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What’s the key to a successful tenancy?

by ShelMarkblog In Uncategorized

25 October 2018

If you own an investment property, you need assurance that you will receive both short-term regular income and long-term capital gain. While both objectives are, to a large extent, driven by the market, there is one sure fire way to dramatically improve the likelihood of achieving both – good property management.

Firstly, let’s take a look at the two main causes for a breakdown in a rental agreement:

The number one cause of a breakdown in a rental agreement is financial hardship. It only takes the loss of a job or a relationship change to leave a tenant in a dire financial situation.

Landlords can also face their own financial pressures, resulting from a number of things including tighter lending criteria, a shift from interest only loans to principle and interest, a reduction in rents over the last few years and loss of equity.

The result can be insecurity on both sides.

The second most common cause of a rental agreement breakdown is damage to the landlord’s property caused by the tenant.

How do you mitigate these risks?

The best way to mitigate these risks is to have your investment property managed by a good property manager. A good property manager will keep the lines of communication open, acting as the conduit between tenant and landlord. As soon as there are signs that trouble is brewing, the property manager can take steps to resolve the issue or, if it can’t be satisfactorily resolved, terminate the tenancy and find someone more suitable in as short a timeframe as possible.

REIWA receives thousands of calls a year to the REIWA Information Service from both property owners and tenants seeking advice and it is evident from those calls that there is a great lack of knowledge and understanding about the rights and responsibilities of each party.

The Residential Tenancy Act is complex. Hiring an experienced property manager with the skills and knowledge to deal with any situation that arises is the best way to safeguard against the early termination of a lease. When it comes to property managers, the benefits far outweigh the costs.

What should a good property manager do?

A good property manager works hard to maximise the return on your investment. To do this they focus on the big picture. There is a lot more to it than just collecting the rent.

He/she should:

• Find and keep the best tenants,
• Coordinate repairs and maintenance,
• Conduct regular inspections,
• Avoid lease expiry dates in periods of low demand,
• Maintain awareness of local development that may affect your rent, and
• Assess the rent annually so your rent remains in line with the market.

While we don’t handle property management in our agency, we can recommend some excellent property managers in our area. We have received excellent testimonials from the property investors we have worked with who use their services and would be more than happy to pass on their details to you. Contact us if this is of interest to you.


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Storage solutions on the wish list of more buyers

by ShelMarkblog In Uncategorized

12 October 2018

These days we all seem to have accumulated so much ‘stuff’ in our homes that it’s hard to find a place for it all. That’s no doubt why an increasing number of buyers today are placing greater emphasis on the importance of storage solutions when looking for a new home.

Everything from built-ins and walk-in robes in bedrooms (once the exception but now more the norm) to sheds and garage/workshop storage solutions have become high on buyers’ wish lists.

While it is difficult to attach a dollar figure to the impact good storage will have on your property’s value, the existence of storage does affect the buying decision. If there are no notable storage solutions in the home, buyers will be inclined to factor in the need to add their own storage solutions when negotiating the price. On the other hand, having excellent storage solutions tends to improve the competitiveness of a home in a crowded marketplace.

What are the top trends in storage solutions right now?

• Butlers pantry’s – this feature adds to the prestige of a property and is something buyers increasingly have on their wish list.
• Study nook near the main living area – a place to observe kids doing their homework while cooking dinner and store iPads, phones and paperwork, keeping them neatly in one place and out of direct sight.
• Garage/workshop storage – with DIY becoming increasingly popular, people are accumulating more tools and materials which need to be stored somewhere, preferably neatly and out of sight from the house.
• In-roof and under-stair storage – making the most of every accessible space in the home for storage is seen in a very favourable light by a growing number of buyers.
• Customised wardrobe fit-outs. Move over walk-in and built-in robes. Today’s custom-designed wardrobes are next level. They offer a place for everything and are every buyer’s dream (especially women).

Storage ideas to consider if you are planning to renovate

Be creative and think laterally when assessing your existing space for storage solution ideas. Do you have a staircase you could do something with or a roof cavity large enough to access for storage?

Think about the end user when planning to sell. What are their needs going to be? Does your home suit families with young children, professional people or empty nesters? Each target group will have different storage needs. For instance a family with young children would find a games room with built-in toy and game storage cupboards and shelves a huge bonus while professionals may value a home office with built-in shelving for books, files and folders etc.

Last but not least if you are selling your home, make sure you showcase how your home’s storage solutions will enhance the buyer’s life. It’s not much use having a custom-designed built-in wardrobe if all your things are thrown in there in a jumbled mess. Let your storage highlight to the potential new owner how much more ordered their lives could be.


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