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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“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