Rain, hail or shine, there are still people requiring rentals, and the visitor numbers were good this week.
IT WAS COLD!! I almost needed to carry a hot water bottle with me!!
This week has seen us have several open for inspections with a mixed bag of results, it seems as we have noticed in the past, future tenants are looking for properties which are renovated more than not!
Depending on areas of course this also depends on the numbers of similar properties within the price range, if you are curious as to what rental should be getting for your property, make the effort and visit similar properties and see how they are presented – and get the feel of the prospective tenants who are visiting these properties.
If you own an investment property think about whether you could live there (not whether you would live there, but could you live there)
Does the house have a good heating system? Is the property freshly painted? Are the carpets cleaned? Are the bathrooms updated or clean? Is the kitchen useable and functional?
This is just what a tenant is looking for; they are not looking for anything special, just something that is presented well and a nice clean, safe place to live.
I love the chats with prospective tenants as they walk through your properties, the stories they tell you about some properties, and property managers are just so interesting.
This goes for anyone, I was asked by someone this week “what do you look for in tenants”.
I really thought that was a strange and unusual question, then I thought how do you answer this without offending certain people.
Firstly again it goes back to respect!
Funny how important this is! Again I believe it should just come naturally
What do we look for??
We look for someone who can afford to pay the rent of course? But is that it?? NO
We look for someone who will care for the property. Yes all the right checks and requests are done, but it is all down to who will best suit this particular property!
Would you rent a 2 bedroom unit to a family of 8? Would you rent a 1 bedroom unit to someone with a dog? Would you rent a large family home with a large garden to someone who has specified they want a low maintenance property?
It is common sense really, but we do see a lot of variety!
A day in the life of a property manager can be so fulfilling whilst being very stressful at the same time!
Our aim is to make sure we can present landlords with suitable prospective tenants for their properties.
Our aim is also to assist the tenants in the best possible way.
Closing in to Tax Time
It is coming around to that time of the year again where we should be ensuring all things are ready for the accountant to ensure you maximise all that you can with regards to your investments, let’s be real, some of us do love investment properties, but our ultimate goal is to get the most we can for our investment future.
- Organised and had done a depreciation schedule, this can be organised by your property manager, or you can organise it yourself.
- Are you keeping all good records of receipts and expenditure.
- Have you got landlord Insurance? – If not – GET IT!!! Again your property manager can assist with this recommending reputable people.
- Do you have a good accountant who understands all the ins and outs of what you are eligible for with your investments?
- Has your property manager been sending you accurate reports & information for your property?
We cannot stress the importance to organise and hold Landlord insurance. We can recommend companies we have used personally and would not hesitate recommending them.
We hear story after story about people who don’t have insurance or thought they didn’t need it. I watch today tonight or A Current Affairs and hear these horror stories and think this just shouldn’t happen.
Some insurance companies will not cover you unless you have a proper lease in place,,
I am unsure why you would rent out your investment without a lease in place, the purpose of an investment it to get a good return with good capital growth. Even renting out to a family member does require you to fulfil your duties as a landlord. Consumer Affairs has all the required information on their website, or do the safe thing and use a reputable property manager, even if you’re renting to friends or family members. We all know this can end in tears, with family and friends..
If something happens to your property whilst it is not insured can you afford to fix it straight away to ensure you are not out of pocket for rent?? Not many people can! And really why should you!
Landlord insurance is a small expense when you add up the cost of your property.
If you own an apartment / Townhouse ensure you understand who is responsible for what with regards to the insurance – Your owner’s corporation fees do cover insurance for the common areas, but they are also responsible for other things with regards to your property.
If you are unhappy with your current property manager or feel you are not getting the service you expected, you can change to another property manager. JPP Property Management can assist you at any time.
We are happy to meet to discuss how we can manage your property and keep you fully informed throughout your investment.