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May 31, 2022
5 Ways to make your investment property tenant friendly
Most prospective tenants have a list of ideal features they’d like in their home. If you can offer these in your investment property, your chances of securing a quality, long-term tenant increases. Not only does this provide peace of mind that your property will be looked after, but quality tenants are more likely to pay their rent on time, every time too. Below, we’ve outlined five key things that will make your property tenant friendly. Allow you tenant to have pets Allowing pets at your property may sound like a big risk, but with over half of Australia’s households including a pet, it can be a wise move. While the tenancy laws vary in each state, with Victoria significantly limiting a landlord’s ability to refuse pets, it’s still a good idea to consider if you should allow tenants with four-legged friends to call your property home. Not only does it open up your property to more potential tenants, but people with pets tend to opt for longer leases too. This can provide more stability for you and your tenants. Consider a low-maintenance garden Putting thought and effort into the garden will create a nicer living environment and attracts better tenants. If your property has the space, consider planting a low-maintenance garden. Hardy plants that don’t need too much pruning are best. Good options include willow myrtle, bottle brush, star jasmine, and lilly pilly. And if there are any gaps in garden beds, fill these in with mulch so weeds are less likely to grow. Keep paint colours neutral When it comes to painting the walls in an investment property, neutral is best. Stick to white shades that allow your tenants to put their signature on the place when they’re furnishing and decorating. Neutral paint shades are also good for resale. Include the mod cons Your property may not have air conditioning or a dishwasher yet. If you’ve got the space and the budget, installing these can attract tenants for whom these mod cons are non-negotiable. This can make your property especially competitive in regions with blistering summers or icy winters. Get some ideas here. Include quality fixtures and fittings The goal with any fixtures and fittings in your investment property should be quality and simplicity. If some of the fixtures and fittings in your property could do with an update, consider some changes. Key things tenants may be looking for include stainless steel appliances in the kitchen and simple, modern lighting fixtures that are easy to clean. Find great ideas here Putting some thought into what tenants are specifically looking for in an ideal property can be the difference between leasing your property in days versus vacancies that span weeks. Think about things like making your home pet friendly and including a low-maintenance garden to make your property stand out in the market no matter when it becomes available. Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself. Next blog: How to pick the perfect tenant for your rental property
May 24, 2022
How to pick the perfect tenant for your investment property
How to pick the perfect tenant for your investment property Once you've bought an investment property and got your place ready to lease, the next major thing you need to do is find the perfect tenant. Your property manager will be able to help you position your property to attract the best applicants possible. Once you've got some great potential tenants through the door, there are some key things to look out for. Keep reading for our top tips on what to focus on when assessing potential tenants. Ask good questions Whether you're looking after leasing yourself or your property manager is doing this for you, a few key questions will give you a glimpse into your potential tenants. Some good questions to ask are: Why are you moving? This will allow you to determine if a tenant is leaving their current property due to problems such as a dispute with neighbours or getting evicted. Quality tenants will usually have legitimate reasons for moving, such as a baby on the way, moving closer to work, trying a new suburb, or wanting more space. What's your employment situation? Someone's work arrangements naturally impact their ability to pay rent. Casual employment can present a greater financial risk, while those with permanent full time or part-time jobs may be a lower risk. Asking for employment references can help you verify a potential tenant's employment stability. Can you provide rental references? One of the best ways to learn more about your potential tenant is by contacting rental references, such as previous landlords and property managers. If a referee is hesitant to answer openly or gives excuses, this can be a red flag. Verify the person's rental history Your property manager can help you verify your potential tenant's rental history. They can do this by contacting the applicant's rental references, verifying property ownership if the person is moving out of their property, and checking if they are listed on any tenant default databases. Check application accuracy and completeness If a potential tenant has taken the time to provide as much information as possible to make assessing their application efficient and easy, it can be a good indication that they'll bring this same diligence to caring for your investment property. Before assessing an application, check that everything on the form is completed and all the supporting documents were submitted together. If you're unsure about the applications you receive, get your property manager to help you and provide some advice on who made a good impression at the open home. Taking the time to find the perfect tenant will provide you with many benefits while your property is leased. Not only does it increase the likelihood that your rent will be paid on time and in full each month, but a good tenant will also look after your property as if it were their own. Use the tips above to identify quality tenants and give yourself peace of mind that your property is looked after. Want to know more? Get in touch today. Click here to get in contact Remember, this article does not constitute financial or legal advice for your investment property. Please consult your professional financial and legal advisors before making any decisions for yourself. Find out more about Mi Casa here
Apr 19, 2022
Five Top Renovation Tips for your investment property
