Archive for category: Rentals

Timing Is Everything – Rent Now For Stability

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It appears that we have reached the bottom of the boom and bust cycle in Western Australia, and the news for 2019 is positive. Not only are house prices recovering but also there is a decline in the number of properties being offered for rent. This means the start of a recovery in the rental market also, and while rents overall may not increase for some months, the huge discounting that caused owners so much grief may be coming to an end.

Good News All Round

This is good news for both parties in the rental equation, that is, the owners and the tenants. Investors who have purchased properties to rent them out are now beginning to see some increases in their returns. Tenants, who were struggling to find suitable homes at affordable prices a few years ago, are now settling into better accommodation closer to facilities and within range of a reasonable budget.

Don’t Expect Miracles

This does not mean that rental values will leap quickly to their previous record levels. Experts predict that rental values will remain within a reasonable range for some time, and although demand for rentals is increasing, it is being balanced out by first-home buyers. They would normally be renting but can now purchase affordable new homes by using the attractive packages on offer by developers.

What does this mean for us at Bunbury Real Estate? As a seasoned and professional sales and property management agency, we have ridden the ups and downs of the property market. At all times we are looking after the best interests of our clients, whether they are sellers, buyers or renters, regardless of what market forces are at play.

Renters Should Lock in Lease Agreements Now

To our renters we are currently saying that now is an excellent time to lock in your lease agreements as rental values are expected to stabilise. There is no point in waiting for the rental market to fall further, as all the trends are indicating an upward trajectory. Now is the time to secure your ideal rental property on a long-term lease at an affordable price.

Owners Should Grab Quality Tenants Now

We advise our owners to secure these quality tenants now, so they have some certainty around the returns they can get for their rental properties. The discounting may be gone, but this does not mean an immediate bounce back in rental values. This will be a slow and steady climb, so having good tenants to fill their vacancies should be the focus for the time being.

The market is finally breathing a sigh of relief, and we can now look forward to sustainable prosperity without the wild swings and roundabouts we have recently experienced.

Renting Is A Lifestyle Choice For Many

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In some parts of Australia, especially the capital cities close to business centres, home prices have risen to a level that has driven many potential buyers out of the market. These potential buyers are now renters, and many of them are looking at renting as a lifestyle choice, at least for the foreseeable future.

Renting Can Be a Positive Situation

If you are in this situation, it need not be a depressing outcome. It can be used to your advantage depending on your approach and your ability to recognise and maximise the positive aspects of renting a property as opposed to buying it.

Special Conditions in Tenancy Agreements Offer Flexibility

One of the most empowering aspects of buying your own property is that you can please yourself what you do with it, within local government regulations, of course. As a tenant with a legally binding tenancy agreement, you can request that certain conditions be included in your agreement, and with the approval of the owner, you may be able to keep pets, hang pictures and otherwise use the property to suit your needs.

As a property management agency, we have negotiated special conditions for tenants with our owners and we have found that offering flexible arrangements where possible attracts the very best tenants. At Bunbury Real Estate, we ensure that all our tenants and owners are covered by legally enforceable tenancy agreements, to protect all parties involved.

Reputable Agencies Recognise the Rights of Tenants

We check the references prospective tenants provide to us, so we recommend that renters do the same when they are choosing a rental property. When you rent through a reputable agency such as ours, you can be assured that everything about your tenancy is done in accordance with the relevant legislation. For example, we advise in advance of inspection dates, so you won’t ever feel that we have encroached on your privacy.

Renters Have More Disposable Income

A big bonus that comes with renting is that repairs and maintenance are the owners’ responsibility. This means that if something breaks down or needs fixing, the expense is not yours, so you can spend your money on other things. Some owners include the cost of mowing and lawn maintenance in the rent, engaging contractors to do this work, leaving your weekends free to enjoy yourself.

A Question of Perspective

Another plus as a renter is the flexibility it offers to make major lifestyle changes quickly. When your lease is up, if you want to live somewhere else, you just simply move out. Renting means you can usually afford to live in areas where you could never afford to buy, and you never have to worry about saving to pay rates or insurance. It’s just a question of perspective.

