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Rental Shortage - Properties Needed
6th November 2008
We have quite a few prospective tenants looking for rental properties but not enough houses to put them in. People are coming from the Eastern States, from Perth, moving for the lifestyle change. Albany is getting bigger, plenty of work is available and Albany is a beautiful place to live.
So why is there a shortage of rental properties? Well I think we can all answer that question.
Living costs - food, petrol are increasing, rent prices going up, and of course bank and mortgage fee increases - owners are trying to sell their properties or move into them. These are some of the reasons, just to name a few why there is a rental shortgage around. And now there is the stock market crash, well there should be some interesting times ahead.
Owners who have been trying to sell, why not rent your property for a year until the market picks up? We have tenants looking for three and four bedrooms, properties close to schools, we have many people looking for properties that will allow their faithful companion.
So, to all owners - are you loking for a great tenant and fantastic property manager like us to manage your investment property? Call Merrifield Real Estate for a free appraisal today.
Attracting and choosing good Tenants
Le-Anne Ding 17/09/2008
If you want to attract tenants who will care for your property as much as you do, it is important to present it at its best. The Residential Tenancies Act says you must make sure your property is clean, and is fit and habitable condition at the beginning of the tenancy.
If a prospective tenant is interested, ask them to complete a pre-tenancy application form to find out:
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Their name and contact details
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Where they are living now and their rental history
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ID details
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References so you can find out more about them.
Before you decide to rent them the property, contact all the references they’ve provided and do a credit check.
Also be careful in any discussions leading up to an agreement. If you tell the tenant they can have the property, or a tenant says they will take it, or money is paid, this may be binding, even if an agreement is not signed.
Q. Are Landlords/Property Managers allowed to pull prospective tenants credit report?
A. yes you are allowed to obtain a report, this information will provide you wether or not the tenant is reliable to pay rent.
Q. Are Landlords/Property Managers required use written applications
A. Asking a prospective tenant to fill out a written application can protect you from law suits filed by irate applicants that you rejected as tenants. Having good written documentation supporting why you chose a prospective tenant (applicant A), having good credit history and job stability where far better than applicant B recently declared bankrupt and poor references from previous landlords.
Even if a tenant has a “ Blemish “ on their record or a negative experience with a previous landlord or credit holder – does not necessarily make them a bad tenant, sometimes their are reasons – But you may still want to be aware , Also a “Perfect “ tenant record does not make them perfect tenants.
Application Tips for Tenants
Don’t use friends/ relatives as references.
Call and ask the Property Manager if she/he has received your application and if there is any thing else they would like you to provide.
Attach payslips or proof of income and reference letters from employers, business associates, previous or current Landlord/Property Manager
If possible try and meet with the Landlord/Property Manager in person.
WANTED URGENTLY HOMES FOR OUR GROWING TENANT WAITING LIST
11 REASONS WHY YOU SHOULD CHOOSE
MERRIFIELD REAL ESTATE
TO MANAGE YOUR PROPERTY
1. Our property management team is skilled dynamic and enthusiastic, dedicated to ensure your investment property makes you money! All property managers are trained to know your rights and obligations as well as the tenants rights and obligations. The property management staff are fully endorsed members of REIWA.
2. Our Property Managements can give you an assessment of the correct rent. Many private landlords overestimate the rental amount charged resulting in a lost of rental income through a high vacancy rate.
3. Merrifield Real Estate receive most of there prospective tenants through our advertising/marketing procedures. We have three rental availability web sites which are always updated and our weekly newspaper advertising.
4. We have proven working procedures and systems to deal with the renting of your home successfully. We use all the  current and correct documentation to avoid any disputes that could leave you liable. Legal contracts stating the tenants responsibilities is important as it protects the investor.
5. Our reputation is that we maintain a high level of cleanliness and maintenance in all our rental properties.
6. Merrifield Real Estate do not give out vacant property keys to prospective tenants to view your property. We make viewing times suitable to all parties. Private landlords can be more restricted with their time therefore may not be able to find the best tenant for the property in the fastest time.
