I pay for?
Quest will pay for gas, electricity, telephone, water usage charges and building common area operating costs. As a Landlord you will pay council and water rates (other than water usage), building insurance, taxes (including land tax), capital expenditure / sinking fund levies and non-operational building common area costs.
What are the typical lease terms/times?
This will vary depending on the property, but most leases operate according to one of the following:
  • Initial term 5 years, plus 4 x 5 year options (exercisable by the Tenant)
  • Initial term 7 years, plus 3 x 7 year options (exercisable by the Tenant)
  • Initial term 10 years, plus 3 x 5 year options (exercisable by the Tenant)
What happens at the end of the lease?
It is hard to predict what will occur at the end of the lease as this is 20+ years in the future, however, these are the options that will be available at that time:
 
  • Quest may offer you the opportunity to extend the term of the lease further. For example, Quest Royal Gardens was the first Quest property established back in 1988, and the Quest Apartment Investors have agreed with the Quest Operator to extend the term of that lease by a further 15+ years.
  • Alternatively, you may choose to convert your property to a standard strata residential apartment (STCA), and move in, lease or on-sell as you prefer.To become an owner occupier you must be certain the resource consents and Body Corporate rules allow for a change of use from Serviced Apartment to Residential Apartment and certain of any applicable GST costs that must be met. We would suggest you take qualified advice.
Why is a comparable apartment not under lease valued higher?  An apartment purchased under lease is GST exempt, so you would expect it to be a lower value.
Can I sell my property during the term of the lease?
Yes. While Quest Properties are most suited to a long term, buy and hold strategy, occasionally an investor will need to sell their property. To start with, existing Quest investors own in excess of 5,000 strata apartments. You can access by registering your apartment  here.
What is the relationship between the Quest Operator and Quest?
The Quest Group operates under a franchising system. Over our 24 year history, Quest has recognised that franchising provides the greatest level of service delivery and consistency in Guest experience – better in our view than Quest would deliver itself if it were to be the sole operator of the network.
 
Quest has an intensive and rigorous selection process to ensure that each new Quest Operator will not only become a valuable member of the Quest team, but are committed to achieving their own personal and financial objectives.
The relationship between the Quest Operator and Quest is governed by a franchise agreement and operations manual which set out the terms, conditions, processes and systems which underpin the success of the Quest franchising model. This focus on the franchisor/franchisee relationship is continuous, with a comprehensive suite of activities and business development programs available to maintain an ongoing, successful relationship.
 
The Quest model has been refined over the last twenty plus years to reflect what we consider to be the best business disciplines in the accommodation industry, not just in Australasia but also world-wide.
What types of apartments can I purchase?
There are a variety of apartment configurations available from studios up to four bedroom apartments. Most apartments offer open floor plans with separate living, dining and sleeping areas, fully equipped kitchens and laundry facilities. The majority of Quest properties are 4 or 4.5 star Qualmark rated and offer a number of on-site facilities to ensure a pleasurable guest experience.