Furnished or Unfurnished Rental Property: Which Should You Get?

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Renters do not only face the issue of what type of rental property to live in. They also need to decide whether they want a full furnished, partially furnished or unfurnished rental property.

As the name implies, a furnished rental property includes all furniture and appliances. A partially furnished property normally includes only furniture. An unfurnished property has no furniture and appliances.

Here are a few pros and cons to consider for each option before deciding which one is the best fit for you:

Furnished Rental Properties

The actual items that are included in a furnished property will differ depending on the landlord and what type of property you’re renting, but the following items may also be included:

  • Rugs, scatter cushions for beds and couches, linens
  • artwork for the walls, centrepieces, mirrors
  • cutlery, dining sets, cookware, stemware, knife block
  • bookshelf
  • other accessories

Appliances should include:

  • a standard refrigerator
  • stove
  • dishwasher
  • washing machine and dryer
  • air conditioner.

For entertainment, these items may be included in the property:

  • LCD TV
  • DVD player
  • cable and stereo system

The Pros

For tenants

  • Moving will be easy, especially if you frequently change address. You can move on short notice because most of the cumbersome items like furniture will already be in the furnished rental. It’s less expensive to hire professional movers as they’ll have fewer things to pack and move.
  • You don’t need to buy furniture, therefore you save money.
  • If you’re moving on short notice, or if you’re relocating to a different state and can’t see your new home on moving day, renting a furnished property will save you a lot of trouble. Your home is ready to move into; all you have to do is show up.
  • If you’re not ready to commit to a long-term lease, renting a furnished property is the right one for you. Landlords of furnished properties will often accept a shorter lease as they cater to people who don’t remain in one place for too long such as students, sales representatives and other travelling professionals.

For landlords

  • You can easily access lucrative markets, including the business and corporate travellers, and tourists, which in turn can land you high-quality tenants.
  • You can charge about $50 to $100 more in the weekly rental, depending on the location and the quality of the furnishings.
  • The furnished market gives property owners more flexibility in pricing, allowing them to adjust rent according to market trends.
  • There are tax benefits for furnished rental properties. Property owners can write off furniture and other items as a depreciating asset.

The Cons

For tenants

  • Furnished rental properties may require a higher security deposit. This is a kind of insurance for any possible damage to the furniture.
  • Your liability is greater because there are a lot of items that you can break. You don’t own most of these items, so be careful. Your security deposit may not be enough to pay for all the damages throughout your stay.
  • You have no say about the interior design. The looks of the rental property and all the things in it are controlled by the landlord. If you happen to dislike the couch or the bed, you could buy a new one. But what would you do with the old one? Would the landlord allow you in the first place?
  • There are not many furnished rental properties out there. Though a furnished property has a competitive edge in the market, it takes lots of hard work on the part of the landlord to furnish and maintain a property. This makes furnished rental properties hard to come by.
  • The items in a furnished property vary. There is no guarantee what you’re getting because there is no specific standard for “furnished”, so you have to expect to provide the “missing” items in your rental.
  • You may not have a lot of things but you have a few things. If you rent a furnished home, you may need to find room for them. Expect to have some difficulty finding room for the stuffs that you already have.

For landlords

  • Your target market is limited to people who already own furniture and appliances, which can leave your rental property vacant for longer periods of time. The kind of renters that gravitates to furnished rental properties is looking for short-term leases, which means a higher rate of turnover.
  • With a lot of items inside the home, wear and tear is higher, which means more to pay for maintenance costs.
  • Consider your location in your decision to enter the furnished market. Furnished rentals located in the heart of the CBD, with stylish décor and furniture, will attract more prospective tenants than those in the suburbs.

Unfurnished Rental Properties

An unfurnished rental property is empty. No furniture. No appliances. All items are provided and belong to the tenant.

Majority of tenants are looking at a long-term lease, a place where they can stay long enough to make it their own. This category of tenants is mostly looking for an empty property, or with a few neutral-toned furniture or appliance that they can work around to fit their particular taste.

