Newsletter | September 2019
Property Markets Rebound | Adelaide Hot Spot | Switching Property Managers
Tenants
The True Cost of using a Property Manager
If you’re in the early stages of your property investment journey you may ask yourself, ‘should I hire a property manager, or should I save some money and do it myself?’ After all, a property manager will usually charge between 5% to 10% of the gross rent, depending on where your property is located. You would think it would be wiser to do the same as over 600,000 landlords in Australia by skipping that fee and collecting the entire rent. As an investor, it makes sense to minimise your costs, right? Now let’s put those savings into perspective. Imagine if …
Don’t be this kind of Landlord
One of the bi-products of property investment is that by default, you will become a landlord Being a landlord means that you will need to be mentally prepared for not only the upside of holding a good investment, but also having to deal with possible problem tenants, extra costs, vacancy periods, legal risks and an unknown time commitment to take care of these events. Add this to the demands of our everyday lives and this can seem pretty daunting. Many of us also buy our first investment property while we’re renting ourselves. This is often termed as, ‘rentvesting’, which is …
Is Landlord Insurance worth it?
Today we are looking at the topic of Landlord insurance – why it is important, why more than 80% of investors who use a Property Manager have it, and what the considerations around it are that you need to know Landlord insurance is a very sensible investment for property investors, and if you check the options carefully, and choose one that covers the key areas that you need, it gives landlords peace of mind in a number of circumstances. So what is Landlord Insurance and when is it used? About 45% of claims in Australia on Landlord Insurance are for …
Top Tips for Finding Fantastic Tenants
As a property investor finding fantastic tenants that are honest, reliable, clean, responsible and trustworthy is something we all aspire to. Somewhere along the way though – if we are not very lucky – we can lose real time and money dealing with challenging tenants. So how do you go about finding fantastic tenants, and reducing your risk of something going wrong? Keep in mind that your property manager – assuming you are not doing this role yourself – should take up the slack and provide the services to manage many of the items below – but having a checklist …
Landlord responsibilities and the real value of a Professional Property Manager
With any property investment we have to consider the landlord responsibilities – those obligations that purchasing it creates. In the case of Property Investors, one of these obligations when renting a property will be finding and managing a Property Manager – or indeed deciding to do the job ourselves, and becoming the Property Manager as well as the landlord. Being a landlord is a serious job, that brings with it not just significant financial considerations, but legal requirements along with a number of real considerations in order to do it efficiently and effectively. Even if you use a property manager, …
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The Top 6 Mistakes of Investor Landlords
We’ve spoken to so many people over the years that have started their journey as Investor Landlords with a naive ‘she’ll be right’ attitude. It’s distressing to see the repeated mistakes that many people make. Even worse are the people who want to invest in property but think it’s too hard, risky or time consuming and don’t get started at all! We spend a lot of time with our clients addressing the risks involved in property investment. ..and how we can stop these from occurring or slowing us down. We thought we would outline some typical pitfalls we’ve seen new …
