Common Mistakes Property Investors Make - Indifferent Expectations

When it comes to property management, it is good to have the right understanding and expectation. Here are some common areas that can cause conflict and upset with property owners and investors:

1. General 'Wear and Tear'- this is understanding that every person who rents your property will always live differently than you would. 'Wear and Tear' is the allowance of some 'bumps and scratches' to paintwork, woodwork and other items however we also must be aware of the lifespan given to a number of key items in the property like carpets are seen to have a 10 year lifespan being need to be replaced and paintwork is given 5 years etc, and so if these items are damaged, then their age is taken into account at the time of loss.

2. The Rent Arrears Process- we are a strong believer in the zero tolerance approach! We believe that tough early intervention is the key to ensure that rent arrears do not get out of hand. However every now and then, despite all our best efforts a tenant may for whatever reason not pay and the situation is headed for eviction. However as in just about all cases the rent left owing has exhausted the bond, let alone clean-up and re-letting expenses, it is crucial not only to understand there will be a substantial financial loss, but also we strongly urge landlords to be covered by a quality landlord insurance policy. Ensure your landlords insurance covers you for loss of rent, loss or damage to the contents and loss or damage to the building. Remember to compare policies. This is the best way of determining the right policy for you.

 

3. Repairs and Maintenance- this is simply having the right expectation that everything that is provided as part of the tenancy, whether inside or outside, on the grounds or in a shed, has been provided in good working order. If an item breaks down, it must be repaired within a reasonable time frame. If it cannot be repaired, it must be replaced

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Unfortunately with the threat of further action by a tribunal and compensation awarded to a tenant is far easier and cheaper to quickly allow for repairs or replacement of items to occur. We will always contact you prior to arranging any maintenance so if you are going away or will be out of reach please let your property manager know. It can pay to leave a number of an emergency contact in case we cant reach you and we require urgent maintenance.

These factors keep you, the property owner and investor with the right expectations and to enjoy your valuable property investment more!

Tips to Help Lease Your Property Faster !

     Improving your property doesn’t need to cost a lot. Simple things are quite often over looked or treated as unimportant. Fixing and tidying up could mean a higher rental value, better quality tenants and the tenants have to maintain it to the standard they receive it in.

Street Appeal and External presentation

•   Ensure lawns and gardens are weed free with neatly trimmed edges, hire a gardener if need be.
•  Clear any debris
•  Remove any spider webs from eaves, light fittings and fences
• Patch up peeling paint on the outside.
•  Have a clean letterbox with no cobwebs or junk mail overflowing as this can look very unsightly.
•  Give the front door a clean and a coat of varnish/paint
•  Purchase a new door mat (not only does it help with keeping the floors cleaner but looks neat too)
•  Make the area as welcoming as possible
•  If your property has a pool, ensure the water is clean and clear and the surrounding area is clean. Having a pool should be an asset to the property but a green pool can be very off putting. 

Internal presentation

  

• Remove any clutter as this not only can look untidy but also makes a home look smaller than it actually is
• Ensure walls are clean and patch up any chips or gauges
• Everyone has different taste when it comes to colour’s so keep walls neutral and add colour with a bunch of flowers
• Kitchens and bathrooms are what seals the deal for most people so ensure they are clean, clear of clutter and well aired. Replace any broken or cracked tiles as these can cause issues and lead to water damage.
• Floors throughout the house should be swept ,vacuumed and or moped. Carpets should be steam cleaned once vacant.
• Windows and mirrors should be clean and free from dirt and hand prints.
• Attend to any general maintenance such as door knobs, light fixtures, torn fly screens, leaky taps and anything that is a stand out. Take care not to get into a major renovating job just make sure it is clean and looks well maintained.

Inspection time

• Allow as much natural light in as possible by opening blinds and curtains.
• If the weather permits open a couple of windows partially to allow fresh air though.
• During winter have the heater on prior to the viewing especially if you have a cold home and during summer have the air conditioner or fans running. The home should feel as  comfortable as possible.
• If you have a dog take it for a walk or have some one dog sit. A lot of people won’t look in the yard of a property if there is a pet present.

Professional Photos

• Having good photos is the first step to getting people in the door. After all people will only attend a viewing if they like what they see online.
• A professional photographer will use angles and shots you probably would never think of to show the property to its best advantage

 Allowing Pets

 

• Majority of tenants these days have pets. 
• If you say no pets we advertise no pets.
• This means someone with a goldfish in a bowl wont view your property.
• Advertising as pets negotiable lets you decide once the application comes in