The Blog
- Show all categories
- Uncategorized
- Property Management
- Real Estate Market
- Renovation Tips
- Real Estate
- Giveaways
- Tenant of the Month
Sep 4, 2017
10 Questions to Ask your Prospective Agent
hen it comes to selling your property, choosing a real estate agent is about much more than asking someone to conduct a transaction. You’re looking for a negotiator, a sales person and an advocate rolled into one. In many ways, you’re looking to develop a relationship – hopefully, a long-term one – in which you’re trusting someone with what’s often your most valuable asset. So how do you choose? Here are 10 questions we recommend asking any prospective agent – including our team – before you decide who to use to sell your home. 1. So, tell me about yourself? Choosing an agent is personal, and it’s a relationship that requires a deep level of trust. Get to know your prospective agent and find out some basics like: Their experience and previous sales Any qualifications and memberships Their local knowledge, and What their previous clients say about them (back this one up by asking around and also researching online) 2. What is my property worth? This is a key question – but a high price isn’t always the right answer. You’re looking for a realistic market appraisal backed up with relevant data, not a sky high figure to inflate your expectations. 3. Which similar properties have sold in my area in the last few months? This will validate your agent’s market appraisal. Most agents provide this as part of their sales package. 4. What’s your commission rate and structure? This is an important question. But don’t just look at the percentage rate – it’s also important to look at the commission structure your agent suggests. Besides, commission isn’t the only measure of what selling with an agent will cost you. You should weigh up any other marketing costs, your agent’s local knowledge, their willingness to go the extra mile, previous sales records, their database of contacts, social media targeting capability, advice, ability to communicate, and more. 5. What type of agreement will I have to sign? Whether you’re engaging someone on an exclusive or shared basis, every real estate agent will ask you to sign an agreement if you choose to sell through them. Check the fine print and make sure you know exactly what you’re signing up to. 6. Who will buy my home? What is the target market for the type of property you’re selling? With this one, you’re testing your agent’s local knowledge. And local knowledge is key to an effective sale. What will your prospective agent be telling the buyers about your property – what are its key selling points? 7. Is there anything I should do to my property to maximise my sale price? Staging and property styling is fairly routine in Perth, but should any other changes, repairs or improvements be made to make the most of the property? And, more importantly, what does the agent estimate the cost-benefit of any changes will be? Different agents may have different ideas about the merits of doing work on your property. 8. How will you market my property? Professional photos, floorplans, videos and copywriting are standard. But where will your agent promote your property? What type of advertising do they recommend? Print ads, brochures, social media, portals – local and international, sale boards and more. Their answer goes some way to showing how well they understand your potential buyers. 9. What sales process do you recommend? Off-market, auction, private treaty, there are many ways to sell a property and you need the right one for your particular property and the market conditions. Always ask the agent to justify why. 10. Can I see how you work? If you haven’t seen your prospective agent in action, ask them if you can go along to one of their other open homes or auctions. Watch closely how they run it, observe first-hand how they interact with buyers and what kind of vibe they create at the open home and listen closely to what they say about the property.
