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TICA – Tenancy Information Centre of Australasia.
Part of the plan is to advise the prospective tenant that TICA is part of the deal, so immediately it discourages breaches of the lease.
PM’s or other subscribers to the TICA database, can printout a “search result nil” confirmation, showing that they checked the database for that particular tenant (duty of care).
A negative listing on TICA causes prospective tenants many declined applications, and it enables PM’s to receive updates of current whereabouts of defaulters when a database enquiry
encounters a bad listing.I had one defaulter ring me 3 years after a default requesting the opportunity to pay up and have her name removed from TICA. She paid $350 same day. Name was cleared. Then I had to search for the owner, house had been sold twice since, but the money belonged to the owner at the time of the default. Needless to say, they liked the database. Prospective tenants can object to it if they like, but it only makes them look suspect and certainly doesn’t help their application.
I wouldn’t attempt property management for one day without it.
cheers
thecrestI have no vested interest or affiliation with TICA.
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Rhys_T – please find that info, looks like a few people could use it, we all need to be on the ball with tenant selection. I still have bandaids all over me from being a PM, made most of the popular mistakes at least once.
Tenant selection has a risk factor, and by your own efforts you can minimise that percentage, or not.
PM, tenant selection and social work do not mix.
A tenancy applicant without a favourable and verifiable history must be regarded as at least a high risk, and must be placed in the same category as a bad tenant. Sounds harsh but, in both cases, you cannot verify a favourable history. And, that’s not your fault.When you give a tenant the keys and access to your property, you are risking not less than 10 weeks rent, plus damage. That’s the minimum time/cost required to remove/replace a tenant who does no more than ceases paying rent, and stays put. If the tenant resists, with help from Tenants Advice & Advocacy Service (or similar in other states), pleads hardship, knows the ropes and uses them all, you can kiss the value of 3-6 months rent goodbye.
So, why not treat the tenant selection situation as an application for a loan from you – to the tenant, for say the equivalent of minimum 10 weeks rent ? How much is that to you ? $1000 ? $1,500 ? $2,000 ? After all, the tenant is promising faithfully to pay right ? And you’re giving the tenant the keys and legal possession of your $100K/$200K/$300K (whatever) property ? But, the tenant gets the property NOW, (donkey gets carrot), and promises faithfully to pay (pull the cart) LATER.
Sorry about the verbal 4 x 2 but this is business and PM is a tough game. With tenancy applications, as with CV’s, truth is an early casualty.
So, if you want to minimise the risk factor, decline any weak applications, and never explain why. Confirm your legal obligations in your state under the Discrimination Act before you conduct interviews, so you know how to conduct yourself.
Set your rules, and stick to them, be firm.
good luck.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Thank you Philip.
I feel like I’m part of some new scheme called online forum style live software development, definately can’t get better service than this.My first attempt to rollover some figures went haywire because I didn’t fully understand you, but I’ll erase some data and try again.
My version is marked in the Help/About file as
1.0.3.2628. Is this the latest ? I would rather not go through the risk and the motions of trying to upgrade the program if it’s unnecessary – I like the brief surety of the saying “if it ‘ain’t broke, don’t fix it.”Thanks again for your assistance.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Carlin
Tenant selection is just about the most important process for a landlord.
The criteria for tenant selection varies with the type of property. If it’s an old rundown place, then you can expect mostly “marginal” applicants, and no gems.
If it’s a moderately good property or better, then it will attract better tenants, so you can raise the selection criteria bar. As a rule, I insist on previous rent records from REA’s only, no private rental records because they are difficult to substantiate. This filters out the applicants who want to use a friend as a cover story.
100 pts ID is vital, to ensure you have the same person as the one you are researching. This means enough of the following to guarantee ID :
driving licence, medicare card, bank plastic, phone/elec/gas bills, rego papers, pay advice, REA full rent record printout, copy of current or previous lease, copy of bond form or refund. These should match signature on each other and on the tenancy application. See them sign the application. Addresses should match. Insist on originals and Xerox the originals yourself.Check the phone book to confirm the numbers on the application(excl silent numbers). Ring their work ( & confirm position held, permanent or casual, how long, income,) REA, (mobile numbers not acceptable), immediate relatives are not acceptable referees. Inspect their car, any excuse to walk them to their car, especially look at the interior, your property will look the same after 3 months of their occupation. If anything doesn’t gel or there are any basic contradictions, and the explanation cannot be 100% confirmed, decline the application.
Use a good tenancy application form from an agent, it will provide you with the applicant-signed clauses relating to the Privacy Act so you can legally collect info about them.
Ask TICA for a subscription, (not sure if they still accept non-REA subscribers. You need a default tenancy database to vet tenants properly.
Good luck, hope you find geed tenants.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Carlin
Glad the slider is out. The decision about chasing the money is not easy. It probably should be done once for educational purposes, but expect poor results usually. The law tends to favour the poor unfortunates, and rarely favours you hard-working, self-sacrificing, gratification-delayed, bread’n’water eating, mean and grasping capitalistic debt-laden home providing landlords.
