Winter reading

Winter is the perfect time to curl up, read a good book and gain inspiration for improving your rental property efforts.

Here are three must-read books containing tips for better property management:

Managing Your Investment Property by Rachel Barnes and Geoff Doidge

This is an invaluable book that shares the absolute ins and outs of managing your investment property. It doesn’t matter whether you want to go DIY-style or hire a property manager. Read the rest of this entry »

water efficiency

In NSW, landlords in the past could charge their tenants for water, provided that a separate water metre existed.

But under new tenancy laws (Residential Tenancies Act), landlords are required to introduce water efficiency measures if they’re going to continue recovering water usage charges from tenants. This begs the question: how water efficient is your rental property? Read the rest of this entry »

Sub letting of investment properties by the tenant is a major problem in some areas.

We’ve seen cases where the tenant:

• erected a tent in the living room to create 3rd bedroom

• built a gyprock wall in living to create 3rd bedroom

• put a curtain in dining room to create 4th bedroom.

Subletting works this way:

• Say a business person rents a 2 bedroom unit in Macquarie Park at a rent of $400 pw

• We have seen where a 2 bedroom unit has accommodated 5 people each paying between $120 and $150 each.

• The main tenant not only makes a profit from the rent from his/her tenants but he/she also charges each of these people a bond of between $300 and $400  and pockets this money – the sub tenants rarely get their bond money back.

We only find out subletting situations like these are happening when we do a Routine Inspection.

A letter advising the tenant named on the Tenancy Agreement is always sent to advise that we are coming to do this inspection but when we get there the sub tenants don’t know anything about the inspection and tell us that “the landlord” (principal tenant) does not live in this property.

What experiences have you had with tenants who sub let your property?

When you invest in a unit or townhouse, the administration of the block is controlled by a Strata or Owner’s Corporation.

As an owner, you need to be aware of what areas are common property, that the Strata / Owner’s Corporation is responsible for, and what areas are your responsibility. Read the rest of this entry »

You take out insurance on your car, home and contents… so why wouldn’t you protect your investment property with landlord insurance, too?

Landlord insurance covers your investment property for loss of rent, damage, or theft, caused by tenants. Unfortunately, the rental market is quite sizeable and a surprising amount of landlords do not look into landlord insurance. Read the rest of this entry »

Have you checked the smoke detectors in your rental property lately?

Quoting from a recent article in the Newcastle Herald:

A CORONER has recommended that real estate agents ensure that they regularly check smoke alarms in rented premises following the death of Hamilton man Maxwell Blizzard in 2010.

Read the full article Read the rest of this entry »

There’s a right time for everything and you already know your existing property manager is no longer performing. So when is it optimal to change property managers?

• When renewing a lease?

• Signing new tenants?

• Or when the property manager is no longer meeting your expectations?

Let’s take a look at two instances when you should consider ending your contract with your previous property manager and hiring a new one: Read the rest of this entry »

Choosing the right property manager for your rental property isn’t a decision you should make lightly. It’s going to be a long, professional relationship and you are trusting them to make your investment secure.

If you’re new to the rental game, here are a few questions beyond price and experience that you should ask potential property managers: Read the rest of this entry »

Did you know that you can charge your tenants more rent if you make improvements to your rental property? Implementing a few cosmetic renovations could be a very lucrative investment.

Although it sounds expensive, you can give your rental property a minor facelift on a shoestring budget. The key is to do your research and avoid overspending. Read the rest of this entry »

What can you do as a landlord if your tenant doesn’t respond to communication attempts? And who can help you resolve tenancy disputes? Read on for the answers.

Rent isn’t being paid on time, maintenance needs to be done and your tenant isn’t responding to your calls, text or emails. As a landlord, this can be extremely frustrating and costly.

Let’s take a look at what you can do when your tenant doesn’t respond to your attempts at communication: Read the rest of this entry »