Aug 31, 2017
Tips To Improve Your Backyard
Your outdoor space can play many roles. It may be an extension of your home and its living space, or it may be a relaxing oasis designed for peace and quiet. Perhaps you picture your backyard as a space for your children to play, or large enough that you can entertain all your family and friends. Whatever your dream, we can all agree that your outdoor area is often a reflection of your personality. Creating a beautiful, contemporary outdoor space doesn’t have to cost an arm or a leg – nor does it require extensive effort. There are so many simple ways that can really maximise your time and space, going a long way to improve the appearance of your home and beautify your backyard. Experiment with outdoor lighting Outdoor lighting can really help elevate your space and it can be as versatile as you want it to be. When it comes to options, you have so many. From bamboo torches, fairy lights, modern LEDs or period sconces, adding lights is an easy way to add flair to your backyard. Whether it’s functionality you’re looking for, to light up a barbeque or dining area, or purely for decorative purposes, nothing highlights a space like a well-illuminated landscape. While there are many options if you decide to DIY, working with a professional outdoor electrician can help take your lighting plan and space to the next level. Creative concrete paving Stamped concrete is a sophisticated way to replicate other outdoor surfaces. It is commonly utilised to add an aesthetic, unexpected dimension to a courtyard, driveway, path, patio, stairs and much more. Your ideas can be the foundation for your design, with popular material replications including wood, stone, brick or even tile available. Construct a vertical garden Regardless of where you live, growing and maintaining a vertical garden makes the most out of the outdoor space you have. Often referred to as ‘living walls,’ these beautiful features add depth while adding plenty of room for foot traffic to your foliage-filled outdoor area. If you’ve got a blank wall, fence or balcony rail, you’ve got the canvas for a vertical garden. Turn an empty patch of yard into a decking masterpiece There’s something about a timber deck that appeals to everyone, particularly when it can completely transform your outdoor space. What was once a blank space of dirt or grass can be turned into the scene for countless get-togethers, holiday celebrations and barbecues. A good outdoor deck is the perfect combination of functionality and style, which is why they’re such a good investment when attempting to beautify your backyard.
Aug 28, 2017
How To Present Your Rental Property To Gain Tenant Retention
In today’s rental market we are seeing an all time high currently sitting at 7.3% vacancy rate! Landlords are urged to meet the rental market in terms of rent as well as renovating your rental property for maximum attraction. We’ve put together our Property “TOP TIPS” for renovating/presenting your rental property for maximum tenant attraction and retention. Air-conditioning & Ceiling Fans Without a doubt the most commonly requested item(s) by both sitting and prospective tenants. Providing tenants with sufficient, energy efficient heating & cooling for your home is very important Dishwasher For some tenants this can be a real deal breaker. Whilst some kitchen layouts may not accommodate in present state, if you’re considering a kitchen renovation in the future, put this must have item at the top! Window Furnishings Verticals, venetians, curtains, romans, timber slats or roller blinds? There’s a huge selection to choose from and we would suggest keeping it uniform and compliant. There are some great “modern” roller blinds on the market that have a simple chain mechanism to open & are easy to wipe clean. Alternatively new curtains from the ongoing Spotlight sales is an easy fix to modernise a home and give it the "home feeling". Storage, Storage & Storage Built in wardrobes, kitchen cupboard space, garden shed storage are all highly desired and a must for tenants with a family. For older style homes that typically have minimal in-built storage, adding attic storage could be a cost-effective option. Also, consider free standing cupboards and robes which can be very inexpensive and reduce wear when moving in and out of the property. Remote Garage Something as simple as not having a remote garage will prevent a tenant taking up residence in your home. These little 'easier life hacks' will ensure they remain more comfortable in your home for longer. Tiling/Grout Nothing can be more off putting to a prospective tenant than dirty, scum filled grout to remind them of the previous occupancy. Re-grouting or professional cleaning of grout can make the world of difference and improve appearance of your bathroom ten-fold. Low Maintenance Gardens Whilst low maintenance reticulated gardens are very popular among renters offering a regular garden maintenance service for those time poor tenants can be super attractive. Don't overcapitalize in this areas but low maintenance plants and easy care gardens or potted plants is an easy way to bring in colour to courtyards and give that "home feel'! Painting Having your property painted with no signs of settlement cracks or chips to the walls shows the property is well cared for and will also attract like minded tenants. Re-Surface Cupboards & Handles By replacing handles to doors or cupboards is an inexpensive way to modern older parts of your home without carrying out a full renovation. Replacing chipped cupboard doors in kitchens or even painting them can brighten up any home. Remember, if you invest in capital items for your investment property, you should be updating your depreciation schedule and ensuring that you claim the maximum possible depreciation.
