24 Stirling Street, Bunbury
Western Australia 6230
P: + 61(8) 97 800 700 | F: +61(8) 97 800 701
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With a litigation attitude more and more on the rise in our society, tenants are more aware of their rights than ever before. Further, with lawyers now advertising and touting for ‘injury business’ we must ensure that rental properties are as safe as possible. In the next few weeks we will look at some areas of typical safety concern to help you reduce your litigation risk.
Tip One- Safety Tips for Your Investment Property
Shower Screens- Many properties still have wired glass in shower screens. Under extremes of hot and cold, these shower screens crack and can cause serious injury and leave you legally exposed. Install toughened glass, eliminating the chance of heat cracks and reduce your legal exposure. Don’t forget to talk with your insurer about the glass claim on your policy.
Tip Two- Safety Tips for Your Investment Property
Safety Switches- Young children have a fascination with sticking things in holes and unfortunately power-points can become a danger. Have your electrician install safety switches to protect tenants and their children- and also protect your conscience should something happen!
Tip Three- Safety Tips for Your Investment Property
Wooden Floor Boards- Wooden floors are great and can really lift the appeal of your property. However they must be properly maintained. Over time, some wooden floor boards may become loose and in some cases have caused serious injury to tenants who have subsequently fallen through them. Between tenancies go around and check that they are sound, and repair them as soon as they are reported loose by your tenant.
Tip Four- Safety Tips for Your Investment Property
Keys- Not only must we ensure that locks are reasonably secure, but also ensure that keys are received back from tenants when they vacate. Photocopy the keys when a new tenant moves in and get them to sign the photocopy, acknowledging having received them. Although legislation does not insist that locks be changed between tenancies, we must do all we can to ensure that what keys were given out- we get back!
Tip Five- Safety Tips for Your Investment Property
Slipping and Tripping Hazards- This type of hazard is the most common with litigation against landlords. Be vigilant for anything that may cause a tenant or their visitors to trip. Loose carpet and lino, unstable stairs, pot holes to driveways, cracked and lifting pathways, uneven driveways- all present hazards that can be prevented. Be proactive in identifying hazards and repair or remove them.
Ray White Bunbury Property Management
Introduction- Getting Property Management Right!
Managing a tenancy is not for the unwary! It would be great to take a prospective tenant on face value, receive the rent on time without question, have the property well cared for all of the time and all expectations met. But we know that is not reality!
Over the next several weeks and due to popular demand, we will share with you some further hints and tips to ‘getting it right!’
Tip One- Getting Property Management Right!
Tenant Selection- Human nature is very predictable! The one thing you can rely on is that people will generally be consistent with who they are! If you can check their rental payment track history for the last 1 to 2 years, and know how they maintained the property, you can be assured they will most probably perform the same way with your tenancy. Past behaviour generally dictates future performance.
A bad tenant will generally be bad, an average tenant generally average, and a good tenant good…subject to a change in circumstances!
Tip Two- Getting Property Management Right!
Barking Dogs Get Fed First! Some tenants who choose not to regularly pay their rent on time because they ‘prioritise’ their regular income for ‘other things’, will usually pay their most urgent bills to only those who are ‘barking the loudest’. This could be the electricity that is about to be disconnected, or some other urgent bill. With these types of tenants, unless you are constantly following them up you may not be priority to paying you your rent monies on time. Remember that barking dogs get fed first!
Tip Three- Getting Property Management Right!
Conduct Regular Inspections- Never assume that your tenants are looking after your property without confirming this with regular inspections. Sometimes the people that have convinced you the most that they will do the ‘right thing’ are the ones that will not look after your property!
Inspect as often as you can (within legislation guidelines) and ensure that your property is being well maintained.
Tip Four- Getting Property Management Right!
Your Tenant and their Pets- Be Specific! If you allow your tenant to have a cat or dog, be sure that you sign an agreement with them with conditions of the keeping that pet. Ensure that your agreement states the type of pet (cat or dog etc), its breed, age, colour and even its name! This ensures that your permission extends to only that pet and to no other.
Also have in writing that the pet cannot come inside the property, cannot be a nuisance to neighbours, and for the tenant to be responsible for any damages. Having this agreement in writing assures that expectations are clearly understood for a better tenancy relationship.
Tip Five- Getting Property Management Right!
Always Get Tenancy Agreements in Writing- Always have your tenancy agreement in writing with your tenants. Gone are the days of ‘a handshake agreement’ as they can be vague and details once verbally agreed upon can then be easily thrown aside in a dispute.
Ensure all your expectations are clearly explained, water charges outlined, how to pay the rent and when, the amount of bond, as well as other important conditions are explained thoroughly. Remember- a well explained tenancy makes for smoother sailing!
Introduction- Leasing Your Property FasterVacant Rental Properties affect your overall annual income.
For every week that your property is vacant your annual return is affected! Therefore if a property is vacant, or becoming vacant, there are several strategies you can implement to keep vacancy to an absolute minimum- it’s all about price and presentation! In the next few weeks we will show you how!
Tip One- Leasing Your Property FasterRight Rental Price- Everyone wants to get the best dollar they can for their investment property. However for every week it is vacant it reduces your annual income return by 2%! That’s a huge loss! Have your property appraised by an experienced property manager who knows well your locality, and knows how to get the best market rent without pricing you out of the market!
Tip Two- Leasing Your Property FasterFront Presentation- Ensure that the presentation from the front is inviting. Tend the gardens, mow and edge the lawns. Clean the gutters, clean the windows, sweep the paths and freshen up the paintwork if it is old and peeling. Concentrate on presentation as seen from the street. Don’t turn a good tenant away before they get to the front door!
Tip Three- Leasing Your Property FasterBasic Repairs- See that the basics are looked after. Repair/re-seat leaking taps, shave sticking doors, replace broken light fittings and light globes, seal leaky gutters and replace torn and missing flyscreens. Replace broken cupboard door handles, repair damaged rollers on sliding doors. These things may be seem minor issues to you, but may make a big deal to a lot of tenants!
Tip Four- Leasing Your Property FasterRemove Odours- Rid odours that you may not notice but your prospective tenant may pick up. Cigarette smells and pet odours will turn good tenants off your property. Consider getting the carpets and curtains deodorised as well as properly and professionally cleaned. This may work out cheaper than a long vacancy period!
Tip Five- Leasing Your Property FasterViewings- Don’t show your property during darker hours but only when the property is well lit. Open curtains and blinds, turn on the lights and brighten up the rooms. Spray air-freshener before your prospective tenants arrive. It’s the finer touches that attract the right tenant. If your property is close to noisy roads only show properties at non-peak hour time slots
Santa arrived early - South Bunbury Location 5 bedrooms, what more could you want for Christmas..
What would you say if someone asked if you have any regrets or would have done anything differently in your life?
Bunbury Property and the team at Ray White Bunbury are wishing you all a great weekend and safe travels.
Bunbury Property and the team at Ray White Bunbury are wishing you all a great weekend and safe travels.
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