The Pros

For tenants

You are free to decorate the house the way you want it. You may need to ask the landlord’s permission to paint the walls with the colour you like, but you can pick the furniture, appliances and furnishings that match your style.
You can sign a long lease with an unfurnished rental property. This gives you the time to settle in and create a place that you can call home.
An unfurnished house is the perfect way to incorporate your personal style into a place and turn in into a safe haven.

For landlords

  • You’d be attracting tenants who are looking at a long-term lease. This is steady rental income, which means financial security.
  • You don’t need to spend money on buying furniture and appliances.
  • You don’t need to maintain a furniture inventory and stress over replacing any item that becomes
    damage.

The Cons

For tenants

  • If furniture shopping or interior design is not your thing, you’d probably feel annoyed at having to fill up an empty property.
  • It is expensive to buy furniture and appliances, and you’d have to deal with bringing bulky house stuffs when you move. You’d be the one who has to move everything and take out everything again when your lease expires.

For landlords

  • It is not likely to attract high paying tenants like transients and travelling executives.
  • You’d miss out on the group of renters who are willing to pay more for the convenience of living in a home that is already fully furnished.

Partially Furnished Rental Properties

A partly furnished rental property has a few items in it, such as couches, tables, chairs and white goods like a refrigerator, washing machine/dryer, stove and dishwasher.

Tenants who prefer to bring their own belongings but don’t mind a few items already in the rental property, specifically white goods and furniture, would fit greatly with a partly furnished home.

This is a way for property owners to tap into both the furnished and unfurnished markets. It is even better for property owners who have storage where they can keep the furniture and appliance if tenants prefer to use their own.

For investors, consult with your property manager regarding what is best for your property: furnished, unfurnished or partially furnished. They know the market, what most tenants are looking, and how you can position your rental property to appeal to a broader range of renters.

Type of Residential Properties That You Can Rent in Australia

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For people who are not yet ready to purchase your first home, like adults who are still in uni or couples that are just starting out, there is a wide range of rental properties you can choose from. The types of properties you can lease in Australia vary in design and in sizes. Residential properties in the inner cities tend to be on smaller land. Farther out in the suburbs, rental homes and the lots tend to be larger. Whatever your preference and budget, you will find a rental property that fits you.

Type of rental properties

Detached Houses, or Single-Family Homes: are single, stand-alone independently owned homes located on a situated on a piece of land. This type of residential property is commonly located in areas where the population tends to be low, such as the inner suburbs and outside the busy central business district. There are two types of detached houses:

  • A Bungalow is a low, one-storey house (sometimes with a small second floor near the roof) with sloping roofs and a large porch or verandah.
  • A Terrace House is either a Victorian or Edwardian in style. This type sprouted due to the increasing population in Australia’s big cities. Today, these residences are located in older, inner cities.

Apartment, or flats: are multiple housing units in a single building. Flats are contemporary, impressive, high-rise units where multiple occupants share the same building. These are located in commercialised areas and major cities like Melbourne and Sydney. Amenities, conveniences and places of work are in close proximity from these apartments. There are two types of apartments:

  • A Studio Type, or Bachelor’s pad, is a unit with no walls to separate the kitchen, the living room and the bedroom.
  • A Large Duplex comprises two units with a common wall and one entrance. This is a sought-after rental property in Australia because it is regarded as a single property with two occupants each paying rent.

House versus Apartment

You don’t want to waste time looking at properties that don’t suit you. Here are some important things to consider to help you determine the right rental property for you.

Location – What area do you want to live in? Would you like your ideal property to be close to your place of work, schools, amenities, transportation and other conveniences? Would you prefer a neighbourhood with a reputation for safety and security? Ask yourself these questions to help you choose the right location where you’d like to live.

Budget and expenses: Work out your budget. There are expenses that are not included in the rent, including electricity and water bills. Add all these related costs when determining whether a property fits your budget.