Aug 25, 2017
Young Aussies Say "Rentvesting" Is The Only Way To Get Property
Given the escalating cost of dwellings in Australia’s major cities, cash-strapped house-hunters are trying to find new ways of getting a foothold in the property ladder. New research from non-bank lender State Custodians Home Loans has found that 74 per cent of people now think rentvesting is a good strategy for those struggling to get into the market. A quarter of Gen Y — those aged 18 to 34 — who are struggling the most to buy a first home now feel that rentvesting is the best idea as it’s simply not possible to obtain property any other way. In the survey of 1,006 people nationwide, 33 per cent of all Australians polled across all ages say that they’re in favour of rentvesting, saying that it allows people to build equity and live where they want to, rather than living in a mortgaged house in an area they’re not keen on. Some 31 per cent like the idea that it allows them to get into the property market sooner, and 29 per cent say that it’s a good way of providing two income streams: rent from tenants and tax benefits. In particular, many Gen Y respondents feel that it's a good way of affording them the lifestyle they want. Around 26 per cent of Gen Y like that it allows them to live in a high-quality rental home, which would be out of their price range to buy, while raking in income from elsewhere. Additionally, 32 per cent of Gen Y feel that it leaves them with more disposable income to spend on other things. Lifestyle State Custodians general manager Joanna Pretty said that the question of lifestyle has become one of vital importance to young people in recent times. “More and more young people are choosing to rent in desirable, trendy areas to be close to work, friends and amenities,” she said. "In this lifestyle-focused era, a great rental in a fashionable area can be seen as a more desirable option than buying a place far from the action. However, while these areas provide a great lifestyle, they tend to be more expensive to both rent or buy, which creates a real dilemma when it comes to saving for a home.” The research also showed that both Gen Y (78 per cent) and Gen X (75 per cent) are more likely than traditionalists aged 65 plus (66 per cent) to think that rentvesting nowadays is a good idea. Additionally, while 26 per cent of Gen Y feel that it’s more desirable to live in a better-quality rental home than a worse-quality mortgaged home, only 19 per cent of Baby Boomers aged 50 to 64 feel the same way. Ms Pretty said that these attitudinal differences reflect how much Australian society has changed. “In previous generations, young couples settled down quicker and were eager to secure their first home as soon as possible, even if it was nothing flash. They were more prepared to buy properties and fix them up in areas that were not on their radar simply to secure a place. “However, young people are now settling down later in life and choosing to — or forced to — rent for longer periods in order to save up enough money for an initial deposit. “Or else they’re taking their time to consider their next move and focusing on other things like their career or travel, so they’re entering the market later.”
Aug 22, 2017
A Staggering 40% Of Property Investors Have The Wrong Insurance!
There are more than two million property investors in Australia, owning around 27 per cent of all housing stock in the country and providing homes for almost 31 per cent of the population who are renters. Yet an alarming number of landlords don’t have the right insurance. Figures from the Landlords’ Advisory Service reveal that 40 per cent of landlords do not have specialised landlord insurance. Consequently, many landlords are leaving themselves at risk financially. While many landlords have insurance for their investment properties, often it is only a standard home and contents policy. Building insurance typically covers the bricks and mortar of the property, and is likely to cover events like fire or flooding. Contents insurance covers the policyholder’s belongings (e.g. carpets, curtains and furniture) in the property against damage and theft. Apartment owners often rely on strata insurance, which covers the physical building but not the contents. (Word to the wise: Depending on the cover details, using a standard policy designed for a homeowner for a rental could actually see the insurance voided as there are often exclusions for premises used for income-generating or commercial purposes.) None of these policy types will generally cover investors for damage or risks associated with renting out their properties. Without specialised landlord cover, tenant damage (accidental or malicious) or theft of the owner’s property by the tenant is not covered. Liability, in the event that the tenant or someone else hurts themselves while on the property, may be excluded. Importantly, only specialist policies cover loss of rent. If a tenant fails to pay their rent, the landlord can face significant losses. Even if the landlord is granted permission to retain some or even all of the bond, often it’s is less than the out-of-pocket expenses the landlord has suffered. The eviction process often takes months, during which time the landlord receives no rent and may also incur legal expenses. Generally neither the lost rent nor other expenses are recouped through the eviction process and the landlord has to take the tenant to civil court for compensation (a time-consuming, costly and often fruitless exercise).