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Found the perfect rental property but worried about missing out on it to other renters?
Here are some helpful tips to consider when applying for a rental property. Essentially, it all comes down to making a good impression.
Occasionally, owners appoint several agents with hope to achieve a faster result, however it is in the Landlord’s best interest to remain with the one agent. The reason being that this will allow the exclusive agent to exercise all their professional power to screen prospective tenants and select the most suitable applicant in due course. In the scenario where there are several agents (external variables come in play), it becomes a race to fill the vacant property and in a minority of instances, the foundations of being a neat, clean, tidy and reliable tenant are forgotten and this may lead to future dramas.
Property management process:
We take rent arrears seriously as we understand the primary reason for Landlords renting their property out is for the income. Elite Rental Team operates on a 2 day default system, where arrears collection commence on the 3rd day of arrears, followed by constant follow up. On day 15 of rent being unpaid, a formal Notice to Vacate is issued, followed by an Application to the Victorian Civil Administrative Tribunal for a Possession Order.
To ensure that the property is well maintained and looked after, we carry out up to two routine inspections per year, the maximum allowed by legislation. A report with photos is always forwarded to you after the inspection If you are in Melbourne, you are welcome to attend the inspection together.
Properties grow old and things break down over time, even due to normal wear and tear. When tenants report a breakdown or if we find items that require maintenance, we report them to you and help to coordinate maintenance. To ensure that the property is maintained in good and working order, we ensure the following:
When the lease is close to expiry date, we follow up with tenants in advance. We make rental recommendations based on the current market. Ultimately, our goal is to minimize the property’s vacancy and maximize the return on your investment.
When a tenant wishes to vacate the property we will confirm the details in writing to you. We will take care of all the necessary end of tenancy documentation. A final inspection will be carried out to ensure your property has been left in good condition.
Our goal is to help you capitalize on your investment and ensure you receive the highest possible rent in the shortest possible time - while also considering your desired tenants and how to effectively reach them through the strategic pricing of your property
We look at many important factors when advising our landlords on a suitable rental figure such as (but not limited to):
Whether you’d like to know what your home is likely to rent for or its worth, please contact our team to provide a quick, reliable and honest appraisal of your property.
When leasing a property out, our investors often ask whether they should lease the property out furnished or unfurnished. There is no right or wrong, however either will have its pros and cons, and will also depend on a variety of factors such as, location of property, target tenants, supply and demand in the area.
There are a few common ways for landlords to make their property available for lease:
Furnished Properties - Pros and Cons
We look into the benefits and risks that come with letting a property out furnished.
Pros of a furnished property:
Cons of a furnished property:
Unfurnished Properties – Pros and Cons
Most renters are looking to sign into a long-term lease, as tenants want to find a place to call home and do not like the idea of having to move homes once every 6 or 12 months. For this reason, a large group of renters prefer to rent an unfurnished place or a place with white-goods only, where they can buy their own furniture to their liking and style.
Pros of an unfurnished property:
Cons of an unfurnished property:
Overall, there is no one solution that will be perfect in a rental market. You may consult with our experienced property managers about your individual property on their advice regarding furnishing the property or keeping it unfurnished. Sometimes, having the flexibility of offering both options to the tenants may attract a higher client base to ensure that you do not lose out on a potentially good tenant.
Now that you have decided to offer the property on the rental market for lease or even if your current tenant has given you a formal Notice to Vacate, you wonder how to market the property and increase your chances of securing a high-quality tenant in the shortest amount of time possible, paying the asking rent, and signing a long term lease, to maximize the return on your investment property. Time is crucial for an investor as any vacancy means loss of rental income.
Today’s consumers are fast paced, technologically apt, using computers, tablets and smartphones to browse property websites to seek their next property to call home. Elite’s recommendation to maximize the appeal of your property:
Renting your home or investment property out to tenants can be a difficult decision to make, especially when most of the time, you do not know who the tenants are.
Choosing the right agent, one who will communicate with you regularly, keep you informed and act in your best interests is essential in making sure your property is well looked after.
At Elite, all our staff are committed to keeping the best interests of our Landlords. We take an empathetic approach in our dealings with you and are determined to achieve not only the highest rental price, but also the best possible tenant to ensure your property is well maintained.
It is important to note that Owners Corporation insurance for strata type buildings such as apartment blocks, provide building insurance cover as well as cover for common areas in the building. However, this cover does not extend to contents in apartments such as floor coverings, curtains, blinds, and contents that can be ordinarily removed. We look into the other important areas why Landlord Insurance is highly recommended for investors letting their property out:
Whilst insurance premiums with different providers vary, the costs are often less than a dollar a day. Considering this expense is tax deductible measured against how much you would be out of pocket for unexpected events and damage/loss of rent incurred, taking out a Landlord Insurance policy should be a simple decision. We recommend all Landlords to do their research to find policy to suit their needs and ensure they obtain the appropriate level of cover for their investment property.
Property depreciation is a tax break that allows investors to offset their investment property’s decline in value from their taxable income. Australian law allows investors to claim tax deductions on both the decline in value of the building’s structure and items considered permanently fixed to the property and the decline in value of plant and equipment assets found within it. Some examples are ovens, dishwashers, floor coverings and blinds.
If your property is renovated, it is recommended to keep accurate accounting records as this can be claimed towards property tax depreciation.
There are some rules and guidelines into claiming towards property tax depreciation, however in most cases, there are tax savings to be had. We recommend all property investors to consult a qualified quantity surveyor.
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