If your property is presently vacant or is about to become vacant, now is the perfect time to refurbish and maintain your property. Not only to take advantage of tax concessions but also to increase the rent achieved and minimise your vacancy periods.

Why not see the advice of your property manager or better still, inspect the property yourself to ascertain any works that may be necessary.

Things to take into consideration are:
• Repaint inside and out
• Minor kitchen updates like changing cupboard door handles, or replacing the stove, installing a dishwasher
• Install built in wardrobes
• Install dead locks and window locks as additional security features
• Install new light shades
• Replace old curtains and blinds

From our experience, we find that these are the initial appeal points that potential tenants are looking for in a competitive rental market.

By completing the above, you are not only putting your property at the top of the rental shopping list, you are also reaping some tax advantages and can seek an increased rent and reduce the days that your property remains vacant.

Securing a suitable tenant for your investment property is not as simple as opening the door and letting people see inside, handing out an application form and getting a lease signed!

We require all prospective tenants to inspect your property. This allows us to conduct an initial interview with the tenant and ask them some qualifying questions so that we can ascertain their suitability and find out why they are moving and how soon they can move in.

During this process we also listen to what the prospective tenant tells us about themselves. We do find that in some instances what people tell us at the inspection is different to what their tenancy application tells us. We proceed with caution with processing this type of application.

We require all prospective tenants to fill in a detailed tenancy application form which must be fully completed. The application is to be accompanied with 100 points of identification, employment confirmation and rental history & references.

We then call the tenancy and employment referees to verify the information provided and to ask a series of questions that enables us to make an informed decision as to the applicant’s suitability to your property.

We then cross check the information provided through a tenancy default database to confirm the details provided to us.

We will then contact you to discuss the applicant’s profile, our reference check findings and the terms that the applicant wishes to lease the property.

Although the final decision to approve or decline an application is yours, we will base our recommendations to you upon our first inspection interview and the information contained in the application and the reference check findings.

There is more to the vacating process than a final inspection and releasing the bond. Below is a checklist to follow to ensure that all of the bases are covered before you release the tenants’ bond.

1. Tenant responsibilities: Has the tenant given the correct notice in writing? Are they breaking their lease? Are they responsible for a portion of re-letting expenses, such as advertising?

2. Will the property be re-let? Will it be for a long or short term tenancy?

3. Review the rent. Does the market allow for an increase or is it necessary to reduce the rent to give the best chance of finding a tenant in a timely manner.

4. Start the advertising process as soon as possible to give maximum advertising time.

5. Confirm in writing to the tenant their vacate date, monies owed and the expectation in relation to the final inspection regarding what needs to be cleaned, removed, etc.

6. Book a final inspection. When conducting the inspection, be thorough. The property needs to be handed back in the same condition as it was offered to the tenant. Is the property clean, gardening done, all furniture removed, rubbish removed, damaged caused by the tenant repaired?

7. Verify that all keys are returned by the tenant including any copies that may have been produced.

8. Review the condition of the property – is it ready for the next tenant, or will maintenance, repairs or improvements need to be carried out?

9. Organise any cleaners, gardeners, tradespeople…, while the property is vacant.

10. Do not release the bond before all expenses are covered where applicable, including rent to vacate or required notice period, cleaning, gardening, rubbish removal, outstanding charges for water, break lease costs, damage caused by the tenant repaired, etc.

11. Does the outgoing tenant need to be listed on a default database?

Remember: Never begin a new tenancy too close to the end of the previous one. Always allow ample time so the property is presented to the ingoing tenant in the best condition.

The above will help protect your investment and ensure you are compensated fairly where applicable.

There are four key things you can do to accelerate your climb up the property ladder. Investing in property can involve significant financial commitment and also requires regular dedicated time and effort. Before making your investment, it is worthwhile seeking the advice of a financial adviser and considering the following top tips that may help you climb the property ladder.

Location, Location, Location: Investing in an area where there is strong demand for rental accommodation may significantly increase your investment return. Besides rental return, you may also be looking for capital gain. If possible, try investing in an area that has already seen its downturn and may be ready for, or beginning, its next stage of growth. New developments or expanding regions can offer great appeal. These options may be attractive to young couples or young families and may often be associated with new infrastructure and amenities such as schools, park lands and shopping precincts.

Do your research: Regardless of whether you purchase a new or established property, it may be valuable to enlist the services of a professional building inspector. An authorised inspector will check for signs of termites, salt damp, and other inconspicuous damages which may be costly to repair in the future. Before purchasing an investment property, it may be worthwhile seeking professional realty advice to determine the appropriate rental price. Setting the rent too high may make it difficult to find a tenant, while setting the rent too low may place you under financial pressure, limit your rental income and potentially attract unsuitable tenants.

Consider a property manager: The experience and knowledge of a professional property manager may outweigh the cost of their services. Property managers are able to help find suitable tenants as they have experience in screening prospective tenants and have access to a database that lists tenants with a history of defaulting on rental repayments, damaging property and eviction. As well as finding tenants, property managers are able to ensure all the required procedures take place, such as conducting property inspections, collecting rent and liaising with the tenant on behalf of the landlord. If you choose to self-manage your property, it may not be realistic for you to be able to attend to maintenance issues promptly. Delayed maintenance may lead to increased repair costs, poor professional relationships with tenants and susceptibility to legal liability claims if the tenant or their guest is injured.

Obtain appropriate insurance cover: A specialised form of landlord insurance may be something to consider, regardless of whether you choose to self-manage or appoint a property manager. A sound insurance policy should cover landlords for both malicious and accidental damage, their legal liability and the loss of rental income. A standard building and contents insurance policy generally won’t cover landlords for these risks. Check your insurance policy and seek professional advice to ensure you have the appropriate coverage.

We are recommending to our Landlords to consider obtaining a building inspection report on their investment property as an extension of our routine inspections.

Our routine inspections are inspections to report on the tenant’s care and maintenance of your property and to detail any suggested preventative maintenance. As we are not qualified building inspectors, a building inspection report will detail preventative maintenance required from a builder’s perspective together with an estimate of cost. A building inspector will also advise if your property meets the constantly changing building compliance standards, particularly decking, stairs and hand rails which are fast becoming peak areas of litigation against property owners.

Our recommendation to undertake such a report is to minimise the potential of legal action being taken against you in the event of an accident, but it also helps to determine potential future costs. Addressing these potential future problems in the short term may save a major expense in the future.

A building inspection report is a modest cost compared to the cost of potential litigation or major repairs.