Posts Tagged ‘investors’

AN INVESTORS GUIDE TO RENOVATING THEIR RENTAL PROPERTY

The longer you hold an investment property for the more likely you will at some stage need to undertake some renovations and major repairs. Properties eventually just get tired and run down no matter how well tenants look after them. Floors get damaged, kitchens and bathrooms get dated, gardens die off and fences rot. If your property is in another state or country liaising with your management company to undertake the renovations on your behalf can take a lot of the stress and hassle out of it for you. In fact, a good agency will bring any renovations required to your attention and offer to project manage on your behalf for a small extra fee. Every time a property becomes vacant is a good time to assess what work is… Read More »

PORTFOLIO VERSES TASK BASED PROPERTY MANAGEMENT

Which is the best option for your business or your property if you’re a landlord? When you are thinking about setting up or purchasing a rent roll this is one of the biggest considerations you will have to undertake. There are many pros and cons to both options, but the decision must come down to your rent roll size, your goals, and your core values. This is also an important consideration if you are a landlord interviewing for your fist property management company or thinking of changing to a new one. If you only have a small portfolio and are content to just have a natural organic growth rate, then there is little point in even considering task-based, as you will be wasting valuable income on wages, however, if on… Read More »

APARTMENTS VS HOUSES

Looking at buying your first home? Or are you a keen investor looking for your next property? The main question both buyers and investors are finding themselves asking is, “Should I be buying a house or an apartment?”. There is honestly no correct answer to this question, it is completely dependent on you and your situation. However, here are some things to consider before purchasing a home or investment.     PRICE   In some areas apartments are more affordable than houses, however, if you are willing to sacrifice location, you may be able to find a small house for a similar price. The general rule of thumb is, those properties closer to the city centre are more pricey, and the further out you go the more bang you get… Read More »

RENOVATION TIPS AND TRICKS

It is officially Block season, and if you are a fellow Blockhead like everyone else in our office you are probably itching to start your own reno. If you are thinking about giving your property a makeover, or a home renovation has been on the cards for a while, here are a few things you will want to know before you dust off the tools and start demolition. WHERE TO START 1.    Designing and Planning: Keep it simple and try to set your budget from the beginning. Also, try to be firm and final with your decisions within this planning phase. If you decide on these things early, you can avoid unexpected costs that may arise. 2.    DIY or Hire The Pros: Discuss whether you are going to do the majority of… Read More »

THE ART OF NEGOTIATION

Got your eyes on the prize but just don’t know how to initiate negotiation and enter buyers territory? Good news is, you don’t have to be a skilled negotiator to get a great price for your dream property. Here are some tips and tricks you can use to start negotiating today!   DO YOUR RESEARCH     Not only does this show that you are serious, it gives you a good understanding of the current market. Compile a list of comparable sales and weigh up their pros and cons in relation to the sale price. This will help you come to a conclusion of what you should offer for your dream property. However, it is important to ensure the information you have cited is reliable and recent.   COMMUNICATE WITH… Read More »

WHAT THE CURRENT MARKET MEANS FOR FIRST HOME BUYERS

We all know that the property market is ever-changing and following the recent election and the cutting of interest rates it is now more important than ever to analyse the market before diving straight in. Here is a rundown of what the market is currently doing, how you can break into it and some tips for making your goal of owning a property a reality.   INTEREST RATE CUT     At the beginning of the month, the Royal Bank of Australia cut interest prices to 1.25%. This cut will see mortgage rates fall although housing prices currently are still in a decline. This decline should not last too long, however, as it is expected that housing prices will start to stabilise as we enter 2020.   The rate cut… Read More »

TOP TIPS TO RENT YOUR PROPERTY QUICKLY

A vacant property is every landlord’s and agencies, for that matter, most vulnerable period. Whilst it is inevitable, at some stage when you own an investment property you will have to experience a period of time without tenants. This can be costly if not managed properly, each week without a tenant increases the financial pressure, especially if you have home loan obligations to meet. The goal though is to not only find a tenant but find a quality tenant that is going to pay their rent on time and look after the property as if it was their own. This must be achieved in the shortest time frame possible, to avoid unnecessary financial strain and stress. On the same note, if an agency isn’t doing their job to secure you… Read More »

HOW TO HANDLE DISPUTES IN PROPERTY MANAGEMENT

It’s the one thing all property managers want to avoid, and no matter how big or small, conflicts or disputes are always the tasks that are pushed to the bottom of the list. To ensure you are addressing these conflicts in the correct manner, here is an action plan to keep on hand for when things go pear-shaped.     DISPUTE RESOLUTION ACTION PLAN   1.THINKING, ASSESSING & PLANNING This is the stage where you take some time to think about what exactly the dispute is, how it occurred and how it can potentially be resolved. The more detailed information you can find about the issue, the easier it will be to help resolve it.   2. FOLLOWING THE RULE BOOK What is the legislation surrounding this issue, and what… Read More »

PREDICTING THE PROPERTY MARKET IN 2019

Do we really know what will happen to the Property Market in 2019? Do we ever really know what the property market will do period? There are some indicators that allow us to determine some of the property trends for the coming year, but there certainly isn’t a crystal ball outlining exactly what will happen and where. As we launch into a new year there’s a lot of mixed chatter about the 2019 markets, some full of uncertainty and others full of hype, and there is no shortage of so-called ‘experts’ looking to predict the future. Buzzwords like property market predictions, real estate cycles, property hotspots are currently being touted, but how accurate are they and should we listen to them? Despite the uncertainty, there are a few similar key… Read More »

MANAGING RENT ARREARS OVER THE FESTIVE SEASON

Let’s face it Christmas is an expensive time of year for us all. If you are already struggling to keep up with financial commitments or haven’t planned ahead, it can cause a substantial financial burden that can take a long time to recover from. In property management, we have found this is one time of the year our rent arrears can really blow out. It is unfortunate that with all the fun and festivities at Christmas keeping a ‘roof over your head’ is often a priority that gets shifted to the bottom of the list. The spin-off from this is that if our tenants aren’t paying their rent, a lot of our landlords aren’t paying mortgages and the financial strain mounts for all. At iThink Property, we have put together… Read More »

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