Smoke Detector Maintenance
The Real Estate Institute of Victoria has recommended that Real Estate Agents engage independent contractors to regularly service smoke alarms in all properties listed on rental roles. Expecting tenants to maintain smoke alarms may not provide adequate protection and could endanger people and property.
M Estate Agents have taken the advice and have engaged Smarthouse Fire Solutions to manage this on our behalf. All our current landlords will be emailed shortly with further information and a consent form.
Please watch the video to see the process involved with checking smoke detectors. Look forward to any feedback.
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Who’s responsible for the utility and service charges, the landlord or tenant?
The landlord or agent must pay all installation and initial connection costs for electricity, gas and oil supply.
If there is a separate meter, all other charges for electricity, gas and oil must be paid by the tenant, unless otherwise agreed.
If there isn’t a separate meter, the landlord or agent must pay. Where bottled gas is provided, the landlord or agent pays for the supply or hire of the bottles, and the tenant pays for gas.
The landlord or agent must reimburse the tenant if the tenant has paid …Read More
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The perfect rental storm
Could the clouds be brewing on the horizon to create the perfect rental storm for landlords? Whilst some landlords like to think that the rent they receive for a property should be based on a percentage of the value of the property, the reality is that rental yields are more accurately based on the factors of supply and demand.
That is, the laws of how many renters there are and how many properties are available for rent. It can be expected that rents may be flat or reduce if there are few renters and many …Read More
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Selecting the right tenant
Collecting the rent on time begins with the selection of the right tenant. This is one of the key roles of your property manager and they will have a sound selection process they will go through.
Your property manager has gained experience in the selection process by having prospective tenants in front of them on a daily basis giving them the ability to decide who will be the best tenant for your property and screen the unsuitable applicants.
Criteria such as employment and background checks are important. If an applicant has …Read More
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Time is running out for FREE Property Insulation
The Australian Government has recently released some fantastic news for landlords!!
Under the national building stimulus package, the Government will provide up to $1,200 to cover the cost of installing roof insulation. This means as a M Estate Agent landlord that you won’t have to pay a cent towards improving your property(s) through this program.
Not only will you improve your property(s), you’ll also be doing the right thing by the environment as insulating your roof can lower heating and cooling costs by up to 40%. …Read More
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Why not become an owner instead of a renter?
Did you know that you can currently still receive the Government’s help in being handed some cash in your hot little hands to put towards your own little piece of bricks and mortar.
Not only are the Government still being reasonably generous with these handouts, but there’s more (just like the steak knives!) however, this will sort of end around the 31st of December 2009 so you have to be quick. …Read More
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Landlords, Tenants and Pets – Providing a Pet Friendly Property
Pets provide an interesting dilemma for landlords. Often tenants with pets have a real struggle to find a suitable rental property. In our experience we have found that people with pets are good stable tenants who remain in a property for longer than the average tenant as they may find suitable alternative accommodation hard to find. So we suggest you do not rule out people with pets, but instead remain flexible and open to prospective tenants with pets. …Read More
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“PAYING THE BILLS” – Should my property manager pay the bills on my behalf?
Organise your property manager to pay bills on your behalf from the incoming rental income. This will assist you at the end of the financial year, as all expenses paid by the property manager will be outlined on the end of financial year statement you will receive.
This will assist your accountant when it comes time to organise your tax and any money spent on the property can be claimed. Most importantly it will save you time.
Ensure you ask the relevant organisations to direct any regular invoices to the property manager e.g. owner’s corporation fees, water rates, council rates and land rates and taxes. Water usage is payable by the tenant provided the water is separately metered. If it isn’t, the landlord must pay for this.
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Improve your rental return, and increase the capital growth significantly and quickly
After Renovation
Before renovation
Would you like to improve your rental return, and increase the capital growth significantly and quickly, on your investment property.
There are great benefits for property owners to increase equity, rental yields and obtain greater depreciation for tax purposes. The potential additional equity to add is significant as is demonstrated in the case study of Herbert Street, St Kilda. A $42,000 renovation was undertaken, the increase in equity of the property was $80,000. In addition, the rental yield increased by $6,240 per year. …Read More
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How do you set the rental price for an investment property?
Unless you are active in the market every day of the week it is difficult to calculate what an appropriate rental might be. Property managers are in the market all day, every day and therefore they are able to advise you in regard to a realistic price.
Investors can be very sensitive about the rental price. In cases where it may be the first or one of the first investment properties for an investor, this is especially true, where they may not want to become involved in the process of setting the rental price. …Read More
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