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Oct 31, 2020
Top qualities of a great tenant
Right now, property investors are sitting in the box seat. Renters are knocking down the doors at D Residential Group to find a place to call home. As a property manager, I guide my clients to look beyond a good credit score (which is of course, still important!) on their quest to find a long-lasting, great tenant to rent their property. If you’re one of the many people trying to find a rental property, here are the qualities we’re looking for in future tenants. You pay your rent on time The ability to pay rent doesn’t always equate to paying it on time, we’ve discovered. This is your most important role as a renter and not doing so can financially set back your landlord in ways you might not have imagined. The best way is to schedule weekly or fortnightly payments straight from your bank or talk to your property manager about good software options. We understand, especially in 2020, that sometimes money can be tight in which case we recommend you always be honest with your landlord. Keep it clean When we said no pets, that includes cockroaches (cockroaches also not welcome when dogs and cats are, #sorrynotsorry). Keeping your rental clean not only makes it a nicer place for you to live, it also gives your landlord the right to withhold some of your deposit or bond. While there might be wear and tear over time, do your best to maintain the house as if it was your own (and for the time being, it sort of is!). Keep your landlord in the loop If you do have any maintenance issues, the best part about not owning the joint is you don’t have to pay for it! You do have to let your property manager or landlord know as quickly as possible, though because a small problem can turn into a much bigger, expensive exercise if left too long. High maintenance equals high turnover Constant complaints is tiresome for the most patient of landlords, so if you can fix the small issues within the terms of your lease, you’ll come off smelling like roses. Many landlords have more than one property, alongside other elements of life such as family, career and hobbies… While a good landlord will do their best to make your property comfortable, you’re probably not their sole purpose in life. New housemate, who dis? Your lease agreement needs to be signed by your landlord and anyone over the age of 18 living in the property. While we’re so happy for you if you’ve found your soulmate, keep your landlord updated with any new, long-term residents. Here for a good time AND a long time Staying in a rental long-term (especially if you’ve paid heed to the above tips) will make life much easier and less expensive for your landlord. So, when you’re lease agreement is nearly up make sure you check in with your property manager and renew your lease, pronto. Follow through with your lease agreement Following rules in life can be tedious and some are meant to be broken (like licking your ice cream bowl or eating Nutella straight from the jar #guilty), but your lease terms are worth sticking to. Most lease terms are reasonable, forbidding illegal activity and any antisocial behaviour. Breaking them not only makes bad friends with your current neighbours, it also means your landlord has the right to kick you out with no warning. So if pets aren’t allowed and loud music has a late night curfew, be an epic tenant and follow the rules. Consider renter’s insurance We’re optimists here and we hope this won’t happen to you, but break ins happen and things get broken or stolen. So, we advise a good renter’s insurance to protect you if things go wrong and it also looks really good for the landlord who doesn’t want to be left with bills you might be unable to pay if things go really wrong. Back yo’self. If you want to discuss properties for rent in Mount Hawthorn and surrounds or purchasing an investment property, contact me for a chat.
Oct 19, 2020
Top tips for tenants in Perth – how to stand out in the crowd
It’s a tough time to be in search of great properties to rent in Perth, with queues at inspections in my local area of expertise Mount Hawthorn often extending beyond 50-metres. You need to stand out and prove that you’ll be an exceptional tenant. So, here are my best tips to successfully renting in Perth – I’ve got your back! Be prepared First in, best dressed is sage advice in this current market. Get ahead by treating the inspection like a job interview (for a job you really want, too). Be punctual, polite and dress well. First impressions count because you’ll probably only get one – so dress like a tenant who will look after the investor’s property like their own. Complete the application in full If the property manager has to chase you to fill out an incomplete form, they probably won’t! It could be the difference between you and another good tenant – so go through your application thoroughly and answer every question. No gaps. All the words. Complete application gets the destination… we even made you a rhyme. Now you know how important it is. Fill out ALL of that form. Disclose everything We get it, it’s not ideal you adopted Brutus the Rottweiler just weeks before your current rental gave you notice (we hope it was just a coincidence, poor Brutus). However, being dishonest to score your next home will not end well for anyone because if they discover your secret, you’ll find yourself in hot water and potentially breaching your contract. Be upfront and ideally, consult with a respected property management expert (call me 0402 888 550) so I can help find the right place for you (and Brutus). Prepare and provide verifiable references Here’s where good friends, family and workmates come in. Line up your most trusted, loyal and well-spoken friends who will vouch for you when the property manager calls for a reference. Personal and employment references should be lined up and prepared for the call well in advance, so you’re on the front foot when your ideal property comes up. Pro tip: Do not enlist the help of your mate who ‘never answers the frigging phone’ while your dream property lands into the lap of the next prospect. Find a trusted Perth property manager If you want to really jump that queue, put your name down with local rental property experts who know what’s available, what’s coming up and want reliable tenants like yourself on their books. Give me a call or email me to talk through your options. Good luck, the right property for you is out there but it might take some more effort and better connections right now. On the flipside, it’s an excellent time to have an investment property in Perth, especially suburbs surrounding the city centre. If you would like to add to your property portfolio and find a place tenants will queue for miles to rent, contact me and I’ll share more on my local property management expertise.
