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Verity01
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@verity01
Join Date: 2011
Post Count: 16
June 14, 2012 - 8:53 am
Hi Lila77
Due to the Financial Services Reform Act we cannot recommend insurance companies or policies, however many of our clients use AON, EBM insurance and Terri Scheer for landlord insurance policies.
Verity01
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@verity01
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Post Count: 16
May 7, 2012 - 3:27 am
Thank you for your valuable insight and advice Josh.
Much appreciated
Verity
Verity01
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@verity01
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May 7, 2012 - 2:59 am
Suggest you call a local Property Manager regarding rents….
Verity01
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@verity01
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April 30, 2012 - 4:51 am
Hi Eddy
traditionally I dont like furnished properties. Points to consider being wear and tear, responsibility to repair/replace and who are you going to attract to the property? They dont necissarilly generate that much extra income to justify it in my experience and depending on the location, may attract undesirable tenants or restrict who you attract and you may have more people interested in it unfurnished.
Agree with others – speak with a local PM as It's a very select market with usually low demand depending on the location.
Verity01
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@verity01
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April 30, 2012 - 4:32 am
soloinvestor wrote:
The insurance risk is not worth it. After successfully managing my 4 properties for years I finally got caught. Tenant did $10K worth of damage and insurance paid for $800!!! BECAUSE I did not have a property manager doing the required inspections etc etc!!
perfect example! we see this scenario often and one I often give my prospective clients something to think about. I think people forget that they have an assett worth a few hundred thousand dollars but arent prepared to spend say $4000 a year (tax deductable) to minimise risk and ensure the value of their assett is maintained.
Verity01
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@verity01
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April 30, 2012 - 4:23 am
Hi Jackie
Working in the industry, I see time and time again the value and importance of quality marketing and the effect it has on the outcome and results for the client whether its sale or rentals.
There is nothing wrong with being old school, however he has had his chance over three months and not produced anything and being rude is unproffessional and unacceptable. I would use the opportunity to try some fresh, enthusiastic blood! you have nothing to lose!
Good luck!
Verity01
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@verity01
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April 24, 2012 - 4:03 am
having said that we are in WA. Suggest you contact REIV for proper clarification as it may vary from state to state.
Verity01
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@verity01
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April 24, 2012 - 4:01 am
some of the above information is absolutely incorrect!!
The lease agreement stands. Its a legal binding contract. As others have suggested, the most you can do is offer an incentive to the tenants by way of removal costs for example to see if they will consider moving early however the completely within their rights to stay.
Verity01
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@verity01
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Post Count: 16
April 24, 2012 - 2:29 am
Hi Michael
further to all of the above responses some Landlord insuance policies will not cover a private landlord which is leaving you really wide open in a worst case scenario. I am a licensed property manager with two invesment properties that I dont even manage myself…..
Verity01
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@verity01
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Post Count: 16
March 16, 2012 - 6:48 am
Catalyst wrote:
VerityHodge wrote:
Catalyst wrote:
You can do that but I find mostly Real Estate Agents don't have vision. ie -they can't see what it WILL look like. Look on the net at what's available for rent. That will give you an indication. Look at what renovated places go for. It's hard for an agent to know because they don't know the quality of your work. You may say "new kitchen" but it may be a cheap laminate one.
Also you'll get different rates from different agents. Some are lazy and rent cheap so they don't have to do any work. One we did, one agent said $300pw. There was NO WAY I was renting it for that./Another said $330-340. We put it on at $340. First person that saw it took it.
Whenever I've asked the agent they always saysa price. But when they see it finished they go WOW! you'll get more. We have always got above average rent for the area on our renovated houses. We do a great job (even if I say so myself) to a high standard. Our last 4 have rented to the first person who have seen them (we ask top rent for the area).
Hi Catalyst
I disagree. As a property manager prospective landlords often consult us for advice on renovations and possible rental return. At Realmark, we work quite close with our sales department to help investors with such projects. I personally am very active in advising my clients how they can add value and increase their yields.
regards
Verity
Sounds like you are great at your job but unfortunately you are in a minority. Just because you do it doesn't mean everyone does. So you can disagree with me but what I said is based on my personal experience and that is fact (for me). Many agents I deal with don't know what the other department are doing. One place I bought the agents hadn't transferred the rental over. Silly me assumed that as it was rented by the same agent it would be done. The sales team didn't think to notify the rental team. Then they were surprised when I rented it with another agency. They still ring me everytime I buy a new property to see if I'll go with them.
