Posts Tagged ‘landlords’

15 QUESTIONS EVERY LANDLORD SHOULD ASK THEIR PROPERTY MANAGER? AND THE ANSWERS EVERY PROPERTY MANAGER SHOULD HAVE

New agencies are popping up everywhere these days and it has never been easier for landlords to jump ship and try a new agency. In Queensland under the new legislation, it is only 30 days before a landlord can change to a new agency if the property is tenanted, but if the property is vacant the change can literally happen overnight. There are many reasons why landlord changes agencies and you can check out some of my previous blogs for more information on this topic like, Why Budget Agency Doesn’t Mean Best or The Three Strikes You’re Out, which addresses the top reasons landlords leave an agency. Researching for a new agency has also changed thanks to the internet and digital marketing. Once upon a time most landlords were either referred by somebody… Read More »

NO EVICTION MORATORIUM – SORTING THE FACTS FROM FICTION

It is like a roller coaster ride of uncertainty and change, that is literally peaking in ebbs and flows on a weekly, sometimes daily basis. Property Managers are just waiting to see what is over the crest at the top of the ride, is it a sharp downward spiral or an easy slope we can navigate with just a manageable amount of fear. As an industry, we’ve been thrown a few challenges and there’s probably a few more to come, but the only way to deal with a challenge is to look it in the eye and say “accepted”, with all the force and conviction you can muster. The Queensland Government met right before the Easter break to discuss the boundaries concerning the six month No Eviction Moratorium. The positives… Read More »

THREE STRIKES AND YOU ARE OUT

Why Landlord’s leave a Property Management Company Just like a baseball and softball game, the general rule of thumb with Landlord’s is three strikes and you are out and a new agency comes in. As an investor myself I’ve used this rule of thumb to move onto a new agency, in fact, anything to do with customer service is generally a three mistake rule. Everyone is entitled to make a mistake every now and then, we are all human of course, but as the errors build up what happens is we lose trust and without trust what do we have? Trust is especially essential in property management, mainly considering we are dealing with people’s largest assets; they need to be able to rely on and trust that we have their… Read More »

TOP CUSTOMER SERVICE TIPS IN PROPERTY MANAGEMENT

Is your Property Manager giving you the service you desire? Let’s face it Real Estate is a pretty transparent industry. All Real Estate businesses are governed by the same laws and codes of conduct and we all have access to the same technology, so how do we stand out from the crowd in such a competitive industry? It’s pretty simple really, customer service. From retail to hospitality to online businesses and real estate, the key to success hinges on your customers and how satisfied they are with the service you provide. Especially now with the growth in online review services such as Yelp, Google and Trip Advisor, it has never been more important to keep your clients happy. The savvy consumer will conduct thorough research on you and your business… 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 »

COMPLIANCE – WHAT YOU NEED TO KNOW AS A PROPERTY MANAGER AND INVESTOR

Whether it is our workplace or someone else’s home, risk literally lies everywhere. We’ve all heard nightmare stories of people being sued over something insignificant, but have been paid royally for someone else’s oversight. It seems unfair, but increasingly this is the world we are living in. A pot hole on the pavement is a lawsuit for a broken ankle, a wet floor is a lawsuit for a back injury, a car accident is literally worth thousands in compensation. I’m not discounting genuine instances where compensation is legitimately required due to negligence, laziness or stupidity, whatever the reason may be. However, never more than now have we had to keep our eye open for the risks associated with every day to day life. Litigation is at its peak and the… 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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