In NSW you can ask for 6 weeks bond for furnished premises, but only 4 weeks for unfurnished. Not sure with SA.
Definately the key is tenant selection, and clearly advising them what they are expected to do.I can’t go past TICA for a good default tenant database, used it heaps, it works wonders.
Hope you find good tenants, they’re out there.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi All
I’ve been using the software for a bit over a month now, and I like the ease of it all.
My current purpose for the software is to crunch the numbers on an investment IP to be used for self-contained short-term accommodation i.e. one or 2 nights, a week or 2 etc. Business, families, tourism.
I need to budget for the costs of complimentary toiletries/magazines, cleaning/labour/chemicals, replacement linen/towels/crockery/glassware/cookware, booking commissions, phone rental/broadband access, water use, electricity & gas, lawn mowing etc etc
I could sure use some kind of accessible but hidden list behind that little word “maintenance” where I could add a whole lot more specific items which would collectively add up to the “maintenance total”. It is necessary to monitor the ongoing costs on these items and to vary the budget according to occupancy (projected or actual).
ATM, I have to make an external list outside the program which loses some of the program’s magic appeal. Hope you don’t mind a suggestion.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Yasmina
Inspect the property with your PM if possible, unless occupied, explaining any areas of concern.Ensure your written agreement with the PM allows you to terminate the agreement anytime for any reason on no more than 30 days notice.
Make it clear what situations you want the PM to handle with or without reference to you. Give the PM the authority to look after your best interests, to make decisions on the spot for you, and the limits to that authority. e.g. how much to spend on maintenance without calling you first. Nominate your own tradesmen if you have any preferences. Insist on quotes vetted by you for items likely to cost over $XYZ. Make sure a plumber replaces every hot & cold tap washer & cistern washer in & outside the house during the first plumber visit. Saves a callout later.
Insist the PM uses a default tenancy database for tenant selection and lists the tenant on the database for any defaults or lease breaches. Make it very clear that you must be consulted immediately a tenant hints or gives notice, so you can make a decision about reletting, repairs, upgrades, change of policy etc..
Make it clear who you want or don’t want as a tenant, within legal limits. Clarify how often you want rent increases, periodical inspections and reports, get paid mid month and end of month, insist on detailed receipts for any work or maintenance completed including feedback from PM on the quality of the work to ensure the tradesman has done it properly. Always get a copy of the lease & inbound & outbound condition reports immediately they are completed. Ensure the PM knows you are watching the ball at all times, but ensure the PM takes responsibility and makes the day-to-day decisions for you because you are paying for that, and you don’t want the stress they are accustomed to shouldering. Always ask them what the options are, what the law says, what can be done or pushed through or bluffed, they should have expertise and use it for you.
It’s something of a balancing act depending on how much you want to do yourself and how much you want to learn, but try not to bark too much yourself when you already have a dog.
good luck
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
First, drown-proof the kids with swimming lessons. Make sure the gates and fencing is the correct kid proof stuff. Instal a pool alarm & advise your neighbours what it sounds like.
and then, GO FOR THE POOL DAD. Your kids have the best playtime years ahead of them. I’ve been fortunate to have a pool, and the kids are always in it with their friends, then I usually know where they are, great for family fun, friends drop in, BBQ’s, healthy exercise, well worth the expense. Get a solar heater for extending the swimming period. enjoy.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Carlin
It’s been my experience with Tribunals that you get what you ask for, provided you can show that you have been reasonable with the tenant, and ALL your paperwork is legally correct.
This usually means that you show that the rent is fair, you have always abided by the lease yourself in terms of attending to repairs & maintenance promptly, you have given the tenant ample opportunity to pay, the tenant has the means to pay (employed), and your correspondence with the tenant has been polite and businesslike and legal. Tell the Tribunal you are not a rich landlord and that you suffered and deprived yourself borderline bread and water to save the deposit for this property and the rent is payable.
Insist on the earliest possible termination date, possession of the bond, orders for payment of all outstanding rent and a daily occupation fee until vacant possession, and the right to re-list without notice if all orders are not complied with on time.
Don’t wear your Armani suit on the day. good luck.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
On the basis of ” Find out whose problem it is, and give it to them ” it looks like the owner of the problem already has possession of it.
You don’t have a problem at your property, and you have not interfered with the pipes so
there appears to be no reason why you should be paying for repairs or replacement of pipes at someone else’s property. [thumbsdownanim
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Nothing worse than being under an inexperienced girl, especially during a complicated real estate transaction.
You need to discuss the entire event with Dept of Fair Trading and then make a decision as to whether to proceed or not, and how.
You don’t need me or anyone else to tell you to find another solicitor for your affairs.
good luck
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Assuming they want to make the necessary changes and sacrifices, success is theirs for the taking.