Property Features and Conditions: List down the internal and external features of the property that are important to you. These include the number of bedrooms, the number of bathrooms, kitchen style, property layout, storage, garden, garage or street parking, outdoor area, and more. You must check the condition of the rental property before signing the lease agreement. Any pre-existing damages should be properly recorded so you will not be held liable for the repairs later on. Some of the items that you need to look at are the flooring, air conditioning system, light fixtures and kitchen.

Factors that influence rental prices

Landlords aim to get the most rent possible for their rental property. However, it is important to remember that rent prices must be consistent with the local market. It is important to arrive at a fair rental price as landlords could lose money either from long periods of vacancy or low rental income.

Rents are determined based on the region, city and neighbourhood. Rents tend to be lower in the suburbs than in the city. As a general rule, the further a property is from a major city, transportation and other amenities, the lower the rent is. Here are factors to influence how much rent to charge for a property:

  • Number of bedrooms
  • Number of bathrooms
  • Square footage
  • Location
  • Parking
  • Built-in appliances
  • Lawn / garden

Landlords who choose to allow pets in their rental property with certain restrictions can also charge higher rent because of the potential risk of damage to their property. Landlords can also include a pet deposit in the lease.

A furnished rental, compared to an unfurnished one, also commands higher rent. However, the condition of the furniture and furnishings will affect how much more you can charge for your rental property.

There are also landlords who also have a minimum lease requirement, meaning they accept both short and long term tenancies. Landlords that accept shorter leases can command higher rent. But if tenants are willing to sign for a longer lease, landlords must adjust their rental rates accordingly.

Other fees that tenant may pay

Typically, tenants pay two weeks’ rent in advance, depending on the type of rental property and the lease, and a rental bond, which is intended for damages done to the property.

Landlords cannot charge tenants with administration fees, re-inspection fees or the cost of sending utility invoices and breach notices.

In Western Australia, whether the landlord or tenant is responsible for paying water, gas and electricity bills is determined by how those fees are charged. Tenants are only responsible under either two of these situations: Premises Separately Metered and Agreement Allocating Charges.

For phone and internet bills, the landlord and tenant should agree on who is liable before the start of the tenancy. As it is not quite easy to determine how much to charge a tenant for phone or internet usage, a good way to settle is for the landlord and tenant to agree on an increase in rent to cover the charges.

Buy or Rent Property? Or Do Both at the Same Time?

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Housing affordability is an ever present concern for many modern day Australian citizens. This is why the first thing on their to-do list is determine whether to rent or buy.


Of course, for many there is only one decision to make, which is rent, because they don’t have the huge amount of deposit required to enter the property market in many Australian cities.


But there are also many who believe that home-ownership makes the most sense. Rent money is a waste as it’s not an investment. All you’re doing is paying someone else’s mortgage.


To those who are still undecided, which is the best way to go?

 

Rent or buy?

Both options have their pros and cons. In the end, it is up to you whether to rent or buy, depending on your current personal and financial situation.


Renting gives you flexibility because as a renter, it’s easy to move from one home to another and from one suburb to another when your lease ends.


Signing a lease is a cheaper alternative to purchasing a home. Many young professionals cannot afford to buy in inner cities and near city locations where the lifestyle they prefer and career opportunities are easily accessible.


It’s true that rents are increasing. But it is also a fact that rental payments is usually higher than the monthly mortgage repayments they’d pay for a comparable property.


In addition, there are many costs associated with buying and selling property. There are agent’s fees, advertising fees, stamp duty, government fees, loan establishment fees, etc.


The biggest advantage of renting is that it is not your responsibility to pay for the cost of expensive maintenance, repair, insurance premiums, and more that comes with owning your home. These ongoing expenses are the responsibility of the landlord.


As for the drawbacks of renting, renters don’t have a say with regards to how long they can stay in the rental property; it is the landlord’s decision. This can be extra tough if the renter has become fond of what they consider their home.


The home you’re renting is never your own. You can’t make upgrades to the rental property, or even hang even something as simple as a wall art, without your landlord’s permission. Plus, the landlord or property manager can enter your home, with proper notice and with good reason, for things like regular inspections.


The major factor worth considering is the rising cost of rent. Renting may be the cheaper option now, but rent is constantly increasing in time with the rising value of properties.


