“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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Market Rental
Rental prices are dictated by the market, not by the percentage of the sale price or increased interest rates, although these may be contributing factors. Market rental is dictated by supply and demand; at certain times of the year there may be a lot of tenants looking for accommodation and not a lot of accommodation available in a particular area. This will increase the market rental, whereas at other times of the year the same property might achieve a lesser rental due to less tenants looking and an influx of properties available for rent. Another factor that can get a lesser rent is the first home owners grant with more people opting to buy there own home instead or renting.
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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 and when will I get my bond back?
Once you have given notice to vacate the property manager will be on contact with you to arrange a final inspection with you. Here they check that the property is in a reasonably clean standard and if there is any damage done to the property. If it is not in a reasonable clean standard you will have to go back and clean it and once this is to a reasonable standard you will receive a bond claim form. Here you will need to complete the form and then the agent will send it to the RTBA. If all the details are filled out correctly …Read More
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How do I go about getting something repaired in my property and what is classed as an urgent repair?
If something needs to be repaired in your property, a maintenance request will need to be sent through to your property manager in writing via email/facsimile or post. It is important that you report any repairs required to the property in a timely manner, if you leave things and they get worse, in some instances you as a tenant can be liable for the damage being caused. We need your assistance as a tenant to keep note of anything that requires attention and to let us know before the issue caused further damage.
To email your request, send to repairs@mestateagents.com.au. Or, you will find the Repair Report form on our website www.mestateagents.com.au which can be downloaded, completed and submitted.
For general maintenance allow up to (5) working days for a tradesperson to contact you to arrange a time with you to come and repair the problem. Please keep in mind …Read More
Much ado about mould
Bathroom mould is ghastly to live with and difficult to get rid of once it takes hold. A little like weeds in the garden, one tiny spot can suddenly spread and end up covering the ceiling and walls of your bathroom.
So how do you prevent it? …Read More
Could saving a few dollars now cost you much more down the track? Why cheaper is not always better…
With the media constantly screaming at us about the doom and gloom of the worlds current economic state and how it is only getting worse, it is not surprising that saving a few dollars is more and more on people’s minds, as a result we have had more and more people asking if we can reduce our fees to manage their property. …Read More
I want to move out of the property I rent… What do I need to do?
How do I give Notice to Vacate of my property once my Fixed Term Tenancy has expired?
When vacating your property you are required to give a minimum of 28 days notice in writing via Email / Mail / Facsimile. All tenants that are listed on the tenancy agreement must sign this document in order for the notice to be valid.
My tenancy agreement has expired, can I just move out?
No, once your fixed term agreement expires it automatically rolls over to a periodic or month to month tenancy. You must give the minimum 28 days written notice. …Read More
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Handy household hints for maintaining your ‘home’ and the landlord’s investment during your tenancy
Have you ever walked into your bathroom and thought “ewww there is mould starting to appear on the ceiling”? Try washing the mould off with sugar soap as it appears! Always shower / bath with a window a smidge open! Always have your exhaust fan running and give the fan a clean when you notice muck and dust starting to build up. All these things will help preserve the life of the paint and help to keep your bathroom fresh and clean. …Read More
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Terminating a Tenancy – it’s all in the timing
As a professional investor one of the most critical requirements you will have is selecting the “right” tenant. Someone who pays rent on time and looks after the property as if it were their own home. This is after all, exactly what you are providing – a Home.
It is imperative that your property manager does extensive backgrounds checks to eliminate the high risk applicants and to source you the best possible tenant. But what happens when a couple of months into the tenancy, your tenant starts to pay their rent five …Read More
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