They have probably drifted into the current position by not managing their finances.Firstly, they must clearly want to climb out of the hole. Otherwise, don’t bother.
Then they need a clear method of establishing their true financial position right now, and again on the same day each month, in order to prove progress and the success of the plan.
Then they need to apply themselves to a progress plan with clearly defined successive goals.Suggested changes :
1. Increase the income by converting the wife from a dependant to an income earner, using day-care, child-minding, whatever.
2. Reduce expenditure to a minimum. There are volumes written on this. They must learn it and apply it.
3. Reduce the interest burden by consolidating the debt by switching to a succession of honeymoon rates credit cards, while paying down the debt.
4. Eventually, the deficit will become a surplus, and the plan must cover what to do with this surplus, otherwise they’ll spend it. While a small celebration would be in order at this neutral point in time, this would also be the time to start investing the surplus to save for a home. Don’t forget the FHOG. The financial record of this transition from deficit to surplus is the record of financial ability which the lending body will use to show the serviceability of a housing loan.
If they have the persistence, it is only a matter of time from buying the first home to buying the first investment property.
They need a financial planner as well as a friend like you.
good luck
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
When buying a residential invertment property, buy one which 75% of the population in that suburb/area would be happy to live in. In doing so, you will always be able to find a suitable tenant.
Persistence is invincible.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
If the aim is to build people skills, then that is the focus.
Network marketing is a people business, and rapidly builds people skills. From a satellite viewpoint, the products and prices are incidental.Amway system is financially successful and teaches volumes about motivation and people skills. Not my cup of tea. Unfortunately, some of the recruiters lack ethics.
There are other ways to build people skills. My own early trial by fire was door-to-door selling books, very tough gig, gave up a few times every day, but, it taught me not to, and later, when to.
Nothing like a good teacher.Whether this post’s topic is building a business, generating business ideas,acquiring people skills or network marketing, one benefits from getting out there in the information flow and online, talking to as many people in a day as possible, and asking the necessary questions. We know persistence pays off, so the methods of success are not a secret.
Good luck to you all on your journeys.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Dev
As a suggestion, if you seek a position in Real Estate Sales, target the geographical area you know, target the agents in that area with a prospecting letter, and a follow up personal visit. If you can do that effectively, and they are impressed with your presentation and persistence, and you have the product they want, they will know you have potential.
If the first result is not a strike, reload, and revisit 2 weeks later. Work more than one area at a time, it’s a numbers game. Success is then just a matter of time.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Use a PM. Like any professional, you pick a good one, you get a good job done.
Structure the agreement to ensure that it is in the PM’s interest to avoid tenant turnover, and to have a good tenant who pays regularly and renews the lease every year. Don’t pay for Tribunals, or high fees on re-lets, but pay well for rent collected and a bonus on nil rent arrears and on same tenant long lease renewals.
Insist on a good tenant, and be prepared to wait a little extra for one, preferably employed, with previous rent record from an agent (not private).
Good luck.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Jenny
Doesn’t sound like a very active agent.
Check the ads for yours, and check that the agent is advertising at all. Ask them to fax or email the counter rental sheet daily ? Ring up like a stranger and ask what’s available to rent like your place . Place a for lease sign on the front lawn. If the agent is too slow, cut them loose, list it with another agent as well. 8 weeks is too long anywhere. What’s wrong with the place ?Anything ? What does it lack ? R/C aircond ? Net access ? Garage, carport ? Security ? Is the rent level appropriate ? Is it finished and habitable ?
If it lacks nothing and the rent is appropriate, something is wrong with the agent.Good luck.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Me thinks you need to find out exactly who the target audience is (backpackers from where last, what nationality, age bracket etc) and find out what and where the information flow is. It might be on the wall of every backpackers in Kings Cross & inner Sydney, or the net, or 3 magazines, or all of the above. Whatever it is, you gotta be there. Find a theme which will not create uphill with local authorities, go for it. Total success in satisfying every guest in the first 6 months is vital. This period has the most “gawk factor,” and is the time when your business will attract the most attention and will generate the most feedback and news, so, ensure it is all good news.
No other period in the life of your business will spread good news as fast as bad, so take full advantage of it. Use giveaways, referrals, free nights, be generous, the packet of noodles group want news at all their show & tell sessions.
Ensure you have all the latest big screen & net access gear.
Good luck
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Lea
Get a printout of the tenant’s rent record and verify their “good record.” Check their tenancy application. I had a tenant once who never missed a rent payment in 2 years, but 80% of them were late, he was a hell tenant and I took him to tribunal about 5 times. Like extracting teeth.
Building and pest report ?
Valuation ?
Last deal on this property $$ through LPI ?
Suburb vacancy rate ?
Likely property items to require replacement in the next 2 years e.g. hws, roof, screens, wiring, aircond or heater, fence etc etc,
hope it’s a goodie for you.
good luck
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Thank Derek
Good Luck Bonnie.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