You will pay rent as long as you are renting. In contrast, paying mortgage typically ends within 25 to 30 years.


There is a feeling of constancy and stability if you’re living in your own home. You can make whatever upgrades you want; you decide how long you stay there (as long as you’re faithfully paying your mortgage repayments; and you build great equity.


Consider owning while renting

There is a growing trend in the property market, especially among young buyers, called rentvesting. This is a property investment strategy in which you continue to live in a rental property while owning another property that you’re renting out.


The difficulty of getting into the property market experienced by many first-home buyers due to housing affordability has given rise to rentvesting. It provides a solution if you want to live in an area where homes carry a hefty price tag. You rent an ideal home in the area you prefer and purchase a property in a suburb where prices are within your reach. You rent out the property to help you cover your own rental payments and later sell it for capital gain.  


The beauty of being a renter investor is that it’s a way for you to own property while renting in an area close to the city where the jobs and all amenities are easily accessible. You can enter the property market sooner through rentvesting. Because you can buy from another state, or in a more affordable suburb in your state, you will need a smaller amount of deposit.


Of course, with all types of investment there is also a risk to rentvesting. Way your options properly, so you can make an informed decision about whether this is the strategy that fits you.


Weighing the rent versus buy decision


Renting and buying a property each have their pros and cons. But the final decision ultimately depends on a number of factors, including your financial circumstances, your long-term goals and the outlook of your local real estate market.


Here are five questions to ask yourself if you’re mulling the buy or rent dilemma:

  • What type of home is within your reach and how much savings do you have?\
  • How many years do you plan to live in the property?
  • Which do you prefer: stability or the flexibility to relocate easily?
  • Do you want to shoulder the cost of repair and maintenance?
  • What do you want to achieve for your finances, career and personal life?


Make an informed decision by doing research. The internet offers plenty of rent vs buy calculators that you can use to calculate the cost involved in both approaches. You can also get a wealth of knowledge about purchase prices and rental rates in the neighbourhoods you’re considering. Lastly, it doesn’t hurt to seek expert advice from a reliable mortgage broker.


Your decision all boils down to carefully weighing all the benefits and drawbacks of both buying and renting, and factoring in your personal and financial circumstances.

Missing The Boat On Rental Applications? Preparation Is Everything

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Having a safe and secure place to live is an essential part of having a fulfilling life, so if you are constantly missing out on a rental property, you must review your application process to find out how you can improve your chances. If you have a history of being a reliable tenant, it could just be an adjustment to your application documents that is needed to get your next home.

Are Your Income Details Current?

Most of the application forms used by rental agents ask for similar information, even if the forms themselves are slightly different. Obvious identifiers are your personal details, current address, previous addresses and your income details. Make sure these income details are the current ones and not those of the previous financial year.

Fill Out All the Fields on the Application Form

A common mistake that we see all the time is a tenancy applicant not completing all the fields in the application form. Often these are names and contact numbers of referees, so we then need to contact the applicant to obtain that information. This delays the application and it could be the difference between making the shortlist and missing out altogether.

An agent asks for detailed information for one reason. It is our responsibility to make sure that the tenants we place in the properties we manage have the financial capacity to pay the rent on time. At Bunbury Real Estate, we also carefully check all our tenant references, so our owners can be assured that their properties are occupied by responsible people who will look after them.

Have Multiple Copies of Identification Documents on Hand

There are two other pieces of advice we can give you to prevent you from missing out on likely rental properties. The first is that you have multiple copies of your identification documents ready on hand to be attached to any application form. Time is of the essence, so instead of chasing around to get copies when you see a suitable property, you can fill out the application and lodge it immediately with the rental agent, complete with attachments.

Check Contact Details for your Referees

The second piece of advice is to have references from former rental agents and/or property owners ready on hand, rather than wait to find a property then need to chase them up. Again, this causes delays in your application. Also, make sure you check that the contact details you have for them are current, and let them know you are moving and that rental agents will be contacting them.

Remember that preparation is everything when looking for a rental property and being the best prepared of all the applicants could just be the edge you need to get your next home.