5 Top Renovation Tips for your investment property TV shows like The Block are entertaining not only for the quirky characters but for the inspiration it provides to one day make your renovation dreams a reality. Of course, it can all look like a fun project when it’s produced into a tidy 60-minute episode, and some of the most important lessons don’t make it to air. Just like any other property renovation, there are five things you need to keep in mind to make your investment property renovation project a success. Set a budget and stick to it Don’t rush to flip through home magazines or scroll through Pinterest before setting a budget. It doesn’t need to be complicated. You can simply start an Excel sheet with your budget and current spending to keep track of everything. Key items you may add include: painting flooring appliances lighting fixtures other fittings such as ceiling fans and larger jobs such as waterproofing and redoing tiling. A 10 % contingency should also be part of your budget to account for inevitable time and money overruns. Set realistic timelines One of the biggest headaches with renovations is timelines. You’ll need to coordinate the timing of different jobs and access for trades, plus access to everything people need to do their jobs. This means having all the materials available and ready for tradespeople to start work as soon as they’re on site. When you’re collecting quotes for your project, get an estimate of timing from each trade and make sure you’re clear on what they need to hit the ground running at your property. Hire professionals where it’s needed If you’re lucky enough to have a trade or close friend or family member who’s happy to work on your project, it can save you time and money. However, if you don’t have the specific skills to complete parts of your renovations, it may end up costing you more in the long run if you try DIY too many things. Sure, doing the painting yourself may be an easy enough job, but you need to trust experts too. This is especially important for electrical work or anything that may cause costly damage if it’s not done properly. Stick with neutrals Your future tenants want to be able to make your investment property their own with furnishings and decorating. Keep paint colours and fixtures, and fittings neutral. This is also likely to save you money as you’ll be choosing options that are typically readily available from suppliers. Have a vision before you start Like any project, you need to have a vision of your end goal before starting. Keep images for inspiration, so you know what you’re looking to achieve. Pinterest, real estate listing websites, display homes, and magazines can all be great sources of inspiration. A successful renovation of your investment property can help you achieve a higher rental yield and better-quality tenants. Knowing where to invest money in your renovations and what’s best left for a project in the future is the key to maximising your returns and achieving your long-term wealth-building goals. Keep the tips above in mind and carefully plan your renovation to get the best result possible. For some great ideas, check out Three Birds Renovations. Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself. Read another blog here: Four steps to finding the right property manager.
Apr 19, 2022
Four Steps to Finding the Right Property Manager
4 Steps to Finding the Right Property Manager A good property manager can make a huge difference to your property investment. Not only will an experienced property manager be in tune with your market to provide you with the best advice and results, but the day-to-day administration is also taken off your hands and out of your mind. Of course, everyone’s needs are different, and you may choose to have more involvement in your property than other investors, that is ok and you are allowed. Regardless of how much administration and management you want to delegate to a property manager, there are some key things you should consider to find the best solution for you. Keep reading to learn how to find the right property manager for you and your investment property. Check for attention to detail An experienced property manager will have strong attention to detail. With so many dates and deadlines involved in owning an investment property, you want someone who takes the time to look after everything from advertising your property and securing new tenants to routine inspections and compliance matters such as routine smoke alarm inspections. In addition to this, property managers deal with tenants every day, so they know the little things people are looking for in a rental property. Having an expert who can highlight these in their communications and at property inspections can make the difference between finding dream tenants in days, not weeks. Trust us, this is the outcome you want, Systems and processes Finding a property manager with all the right systems and processes in place will give you peace of mind. Similar to having strong attention to detail, the best property managers will have all of the systems and processes set up to ensure everything is done on time. Think things such as automated processes such as processing rental payments and producing rent receipts to reminders for routine inspections. Market knowledge and insight A key benefit of an experienced property manager is their market knowledge and insight. By working with someone who knows the area where your investment property is located, you can strike a balance between maximising your rental pricing and finding new tenants quickly when the need arises. Further, when it comes to renewing the lease with current tenants, your property manager will be able to confidently advise if a rent increase is appropriate and how much it should be. Support People need to take a break or a few days off if they’re unwell like any other job. It’s important to check what support your property manager will organise when they’re not available. Make sure they have systems and processes set up to continue looking after your place and tenants. There’s a lot to consider when you’re looking for a property manager. With the factors above in mind, the best thing you can do is begin searching (if you haven’t already received referrals from anyone in your network) and speak with potential property managers. Once you’ve spoken with a few different property managers, you’ll get a feel for who is the right fit for you. Talk to us today to find out if we are the right fit for you and your property needs. Find out more about what drives Mi Casa here. Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.
