7 Basic Rules for Tenants

When a tenant is renting a property there are some basic rules that need to be followed. These rules need to be spelled out in your rental agreement. So what are they?

1 - When is the rent due and when is it considered late:

it still amazes me that this is so tricky for some people. Is the payment supposed to be in my account on the 5th or are you considered late on the 5th? Spell it out. Make sure the tenant sets up direct deposits with enough 'clearance days' factored in. Don't set it up for it to go out on the 5th if the banks needs 48 hours for funds to clear.

2 - Notice:

How much notice needs to be given when they vacate the property? How much notice do you need to give when there is going to be a change in rent? How much notice do you need to give (and in what form) before you enter the property? What about what notice you need to give if you want your tenants to vacate the property? Spell it out so there are not issue sin the future. 

How to deal with a bad landlord.

It's been a little while since we shared some stories about landlords - it's important to poke fun at ourselves from time to time. 

There was a real doozy of a landlord that was doing the rounds back in January - you've probably seen it - the one with a list of 31 demands, right down to having no pork in the fridge and no personal belongings left out. This was obviously more for a group of flatmates than tenants of a property.

But in all seriousness what happens if you have a landlord who really is not playing the game? Who is lazy and really needs to become more responsible. Of course all of our landlords we work with are beyond reproach, but what if you have a landlord who spins lines, spends less and less time and money on the property you're living in and becomes more unavailable by the day?

Well you need to pay attention and know your rights, so that you can tell if the landlord is full of hot air. If you feel your tenancy rights have been breached  and your landlord is not interested at all, then get in touch with Consumer Affairs, and they will advise on the next step.

The Right Garden for your Rental Property

Most rental properties have gardens (unless you have a unit in a complex, but even then there may be a patio garden). It is important to get the right mix of low maintenance, functionality, eye catching and possibly something that makes your property stand out. The right garden can help get you top rents.

If you hit all the targets, then not only is your property going to look great (and in turn attract higher rents), but you will most likely attract the right kind of tenant - one who will look after and hopefully improve the garden.

There are few tenants who will actually look after the garden as well as an owner occupier, so you need to take into consideration what a garden would look like if it was maintained to about 75%.

Where can I buy a house for under $400k

When buying investment properties, you are looking for the best deal, which usually means properties under $400, 000, but where are they?

RP Data published information about a month ago on where those properties are in the capital cities. Using data from 2012, they found that 31% of house sales and 46% of unit sales  were under this threshold.

When focusing on capital cities, the majority of these sales come from Hobart, Adelaide. Of course outside of the capital cities, it's typical to see housing prices that are lower.  For example compare Newcastle median house prices at $395,000 and Sydney's at $660,000.

How to Make a (Good) Impression on your Tenants.

New tenants are special! You should to treat them with respect and make them feel welcome, if you would like a long-term relationship with them - i.e. turn them into long-term tenants. It doesn't take all that much effort to not only make them feel welcome, but to also highlight some property features that might need some extra care.

For example,if you have recently installed new carpet, this is a great opportunity for you to get across how to look after it. Or, if you have invested in landscaping, this a great opportunity for you to get across care for certain plants (hopefully you have landscaped so it is very low maintenance.)

Carpet in your Rental Property

You have a property and have installed new carpet for your tenants, it's fresh, clean and looks fantastic. The great thing about installing new carpet in a rental property, is that you can claim depreciation. You have about 10 years of depreciation but you would like it to last at least that, if not longer. So how can you keep it looking in great condition? You may want to offer some advice to your tenants on how to keep the brand new carpet clean. 

Offering a 'Tip Sheet' when they sign a lease is a way of getting your point across, and possibly having a clause in your lease agreement (if applicable in your state) that the carpet needs to be professionally cleaned upon vacancy.

Make a Small Place Feel Larger

You have a small place, and you want to make it feel bigger. Either you want to rent it out, are hoping to sell it, or maybe you are happily living there but want more space.

How do you make it feel, more spacious? A great website which has lots of inspiration is Apartment Therapy. You could spend a lot of time on this website. But here are some basics.

Are Your Customers (Tenants) Loyal?

You want tenants to be singing your praises, not wondering who you are!

When you are a landlord, you are in business, there is no denying that, but often landlords forget this. Your clients (tenants) have gone into partnership with you and they expect certain things, just like you expect to be paid and your property to be cared for.

Why is loyalty important? It's more than important, it's vital. If you can create loyal tenants, you have undoubtedly guaranteed yourself some long-term tenants, as well as a secure (well, as secure as possible) revenue stream.