April 2015
Wollongong
Property Management News
WHAT HAPPENS WHEN YOUR TENANT GIVES NOTICE TO VACATE Should your tenant give notice to vacate, we ensure firstly that the required notice to vacate is given. We also ask the reason for them vacating. Upon notice being received we will contact you to advise of the tenant’s vacate date and to seek your reletting instructions. During this conversation we will advise you of the suggested market rent, discuss a minimum lease term tailored to meet market conditions and to outline our marketing program. We also advise you of the reason why the tenant is vacating. In some instances we may be able to prevent a vacancy should the tenant be vacating due to a property specific reason that they have not previously advised. Upon confirming your instructions and tenancy terms, we immediately commence promotion of the property. This will include promotion on our own website and on leading For Lease portals, For Lease signboard, with your and body corporate consent, preparation of brochures and advising prospective tenants on our database that your property is coming on to the market and to advise of inspection times. At this time we provide the vacating tenant with a vacating checklist to assist them with how to present the property when open for inspection and the manner in which the property is to be presented upon vacating in order to minimise the likelihood of bond deductions and to ensure that your property is left at the best standard. During the marketing period we will be in contact with you on a regular basis to advise you of feedback from intending tenants and to make recommendations that may make the property more attractive to intending tenants. Our aim at all times is to commit a new tenant before the current tenant vacates.
HOW ROUTINE IS A ROUTINE INSPECTION? The purpose of a routine inspection is to ascertain the tenant’s care of the property and to check if any preventative maintenance is required. We have found that a property initially leased in good order and compliant with legislation to a good quality tenant will require fewer inspections during the term of a tenancy. This practice actually increases the lifespan of a tenancy which results in fewer vacancies and less wear and tear on a property through fewer tenant vacating. A good quality tenant appreciates fewer inspections as a result of their care of the property.
WHY IT’S IMPORTANT TO GET AN UP TO DATE APPRAISAL OF YOUR PROPERTY’S WORTH Whilst selling your property may not be “on your radar” at the moment it is recommended that you seek advice as to the current market value of your property. Depending upon your circumstances this may not need to be an annual occurrence but should be done at least once every two years. This will keep you in tune with the current worth of your asset rather than you getting a “rough idea” from comparable properties that you seek advertised locally keeping in mind that there is often a difference in the asking price and the selling price. All too often we see our investor clients make a business decision on their investment on this basis alone. Our sales team are there to assist you in your quest to keep up to date with the market value of your property and can accurately inform you of current market conditions. Regular appraisal value updates could enable you to consider to use the equity in your investment property to buy another investment property thereby increasing your wealth along with the increased tax advantages that you will derive. We are more than happy to arrange such obligation free appraisals to help you keep a track on the value of your investment property.