7. We conduct thorough background tenant security and verification checks before the application is approved to ensure that you get the right tenant, we use such checks as the National Tenancy Database, TICA and previous rental history references.
8. We do full property inspections prior to tenants moving in and when vacating. Routine inspections are carried out every 3 months to maintain your property in a high standard, and keep tenants “on their toes” which helps them take good care of your asset. We carry out bond inspections and inventory updates at the commencement and termination of your tenants tenancy.
9. Our very competent and widely used real estate program “GeeDee” correctly deals with your day to day procedures, generation of monthly statements, Cheques/Direct Deposit payments and history statements for accounting and taxation purposes.
10. We attend to maintenance issues promptly and only used proven maintenance persons with all insurance and registration checks. All rent collections and maintenance accounts are then paid for on the landlord’s behalf.
11. Having your rental property managed professionally is a great tax benefit being as all management fees are tax deductible. If you plan to buy several investment properties, managing them yourself can be time consuming and involve personal time for which you will receive no payment for. Also why waste Valuable time searching for all those records at tax time on what maintenance was carried out.
Home Improvements
Does your investment property need attention? When was the last time you upgraded your property?
Improvements and renovations to a rental property are important to protect short-term return (rental income) and capital growth of the investment. A poorly presented property will only attracted a similar style of tenant resulting in further deterioration of the property.
It is a fact that rental properties are exposed to tenant “wear and tear” therefore will require work from time to time. You should budget to upgrade the property on average every five years.
Following is a list where improvements are often required:
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Kitchens an old kitchen can be renovated by replacing cupboard doors and bench tops. It is often not necessary to replace the entire kitchen.
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Bathrooms sometimes just re-grouting tiles and giving the walls a fresh splash of paint can do wonders.
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Exhaust fans ensure that there are working exhaust fans in the kitchen, bathroom, toilet areas to avoid a build up of moisture mould and heat stains.
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Landscaping/Exterior Painting. The kerbside presentation or initial impressions is important to the property appeal. Ensure that trees large shrubs are pruned, clear gutters wash eaves and wash external walls. If necessary you should paint the exterior of the property.
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Interior Painting. Paint the wall throughout in neutral colours and use washable paint.
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Replacing floor coverings. Choose a carpet that is long- wearing and durable. Avoid light tones that can easily stain. If replacing the floor coverings in the kitchen area, do not lay soft vinyl. Moving a fridge can easily cause cuts and tears. Use heavy grade linoleum or tiles.
By Attending to your home improvements on a regular basis you will preserve your investment.
Rental References
References are and essentially part of residential rental applications.
Property Managers have the knowledge and ability of sourcing and selecting the best tenents for your property. We use a thorough screening process to select the most suitable tenants and seek tenants who will pay there rent on time and take care of your property. Our selection process is an integral part of our management and reference and thoroughly checked. We have access to Defaulting Tenent Data Base such as TICA and NTD. The internet is an excellent source of information by providing accurate details on potential tenants.
With the right selection would –be problems and stress commonly associated with Propety Management are reduced. Gone are the days when Property Management was simply about collecting rent.
As a prospective tenant who wishes to rent your reference will assist in demonstrating your ability to meet the rental payments and also maintaining the property to a high standard. Provide any relevant evidence of your income and employment. This may include:
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Current pay slips
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A letter from your employer
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Your bank statement
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A letter from your current Managing agent or land lord
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A copy of your Centrelink proof of income etc
Reference about your good character can help but it is advised that relatives and close friends are not included as your reference as they may prove to be biased. It is a good idea to provide two or more references from people who have a good reputation. This means they do not have a criminal record or bad reputation. It is also good to provide details on how long this person has known you.
Changes in legislation and the levels of service required by tenants and landlords have made Property Management a specialised division of real estate.
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