Mar 11, 2022
Lawncare- looking after your grass
Is your grass dying? Even after all your best efforts. Here are some tips for making your grass the envy of the neighbourhood. Top tips: Check your sprinklers. A lot of us may not be home when they come on and we apply the set and forget philosophy. Make sure all the sprinkler heads are popping up when it comes on and all areas of the lawn are being reached. If not, a little hand watering may need to be applied. Could it be black beetle? Has your grass suddenly died when it was green just last month? And has it gone a grey colour. It could be Black Beetle. Remedy: Grab some pellets from the lawn care section at Bunnings (not the spray) and reapply to your grass for a few weeks as per the instructions. It will grow back once the beetle has gone. And don’t forget to increase the watering. Have you got mole crickets? These scary-looking little blighters sound like frogs in the garden at dusk. They also leave sand mounds on your grass in the morning. Remedy: To get rid of these guys, you need to follow the sound to where they are, fill a watering can with some lemon dishwashing liquid, and soak the area. This will bring him to the surface and get rid of him immediately. Has it been sunburnt? We have had a pretty HOT summer (understatement of the century), and it could be that your grass has got sunburnt. This means the water is not penetrating the soil. The important thing to remember is to make sure the water is getting to the roots of the grass. Remedy: Apply a wetting agent and go over with a pitchfork to aerate it. Repeat wetting agent in a fortnight. Should bounce back in a few weeks. Extra tips: Spray some seaweed extract to help the plants cope with the heat better Let your grass grow a little longer in summer, as this will help the soil to retain the moisture Don’t allow water to pool or puddle Water the lawn not the path Aerate your lawn using a garden fork. Your grass needs to breathe Feed your lawn using a quality fertiliser. Keep control of those pesky weeds, or they will take over. Looking for more lawn care tips? Hoselink has a great video done by Horticulturist Ben Hayman here where he shares all of his top tips to get your lawn looking lush and healthy. Have any questions about your maintenance, please read this blog
Mar 4, 2022
Fastest Ways to Attract a Tenant to Your Property
Is your property currently vacant? Or have your current tenants have notified you that they’re moving out at the end of their current lease? Now is the time to find the right tenants. There are a few key factors that will help you attract great tenants to your property, longer term tenants, caring tenants, honest tenants. The longer your property is vacant, the more it could have an impact on your investments performance and finances, so use the tips we have provided below to make finding your next tenant a simple and smooth task. Get professional photos We’ve all seen them online, time after time — the rental listing that has poorly-lit photos that are oriented terribly and often feature a reflection of the person behind the camera phone in a mirror or window. A professional photography session for your property will likely set you back around $150, but this is money well spent and we believe is worth every cent. By using a professional photographer, your photos will be well lit, edited and taken with wide angles to make your property stand out online and attract quality tenants. Plus, did you know that the photography costs are usually a tax deduction, and you can re-use the professional photos next time you need to list your property? Win-win! Need more convincing, check out this article. Make sure the property is presented in its best light Keeping your property well-presented, both in the listing photos and when the property is available for inspection, is a great way to attract quality tenants and applications from the first open home. Ideally, your property will be decluttered, clean and in good condition, with no visible signs of maintenance or repairs. If your property is currently tenanted, you could even send a professional cleaner and a bunch of flowers to the property to make sure your place is spick and span before the open home. List on high-traffic sites Did you know that most people find their next home online using one of the popular real estate websites. For example, realestate.com.au has almost 20 million visits per month. Prospective tenants are using these sites everyday to search. Therefore, it is important you use these platforms to get your property in front of as many potential tenants as possible so that you can get your property leased quickly. While your photos are in progress, work on the listing copy making sure the best features of your property, plus other important information such as local amenities and the feel of the neighbourhood, are highlighted. If you have a property manager, they can help you write a compelling listing (trust us we know). After buying the perfect investment property, finding a great tenant is key. Follow the steps above to make sure you’re giving yourself the best chance to attract great tenants quickly. Most people find their next home online using one of the popular real estate websites. We understand that getting professional photography and a cleaner could be an expense, but these costs can have your property leased quickly and avoid long periods of vacancy, making it a worthwhile investment. And if you’re feeling unsure about the leasing process, talk to your personal and experienced property manager as they know how to streamline all the steps, provide valuable information, and make sure you secure the right tenant quickly. For any more information, contact the Mi Casa team today on 08 9339 7079 Looking for more Landlord information, follow this link