Sep 15, 2020
5 Tips before you begin
Thinking of investing in property? Our top five tips before you begin… Property investment can be one of the most financially rewarding decisions you could make… if you do it well. It’s important to understand risks around any investment and to set up strategies to give yourself the best outcomes. With 16 years industry experience, I’ve come across five key areas I advise all clients to review before taking the plunge and you should consider, too. Review your finances and set a budget Before you even start browsing properties, get your budget in order. Make sure you are crystal clear on your income and expenditure, so you know exactly how much you are willing to part with each month on your investment (hint: spend less than you earn, win at life). Do you have a deposit saved? Do you have a small slush pile you can use for any unforeseen costs? All of these will make your journey into investing much smoother. Find a good financial advisor This type of investment should be considered a longer game when you consider upfront fees such as stamp duty, conveyancing and legal fees, and building/pest inspections. Securing the right loan structure for your needs could see the difference in thousands of dollars long-term and maximising the ongoing tax benefits will see immediate reward – so my advice is to touch base with a great financial advisor who ensures your investment works for you. I have some fantastic contacts I work with and happy to recommend them if you’re interested. Research the area and its growth While property investment can provide you with an income from the rent and tax cuts in the short term, the capital growth of the property has the potential to generate serious wealth long term. Understanding whether the suburb is in a growth phase, the value of a property and rental demand are key to choosing a good investment. When investing, it’s key to use your head over your heart and choose a property which will instantly provide you with rental income rather than waiting for someone to ‘fall in love’ with the place like you did (save that for your own home!). If investing with a partner or group, write everything down Sometimes just getting into the market is tough (Gen Z, I hear you) and the best way to crack in is with a friend or family member. The upside is doubling your borrowing capacity, but it also makes your investment slightly more complicated (no matter how much you love them, trust me!). So, define your roles and expectations so you’re all on the same page with how much you’re willing to contribute to a long-term mortgage and ongoing costs. Write it down, write it down, write it down. He said/she said serves no one in many areas of life, but it’s particularly useless in property investment. You’re welcome. Engage a Property Manager While there’s an abundance of information at your fingertips (thanks google), it can also be overwhelming and occasionally you’ll come up against conflicting advice on the property market. Having an expert who knows exactly what the market is doing, from knowing what’s a bargain and what’s a dud to insight on rental demand, will give you a massive step up, let alone peace of mind. I’m always happy to help with advice on where the highest rental demand is and the current best locations, so call me anytime to talk your ideas through on 0402 888 550.
Sep 3, 2020
Five habits I’ve learnt in 2020 that I’m keeping
The impact of COVID-19 on the world has been immense in so many ways and some industries will never be the same. Real estate is certainly one of those and I think we’re all still adjusting. Now, I’m in the process of designing my business to reflect the lessons I’ve learnt in 2020 because all clouds come with their silver linings. As D Residential Group settles into its ‘new normal’, I’ve been reflecting on the habits and lessons I’d like to keep from this year and wanted to share with you what’s staying. Pick up the phone more and check in If you’re a phone addict, this is not an affirmation to carry on scrolling. While we were all staying home, I picked up the phone far more to check in on loved ones and clients because connecting felt so important when face-to-face was no longer an option. I checked in with both tenants and homeowners about how they were been affected, and some couldn’t afford full rent or mortgage payment. I was able to help them negotiate great options, whether it was rent reduction or waiver, that brought them peace of mind. It was incredible to be able to help when my clients needed it, and I wouldn’t have known until I picked up the phone and took the time to have an open conversation with them. I’ve continued these open lines of communication and connecting is a priority more than ever. Working from home is amazing It’s not just about the trackies (ok, it is a little bit!), but trialling working from home made me realise I could run my own business from there. I took a leap of faith, after 16 years in the industry, and opened D Residential Group this year. The flexibility of doing things in my own time means life isn’t so chaotic anymore. I can do school drops offs and pick ups every day with my kids, and even prepare dinner early. For my business, I can be really flexible with my clients and work with them at less conventional times. It’s opened our eyes to local travel While European trips are on ice, we have so many beautiful places in Western Australia to explore for our holidays. We love going down south with the family, getting out in nature, eating amazing food at the wineries and visiting hidden gems. Dunsborough, Margaret River and Eagle Bay are some of our faces but next on the list is heading up north to Broome! It’s also made us appreciate how amazing our neighbourhood is – Mt