Expectations of property managers are completely subjective, just like your investing strategy. It's about what you want. If you're choosing a property manager keep in mind you are handing your asset to this person and they can directly impact on the decrease or increase of the property's value and condition and in turn your ability to…[Read more]
Land tax is the one item that confuses most property investors and there are so many myths about how it works. Check the website of your state's revenue office for guidelines and FAQ's and if all else fails – call and ask.Oh and they would know you moved out of your PPOR and are renting it out if your property manager is mega efficient they may…[Read more]
I am constantly receiving emails and phone calls from these types of services boasting "No more calls!" and "Proven Lead Generation"…Where has the personal touch gone in this world? If someone called me to arrange an appraisal at my home, I would want it to at the very least be the person I would be meeting because at the end of the day I want…[Read more]
Go for it!Re-painting, carpets and general updating of cupboard doors (don't need to go mirrored as they are more expensive) will all go well towards attracting a quality tenant at the higher end of the rental value.At the end of the day your investment is only as good as the tenants that are in it – if the property is attractive you're more…[Read more]
We have a corporate rental division here in Melbourne, my suggestion would be to go through an agent that has connections with companies or the relocation personnel that work for them. Companies avoid private landlords as they want everything to be done by the book and I've found companies to favour agents.
The media and data provided is general, not specific and is generally 3 months behind as data is collated for the previous quarter. The rental market for example can change from month to month, the sales market doesn't move as quickly but relying on 3 month old data to commentate on the property market is inaccurate.As an agent I never look at…[Read more]
Thanks for the mention WomeninPropMelb Agree with Jamie, it's about what suits you and what your plans are. Do you want to have an investment property? Does it suit your financial position? Or would you prefer to focus on upgrading the property you live in?The real estate agent is no doubt a sales consultant – yes they want to sell your property…[Read more]
The nature of property management these days takes me all over Melbourne for clients, we can service all areas of Melbourne however I don't negotiate on fees at all for properties further away simply because I couldn't afford to effectively manage them.We have Burwood, Hawthorn, Toorak, Springvale South. When leasing a property in the area I…[Read more]
There are a few developments in Brunswick – One Lygon & Silo Apartments also. There can be a flood of the market but if you've got a good property manager to chase down tenants it won't be an issue, just a slightly longer vacancy than something established. When Viva Carlton settled they apartments were predominantly for lease rather than owner…[Read more]
Hi Opee,Rental value would be between $420 and $450 per week depending on size, building facilities and car park inclusions. Brunswick vacancy is small and it's a really popular suburb. I believe the development you're looking at is on Albert Street? – it's a great pocket.OTP purchases need to suit your investment plan, most clients that buy OTP…[Read more]
I've sold one of our serviced apartments recently, if you'd like more info on how they work please feel free to contact me. As they are commercial leases the tenant is responsible for maintaining/updating the inside of the premises and the landlord is responsible for the building only which is usually under an Owners Corporation. You can get cash…[Read more]
As far as tribunal goes, I'm in Melbourne so can advise for Victoria only. Which state is this property in?Why can't the tenants access the garage? If they leased the property with the car space/garage access included, yes they will be entitled to a rent reduction should access to the car space/garage not be available to them unless you are taking…[Read more]
Hi Ben,The average return you should expect per year is 8%-10% gross on a serviced apartment under a commercial or retail lease.This wouldn't happen to be the Sebel on Collins? I'm in contact with a few owners of serviced apartments with the Sebel where the lease expiry is coming up and a lot are trying to sell to no avail. Where the lease is…[Read more]
Hi Jenny,If you're looking to buy in three years there will be quite a bit more stock on the market with many new developments settling. It's great you're looking at your options, however I would suggest steering clear of studio apartments unless all you're looking for is a good tax return. The fees you've quoted are extremely high for a small…[Read more]
Hi Suzbats,Sorry for the delay have had a long overdue holiday for a week!St Kilda – depends on the location and proximity to the shoreline. We've got our properties already tenanted in the area but chatting to other agents its seems it's been quite difficult to lease in the area of late, which is following the Melbourne trend at the…[Read more]
Don't get me wrong, apartments make up a majority of our management portfolio and they can be great investments – if the location is right and owners take advantage of depreciation claims where they have bought OTP.Some of the best yields I've seen of late have been for apartments.
Good to hear it's now sorted out.Get yourself an experienced property manager from day dot to avoid these dramas – now they're out it's best to take it as a push to employ someone to ensure this doesn't happen in the future.There are endless stories like this one where things go pear shaped because an owner is not 100% on the laws and legislation…[Read more]
It might be cheap but is it an attractive proposition for tenants? Will you have a good quality tenant? Will you be able to lease it? how much for? (note: Sunshine rental market is not suited to apartments)Is the outlook for Sunshine suitable for apartments? Will you have a decent re-sale value? Whilst the initial cost is cheap – your tenants will be too.