Mar 4, 2022
4 Things you MUST Know as a Property Investor
Whether your investment properties are positively geared, and you’re enjoying consistent cash flow, or you’re looking to use the long-term capital growth in your property to propel your wealth-building, there are some key things you need to know as a property investor. If you’re not aware of these things, you could find yourself with unexpected problems and expenses, which can impact your investments. Keep reading to learn the key things you should know as a property investor so you don’t get any nasty surprises throughout your investment journey. 1.Landlord’s insurance is a smart investment Your investment property is likely one of your most valuable assets, so it makes sense to protect it. While landlord’s insurance isn’t compulsory, it is a good idea to take out a policy that covers you for things such as damage caused by water leaks, plumbing issues, and if a tenant deliberately damages your property. Some policies will also cover you for lost rental income if your tenant vacates unexpectedly or stops paying rent. 2. Budget for ongoing costs when you buy Sure, you’ve probably worked out your mortgage repayments and secured pre-approval for a loan, but have you factored in the ongoing costs of having an investment property? Make sure you budget for expenses such as land tax, council rates, water bills (where applicable), and strata or owner’s corporation fees for townhouses and apartments. 3. Keep up to date with regulation changes Tenant legislation is constantly changing across jurisdictions. And with the proportion of renters in the community increasing, there’s a general trend for legislation changes to be more accommodative of tenants. For example, in Victoria and the ACT, landlords may not be able to refuse a tenant’s right to have pets at their property. With changes like this becoming commonplace, it becomes even more important to secure great tenants who will not only look after your investment but make sure any four-legged family members don’t damage your property. 4. Make sure your property is safe Fire alarm legislation is another area constantly changing. Your property manager will keep you updated on these and similar changes. However, you should make sure you always have funds set aside for compliance activities, such as upgrading your fire alarms if required. Having an investment property is rewarding in many ways, but you need to make sure you’re aware of your upfront and ongoing costs and potential risks. Factor in the items above for your current properties and future purchases to proactively manage your expenses, address problems and stay on track with your wealth-building goals.
Feb 8, 2022
5 Reasons Why You Need Landlord Insurance
As a landlord, your investment properties are likely some of the most valuable assets you hold. And no matter what your long-term goals are with property investing, it’s important that you protect your assets and minimise the risk of significant financial loss if something happens to your property. While it’s a cost to add to your monthly or annual expenses, it could pay back tenfold in the case that you ever need to make a claim (hopefully, you don’t!). Here are five reasons why you need landlord insurance. To protect you if your tenant’s circumstances change Thorough due diligence during the application process is normal, and it helps you pick the best tenant. However, it doesn’t guarantee the tenant will keep your place in top condition. If a tenant’s circumstances change, it can affect their financial stability and impact how they look after your place. Landlord insurance will protect you from any losses you may incur if your property becomes unexpectedly vacant and cover the expense of any repairs that may be needed. If you have a short-term or holiday rental When you have a short-term or holiday rental, there’s often not as much due diligence on potential tenants and guests. This makes landlord insurance particularly important as you don’t want to risk spending more than the price of someone’s stay for repairing any damage they cause. Peace of mind in case of accidents and natural disasters Accidents happen, as do natural disasters. Having adequate landlord insurance will cover you in the event of floods, bushfires, or other natural disasters (depending on your policy). It will also cover you for broken or leaking water pipes or a house fire. To cover the cost of damage caused by pets Pets are becoming more common in rental properties. While they’re often cute, cuddly, and great company for your tenants, they can cause damage, especially to floors and gardens. For example, a dog may cause a stain on the carpet in a bedroom that can’t be removed after steam cleaning. Landlord insurance would help cover the costs to replace the carpet in this room. Unexpected incidentals If your tenant has to move out of your property unexpectedly, landlord insurance may cover some of the costs you incur. These costs may include cleaning, repairs, and advertising fees. Landlord insurance is a good safeguard for your investment property and your finances. By taking out a policy that meets your needs, you’ll have peace of mind that your assets are protected, and you’ll have the means to resolve any problems now and in the future. Of course, your level of cover will depend on the policy you take out, so make sure you do your research and choose a policy that meets your budget and provides the level of protection you need. Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.