How to get the Smoke out.

No one likes walking into a place with the lingering smell of smoke. It's very off putting for potential tenants, especially if they are non- smokers. So what happens if you buy a property and it smells like smoke, or you have found out your previous tenants didn't follow the rules and now the house smells like smoke? How do you get rid of the smell?

Vinegar

Vinegar is an acidic agent containing mainly acetic acid and water. Historically it's been the most available mild acid. And while you don't want to put it on your carpets or any fabric (can bleach and stain those!) you can put it on walls (diluted with water) to absorb the smell. Vinegar in a bowl can be used to absorb onion odors while cooking so you can bet it's going to get the smoke smell out of walls and linoleum floors. Distilled white vinegar with water on a clean cloth is all you need to get your hard surfaces smoke free. 

Renting To Relatives

They always say you never do business with family, but how about renting to a relative? Do you give mates rates or go market rate? 

I think you need to have clear communication and clear guidelines to make it work, but it can really work well. Here's how. 

Charge what the market will bear.

Child Safety In Rental Properties

Renting to families is a smart move.  Parents tend to be stable, they don't want to move around a lot and are reliable and responsible. To ensure that they remain in your property for a long period of time, it's important that your property is safe for children. (It goes without saying that it should be safe in general, but there are a few other considerations when it comes to children.)

Parents are ultimately responsible for their children's safety, but here are some things to keep in mind when you are renting to families:

Pools/Spa: If you have a pool or a spa on your property does it comply with Australian Law ? All states and territories have laws, make sure that your pool  complies.

Letting Tenants Decorate: Yes or No?

It's can be a tough call, do you let your tenants decorate or not? You don't want your tenants to live in a sterile place without any personalisation; by allowing your tenants to personalise their living space, you are increasing the likelihood that they will be happy tenants and stay a while. However, are you opening the floodgates for tenants make more and more (unapproved) changes, which means you spend more time and money correcting the changes when they move out?

So which side of the line do you stand? The Yes or the No? Or is there a way to create a happy medium? A way to keep control of the quality of the property and the happiness of the tenants?

Yes - Let the Paint Brushes Fly!
There are some distinct advantages to having tenants be involved in decorating their space, after all it is their home, even if it is your house.

FAQ #4: How are Rental Collections Handled?

When you sign on with True Property Management you will have a lot of questions, in the past we have featured a few of those FAQs which you can read here:

FAQ #1: Should I take out Landlord Protection Insurance?
FAQ #2: When you find an applicant for my property, how do you qualify them?
FAQ #3: Why Choose True Property Management for your Australian Real Estate Management?

So for FAQ #4 how are Rental Collections handled here are our policies:

• All rents are due either monthly or fortnightly in advance
• The vast majority of our tenants utilise our DIRECT DEBIT facility from their bank accounts for rent payments
• If your tenant is 5 days late with their rent, they are personally phoned, faxed, emailed or sent an sms message
• Tenants who are 10 days late with their rent are personally phoned or visited by a property manager
• If the outstanding rent is then not paid within 2 days, we will contact you to update you on the situation and seek your instructions regarding the possible termination of the tenancy
• Once the tenant is 15 days late with the rent and subject to your instructions, we serve the tenant with a Notice to Vacate requiring the tenant to vacate the property within 14 days.

If you have any further questions feel to contact me at anne@truepmvic.com.au

Commercial Property Management

Some investors, once they have a few residential properties, will start looking at commercial properties to invest in. Commercial properties differ significantly from residential properties in terms of their maintenance, leasing and management.

If you have a single residential property, it is feasible to manage the property yourself. If you have several residential properties or properties that are not within close proximity to your residence, then employing the services of a property manager is a very smart idea.  When you invest in commercial properties, unless you have  A LOT of experience with managing a commercial property, I would leave it to the experts.

You will be required to oversee:

How to Be a Successful Long Distance Landlord

There is a very real chance that any property that you purchase as a rental, is not in the same town that you live in. So how can you make sure that you can be the best landlord that you can be, considering that you can't keep a physical eye on things.

This is a great article that popped up recently from Rentjuice.com 

I would definitely highlight tip number 1!

Not all landlords invest in properties that are steps away or a quick drive from their own residence. Some landlords choose to purchase rental properties that are hours away or even out of state.

July Article Round Up

I can't belive we are now in August! The Olympics are on, we are making it through winter and before we know it spring will be on us.  

So what articles did I enjoy during July?

WA Carves Home For High Earners 

Australia’s highest earners no longer reside in Sydney’s Eastern Suburbs or within Inner Melbourne, but in Western Australia, according to the results of the latest census.

Moving Day Horror Stories

When Greg and Sally Slack moved from Colorado to Missouri in 2004, they took along two very excited golden retrievers and towed a boat.