Hawthorn is so vibrant. We’ve tried as many local cafes and shops as possible (Spritz, Birraz and Papagallo are our faves – we love our Italian food!), especially when cafes and restaurants couldn’t have dine-in. It was a great time to show our support and order takeaway as much as possible, which was a lot of fun. Seeing our community spirit flourish in these unusual times has been very cool. Family and health are my top priorities Part of the reason I started my own business was realising family (including friends that are like family) and health are everything to me. I visit my parents more often and schedule catch ups with at least one to two different friends each week. With gyms closed during the peak of COVID-19’s impact here, I really struggled with my fitness. Online classes were not for me, so I have thrived now they’re back open and won’t take them for granted again! I also love regular walks in nature now, brilliant for both my physical and mental health. Collaboration over competition at work No longer socialising at work, from eating lunch together to water cooler chat, was a big adjustment. Real estate is a competitive industry, as you can imagine, but when I moved to working from home it gave me a different perspective. I’m excited to be collaborating with another agency as they pass on property management work my way as it’s my specialty, but not theirs. This works well as not only am I referred clients, but I also have business partners to talk shop with and ensure I’m constantly achieving the best results for my clients, both homeowners and tenants. It’s also been wonderful to see owners rewarding their long term tenants in the current market. I hope my top five lessons give you some inspiration to reflect on what you’ve picked up this year and perhaps even what you’d stopped doing. Please share on our social media accounts if this year has guided you to some beautiful new ways of living. And if a new property is part of your grand plan or you’re after an excellent tenant, let’s talk.
Aug 27, 2020
How to attract and keep great tenants
Investing in property has many financial benefits – if it’s done right. You’ve all heard the adage ‘safe as houses’, because property is almost guaranteed to increase your wealth. From rental income to tax benefits, an investment property can bring in more income than outgoings short-term and capital growth should see investors benefit significantly long-term. First things first, you need to understand the suburb you are buying in and analyse its supply and demand. At D Residential Group, we do a lot of research into the suburbs our clients are interested in to ensure their financial goals can be achieved. I believe the right location is crucial in determining success while building your property portfolio, so before you buy, please do your own research or contact me for advice. Once you’ve purchased your home, the most important task of all begins – finding the ideal tenant. Here are some key dos and don’ts when you’re tenant shopping; Screen thoroughly before selecting your tenant In a dream world the perfect tenant would find you, but from my experience, that truly is a dream world. A great tenant comes from thorough screening, including employment checks, previous rental references and national tenancy database checks. This can be daunting, which is why a local property manager with time and experience to conduct these checks is a smart move. Meet your tenant face-to-face first This may not be realistic where you live thanks to COVID-19, but in Perth right now, we can and do meet tenants on behalf of our clients to ensure they’re the right fit. You place a lot of trust in your tenant to take care of your property and make their rental payments, so meeting them will provide a much more genuine experience of their character. Another benefit of a good property manager is we do this leg work. On the flipside, I look after all my amazing tenants too so if they have to vacate a property, I will do my best to offer them another rental option. Maintain the property to a standard you would expect in your own home Reality alert! Even properties you don’t live in will have extra costs attached. Maintenance fees are inevitable for property investment (although most are tax-deductible), and fixing things in a timely manner will make a big difference to keeping your great tenant happy. Once you have a good tenant, you want to keep them because continual turnover of your tenant will be more work and money than calling the plumber or electrician. Show compassion – it’s your property, but it’s their home. Negotiate over rent increases If you have a great tenant but feel the property’s rental value is higher, discuss a potential rent increase respectfully. Consider going through an agent (I know a good one, wink), who can negotiate on your behalf to get the best deal for all parties. Sometimes, accepting a slightly lower rent within a great tenant’s budget is a successful outcome. I’ve been both a renter and a landlord, and know that calm communication, honesty and respect always work. Follow through on promises Whether it’s repairing a leaking tap or extending a lease, stick to your word and you’ll create a harmonious environment for your renter. It works both ways too, so try and get all promises in writing to avoid any confusion. Engage a property manage who cares You deserve a property manager who cares as much about your property as you do. I always go the extra mile to understand and achieve my clients’ financial goals, while working respectfully with tenants to ensure their needs are met, too. Ultimately, I work hard to foster a peaceful and beneficial relationship between all parties. To see how I can assist with your investment, call me on 0402 888 550.