Rental Applications Being Knocked Back? Check This Out

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Finding a suitable rental property to make it your home is difficult enough without the added stress of the application process. Getting it right means being able to put your feet under the dining room table in a place you know is yours for the term of the rental, while getting it wrong means starting the search all over again.

Get the Process Right in a Competitive Rental Market

If you are struggling to have your application considered, especially when there are several people applying for the same property, it is time to take a closer look at your approach. The rental market is very competitive. So, just like the job market, you need to have everything covered to give yourself the best chance.

To help you master the process, we have a few suggestions that may help. Here at Bunbury Real Estate, we have an application process that is typical for the rental industry. We are property managers with rental choices to suit a wide range of lifestyles and budgets.

Take the Time to Get Your Documentation Right

Having all the required documentation available for us is one of the most important things to get right. Applicants who have everything we have asked for are the easiest to process, and it is even better if you go the extra mile and have everything copied and presented in a folder for us to start your tenant file. This also applies to any housemates who will be sharing the property.

Punctuality and Good Manners are Remembered at Inspections

We often open rental properties at specific times to allow prospective tenants to view them. This is very time consuming for us, so we remember tenants who arrive on time. Punctuality is a courtesy in every industry and ours is no exception, as are visitors who are pleasant. The initial inspection, before even being accepted as a tenant, is not the right time to demand repairs or changes.

Dress to Impress

You may be surprised at our next suggestion, but again, just like a job interview, it helps to dress the part. We don’t expect people to dress in formal wear to view a rental property but looking dirty and dishevelled does not leave a good impression. When you show up neat and tidy, we know you are treating the application process seriously.

Follow Up Contact Indicates Genuine Interest

Finally, if you have put in an application and not heard anything after a couple of days, there is no harm in contacting the rental agent and offering to supply extra documents or references to indicate your interest. If they are tossing up between your application and another candidate, receiving a courteous contact from you could just be the thing that makes up their minds.

How Much Do You Know About Tenancy Laws?

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More people than ever these days are living in rental properties, so tenants need to understand their rights and responsibilities. The Residential Tenancies Act is the legislation governing tenancies, but the issues most often reported are ending a lease before the time is up, who pays for maintenance and repairs, getting behind in the rent, tenants’ right to privacy and getting the bond back when the tenancy is over.

Reputable Property Managers do the Right Thing

If you are a first-time tenant looking to rent a property, using a reputable agency like Bunbury Real Estate is your best chance for a hassle-free tenancy. As property managers, we observe all laws, from the day you lodge your application to the end of your tenancy. Many tenant problems arise when the property is rented directly from lessors, who may have their own interpretation of the law.

Breaking a Lease

Sometimes tenants find themselves in situations where they need to leave their rental property before the lease is up. If you have signed a fixed term lease, you could be liable for compensation to the lessor if you break the lease. There are processes to be followed so get advice from a property management agency like ours before you act.

Who Pays for Repairs?

A rental property should be in a reasonable state of cleanliness and repair before you move in. The tenant is responsible for keeping it clean and advising the lessor if any damage occurs. If intentional or negligent damage is caused by you or a guest, you are liable for the cost of repairs. However, you are not responsible for repairing the normal deterioration that takes place in any property.

Getting Behind in the Rent

Sometimes, even the best tenants get behind in the rent through unemployment or other circumstances. You must notify the lessor immediately to avoid your lease being terminated. However, the lessor cannot just evict you without following some legal processes. You may be able to negotiate a payment plan to bring your rent back on track.

Tenants Have Privacy Rights

As a tenant, you have the right to privacy, so the lessor cannot drop in unexpectedly to check the property. The correct notice period must be given to the tenant and this includes instances where tradespeople need to do work, and if the property is being showed to prospective buyers.

Getting Your Bond Back

For tenants who leave the property in good condition, getting their bond back is a major concern, especially if the lessor tries to claim it without sufficient reason. Be assured that the bond money can only be disposed of by consent or court order, all of which involve legal processes.

