Property Management News

The following are category results:

Discrimination is a serious issue…

March 15th 2009

Landlords need to beware of being unfair to tenants

Two common phrases that Property Managers often hear from landlords are: “We do not want children” or “we do not want single mothers”. According to the Property Investor Newsletter, discrimination is an issue within the property management industry that must be considered. In the past, there have been several claims brought before the courts, where tenants have sued the landlord/agent because they felt they had been discriminated against.
It is important to note that under Federal and State laws real estate agents cannot accept discriminatory direction from a landlord. Both the landlord and the agent are legally liable if complaints are made.
When selecting tenants the only legal requirements that can be addressed by agents are the number of people suitable to reside in the property, whether or not the prospective tenant can maintain the weekly rent, and whether or not the tenant can maintain the rental property in a clean and tidy condition.

Property Investor Newsletter reported that by law an agent and a landlord cannot discriminate against: colour or race; the unemployed; children; sexuality; or religion and the list goes on. Owners can be assured that Fletchers does have vendors’ best interests at heart. However, agents must be careful when declining tenants’ applications.
It is important to understand that it is not the status of a person that will determine if they are a quality tenant, but the references they supply.
Fletchers has had many single mothers and families with children that have been exceptional tenants.

The agency has also had elderly tenants and working professionals who have left properties in a poor state with rent owing.

If you are looking for a Property Manager that will not only protect your asset, but will ensure that you are also safe from litigation and that your property complies with the law, then call Benita Evans at Fletchers on 5258 2833.

- Fletchers Property Newsletter March 2009 Edition

What makes an outstanding investment?

February 12th 2009

Should you aim for the top end of the market or stick to investing in studio or 1 bedroom apartments?

At Fletchers, we manage a very successful property management service where we have owners giving us the management rights to their properties for many years. From our experience of dealing with many different investor landlords, this knowledge will hopefully assist you in making the right decision. In this article, we discuss some basic concepts to help you with your decisions.

It can be a good idea to have several properties to let rather than one large expensive property for rent. When times are good and people have got money to burn, an expensive property will give you a good return. But as soon as the economic belt tightens, people downsize to smaller rentals and your expensive rental property could be left sitting on the shelf.
It is far better to have 2 out of 3 properties rented when times get tough than to be stuck with a property that no one can afford to rent. Once the decision has been made to invest, you relax and ponder the prospect of receiving a good rental payment each month.

But how do you rent the property for the best price? How do you know whether you will get a good tenant?
To ensure you make the most out of a rental property, give us a call today as we manage properties all over this area.

What types of property are people currently renting now in the area?
In considering a property, look for the type of accommodation that will be attractive to long term renters. You may not get the big weekly rental of an expensive property, but you will rest easy with the knowledge that your property will be rented continually for years to come. If you aim for the high end of the market and find you can’t rent it out for a month or two you will have to foot the mortgage repayments. This can be a major nightmare if you were relying solely on a rental return of $1,000 plus each week without fail!

We like to advise our clients on the following aspects for a good property investment for rental: Good position; near public transport, shops, schools and amenities; excellent floorplan with open plan living areas. The more spacious the feel, the easier it is to rent. Choose property that doesn’t require ongoing expensive maintenance. Pools look nice, but will tenants look after them the way you would?

Note: We have only given you a brief outline. Before making any decisions, discuss your property investment queries with our Property Manager, Benita Evans on 5258 2833 as the guide presented is of a general nature and may not adequately cover all situations.

- Fletchers Property Newsletter February 2009 Edition

What happens when a tenant gives notice?

December 17th 2008

Fletchers acts to protect landlord’s rights. When a tenant gives notice to vacate a property, there is more to the process than a final inspection and releasing the bond. Below is an overview of each stage of the process to give landlords a better understanding of what Fletchers does to protect an investor’s asset.

Firstly, Fletchers verifies the correct notice has been given by the tenant, then the firm’s property managers carry out a rent review to ensure the agency is maximising the landlord’s income. The agency then seeks instructions from the landlord to ensure their circumstances have not changed and they are happy to re-let the property. Once this has been confirmed Fletchers promptly lists the property for rent to ensure it gets the best possible tenant in the quickest possible time. Fletchers also sends the tenant a letter outlining the requirements for vacating as well as the agency’s expectations. This includes advising the tenant that it is important the rent is paid up until the vacating date, which is when the keys must be returned.

Accompanying the letter is a detailed checklist outlining what needs to be cleaned and what receipts need to be submitted to assist the tenant to get a full bond refund. The property manager then sets a date for the final inspection. If it is convenient, Fletchers recommends that landlords inspect their property while it is vacant. This gives investors the opportunity to review possible improvements and any renovations that may be required. When the tenant vacates the property, the agency verifies that the keys returned by the tenant are the originals issued at the commencement of the tenancy. When the agency conducts the final inspection, it compares the condition of the property to the “Entry Condition Report” to see if any improvements or renovations are required, ensures the final cleaning of the property has been carried out and sets the bond for the new tenants. If it’s necessary, it will pursue any outstanding debt by the vacating tenants. Among other things it will list the tenant on a national database register to maximise the chances of recovering the debt. Finally, Fletchers usually leaves 3 to 7 days before allowing a new tenant to occupy the premises to ensure the property is presented in excellent condition. Story courtesy the PPM Group. Fletchers acts to protect landlord’s rights When a tenant gives notice to vacate a property, there is more to the process than a final inspection and releasing the bond.

- Fletchers Property Newsletter November 2008 Edition

Investment homes needed to beat rental crisis

December 17th 2008

Fletchers has qualified tenants seeking homes

The lack of investment properties has created a crisis in the rental market, with vacancy rates at an all time low. Until the recent rate cuts, many investors were wary of investing in property. The high interest rates also precluded many first homebuyers from purchasing and they continued to rent.
As a result a serious shortage of rental properties has arisen with vacancy rates as low as one per cent being reported in some parts of the country. Even though the Reserve Bank of Australia has cut interest rates and incentives for first homebuyers have now been boosted, the lead-time before the situation will be corrected could be years – not months.
Because of the shortage, Fletchers is urgently seeking more investment properties to meet the demand from qualified renters anxious to lease a home. A highly professional agency, Fletchers commands an impressive rent roll with hundreds of landlords on its books. Over the years it has attracted many landlords, some with extensive property portfolios, because they are renowned for their high standard of property management.

Director James Gladman told Property News that for the first time in years the agency was experiencing an exceptionally low vacancy rate. “We have qualified renters on our books who simply cannot find a home. The moment we have a vacancy we notify them and invite them to view the property. The problem is we just don’t have the stock to meet demand. As such we are seeking more investment properties, landlords who have properties they want to lease but who want to be assured they will be properly managed,” James said.
“We have a professional, highly experienced team of Property Managers at Fletchers who will appreciate the value of a landlord’s asset and how important it is to ensure it is properly maintained and they get a good return.
“However, as any experienced investor will tell you, it isn’t enough just to be seeking a good return. Agents must act fairly in their dealings not just with vendors but also the tenants. When we are evaluating tenants we try to find renters who will remain long-term at the property and will also act responsibly. “Good tenants are worth keeping so we strive to ensure there is balance and fairness all round,” James said.

If you are seeking a Property Manager to look after your investment, contact Fletchers. The firm’s expert team of professional managers will be only too pleased to assist you.

- Fletchers Property Newsletter December 2008 Edition