Poor communication (like between your sales and Pm team) is the number one complaint in the industry. You definitely get what you pay for. Unfortunately there are some agencies out there who let the reputation down for the rest of us who actually have a career in the industry – not just a job. I am also an investor with two properties under my belt so a little personal interest in these matters helps! Your welcome to contact me in the future if you like
Verity01
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@verity01
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Post Count: 16
March 16, 2012 - 6:05 am
tiger_ra wrote:
I am looking to undertake a renovation on a unit that i may purchase this week, and will look to rent it out thereafter. Do you know the best way to gauge what the likely new rental rate could be? Can you ask a real estate agent from the rental department to make a suggestion even though you have not signed them on a property managers (yet)? And could you utilise their knowledge and take them through your property to get a better idea of what they think is worth renovating or not (ie what will bring in my rental income or is it just overcapitalising) and to help understand most likely target market?
thanks!
Hi Tiger, yes absolutely you can contact agents to provide a rental estimate on a prospective purchase. I often get asked to provide two estimates – one as is and another with refurbishments. As with any industry there are good and bad property managers or perhaps I should say experienced vs inexperienced. If they dont appear confident in their estimates with you, seek another opinion but most importantly, always do your own research as well.
regards
Verity (Realmark Real Estate)
Verity01
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@verity01
Join Date: 2011
Post Count: 16
March 16, 2012 - 6:01 am
Catalyst wrote:
You can do that but I find mostly Real Estate Agents don't have vision. ie -they can't see what it WILL look like. Look on the net at what's available for rent. That will give you an indication. Look at what renovated places go for. It's hard for an agent to know because they don't know the quality of your work. You may say "new kitchen" but it may be a cheap laminate one.
Also you'll get different rates from different agents. Some are lazy and rent cheap so they don't have to do any work. One we did, one agent said $300pw. There was NO WAY I was renting it for that./Another said $330-340. We put it on at $340. First person that saw it took it.
Whenever I've asked the agent they always saysa price. But when they see it finished they go WOW! you'll get more. We have always got above average rent for the area on our renovated houses. We do a great job (even if I say so myself) to a high standard. Our last 4 have rented to the first person who have seen them (we ask top rent for the area).
Hi Catalyst
I disagree. As a property manager prospective landlords often consult us for advice on renovations and possible rental return. At Realmark, we work quite close with our sales department to help investors with such projects. I personally am very active in advising my clients how they can add value and increase their yields.
regards
Verity
Verity01
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@verity01
Join Date: 2011
Post Count: 16
March 13, 2012 - 2:48 am
Hi J
Yulia is on the right track however bear in mind, the Residential Tenancies Act provides legislative requirements that all agencies are required to follow.
Essentially, all agents provide the same service, some just do it better than others! This usually comes down to training and support systems in place and the individual property managers experience and expertise.
It is important that you dont base your decision on 'cheap fees' though as you usually get what you pay for!
well I just realised how old your post it…!
regards
Verity
Verity01
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@verity01
Join Date: 2011
Post Count: 16
December 16, 2011 - 4:54 am
Hi Paul
Property Management – usually the service that no one wants to pay for!!
As a licensed property manager – I dont even manage my own properties.
Unfortunately the industry hasnt always had a great reputation however that has changed in recent years. There is certainly a lot more training invested by employers as PM has usually been considered the 'poor cousin' to the sales department.
Anyway, in this industry – you get what you pay for.
Suggest when looking for a PM you ask questions like;
1. How many properties do you personally manage?
2. What is your experience?
3. Are you a home owner?
4. Are you an investor?
It wasnt until I became a home owner, then a landlord, that my whole perspective changed about how I managed my clients properties. Realising the value of rent increases, long term leases, suggesting a lick of paint and fresh carpet and how that will increase your properties value and rental return etc etc
Good luck!
Regards
Verity
Verity01
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@verity01
Join Date: 2011
Post Count: 16
December 16, 2011 - 4:36 am
There are merits in buying old and new. Depending on your purpose to invest.
For me, buying in a well established area (close to sea, river or CBD ie in Perth) with infrastucture ready and historical capital growth with the option to 'add value' is my first choice.
Perhaps when I am earning millions, I will then prefer a newly built him with depreciation benefits.
Verity01
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@verity01
Join Date: 2011
Post Count: 16
December 16, 2011 - 4:18 am
Hello
I handle new business for the property management department for Realmark.
I am happy to chat with you about any info you need regarding this type of service/industry. I have worked in the industry for 14 years and am an active investor myself.
My number 0408 004 459 if you would like to contact me.
Regards
Verity