For peace of mind, select your rental property through an agency such as ours, and leave all the legal issues to us.

Key Attributes Of A Good Tenant

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Many people are now making a conscious choice to rent rather than buy, so it is more important than ever for prospective tenants to have a good reputation. The competition for desirable properties is intense, with renters reporting that there are many others putting in applications to secure the same property.

How to Stand Out from the Crowd

With owners and property managers being able to pick and choose, what are the attributes that a tenant needs to secure the property of their dreams? While paying your rent on time is the obvious and most important one, there are others that will identify you as an ideal tenant when you present your landlord reference to the next property manager.

Did you know, for example, that the relationship you build with your property manager is one of the most important you can foster? How do we know this? At Bunbury Real Estate, our property managers go out of their way to make life easy for both tenants and owners, so when a tenant returns the favour, they don’t forget.

Take Care of Your Rental and Keep it Tidy

It really is as easy as taking the same care with your rental as you would if you owned it. If you live in a free-standing home, keep the yard and footpath mowed and the gardens tidy. In a unit or apartment complex, help to keep the common areas tidy and other people who live there will appreciate your efforts, whilst you will make some great friends.

Report Breakages Truthfully

Don’t intentionally damage the property, and if you break something accidentally, report the damage and the circumstances immediately. This helps the property manager to arrange better repairs and services and gives the owner the chance to claim on insurance.

Don’t Authorise Repairs – Leave it to Your Property Manager

If there is a Repairs Policy at your agency, make sure you know what it entails. Report any breakdowns or needed repairs, then follow the process in the policy. You should not spend your own money or authorise repairs or alterations without approval. Sometimes things may seem to take too long but be patient and keep in touch with your property manager.

Enjoy your Rental While Respecting the Rights of Others

Respect the rights of your neighbours to peace and quiet, especially if you have parties or regular guests who may create excessive noise or cause parking problems. These days, many people work irregular hours. Check in with others to make sure you are not imposing on their rights.

Protect Your Hard-Won Reputation

If you abide by all the terms of your rental agreement, you will soon be the most desired tenant at your agency. Also, when you want to move on, that good reputation will be your best friend.

Solutions For The Nervous Property Investor

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If you have just purchased your first investment property, the chances are that you may be daydreaming about your second or third and imagining yourself ten years down the track as a multi-millionaire property magnate. Before you get too far ahead of yourself, however, there are still some important decisions to be made if you wish to get the most value out of this new venture of yours.

Get This Wrong and it Costs you a Bundle

One decision you will be confronted with almost immediately is where to find a reliable tenant, and if you get this decision wrong, you could find yourself thousands of dollars out of pocket. The media is filled with stories of tenants wilfully causing property damage and not paying the rent. Delays in the legal process can allow lawfully evicted tenants to remain in the property for weeks or even months, placing an enormous financial burden on the owners, who must still pay the mortgage even though there is no income to offset it.

Professional Property Management is the Solution

Investors should not despair, however, as there is a solution. Professional property management by a reputable agency is not expensive, and their experienced team takes all possible steps to ensure that only reliable tenants are placed in client properties.

Take our agency, Bunbury Real Estate, as a typical example. We have been finding tenants for our clients’ properties for some time, and now have a reputation in the industry for delivering a “hassle free” service. If you are unsure if the rent you are expecting for your property is market value, we offer a free appraisal, giving you a realistic figure by comparing your property with others like yours in the target area.

Proven Management Systems

Once we become your property manager, we go to work using our proven management systems to select the best tenant. Typical steps are to check our database of already qualified prospective tenants for those that suit your property. If the best prospect is someone new to our agency, we then follow our selection process to ensure that the person meets our criteria.

Reference, Credit and ID Checks Essential

We always check references given by previous landlords, ask for identification and evidence of employment, as well as perform a routine credit check to ensure there are no outstanding credit issues. Once the tenant has passed our selection process, we make sure that all the required legal documents are correctly completed and lodged with the appropriate authorities.

If you want your property investment to keep earning with minimal involvement by you, getting a professional agency like ours to do the work for you is the obvious choice.