Make This The Year For Helping Investors

With the main goal of a Rental Investment Property being to make money, tax depreciation and tax deductions will be the main income after the rental payments received.

This is the year to do as much as we can to help your Landlords with their investment property! All of us, no matter what we do for a living want and need to make money and owners of investment properties are no different.

The Australian taxation department and websites as well as your state tenancy agency have some great information and of course your tax accountants can assist. Here are some things to consider claiming and to research further:

  • Costs for professionally managing the property such as property management fees. While it is true that you need someone to help manage your property, it does cost a lot. This can and should be claimed towards your tax return. A professional Property Management company will supply an End of Financial Year Statement to take to the accountant to make claims.
  • Improvements made to your home over the financial year. This could be adding a patio, a garden shed, including security screens or remodeling a bathroom. All of these expenses can be considered by your tax consultant.
  • Insurance premiums to insure the property for both landlord and building & contents insurances. These are necessary expenses so by taking the policy and invoices to claim this will make a difference as it can be very expensive. Things can and will go wrong and no-one can predict what it will be or when.
  • Visits to your rental property can sometimes be claimed. If you are visiting from a long distance, such as interstate, there can be some tax relief for your trip. Your property manager can write you a letter to thank you for your visit, outlining dates. Include the letter and proof of costs with your tax documents and discuss this with your consultant.
  • Asking the tax consultant about Council rates, water charges and anything else that is paid for the property. By being prepared and keeping receipts we can be ready in the event of an audit.

Property managers should ask their Landlords if there is anything that they require from them such as copies of their invoices and how they can assist with arranging tax depreciation schedules or anything else that can make their lives easier. That is why property managers are there, to help their Landlords.

The last tip is that not all property managers are created equally. Speak to other investors, see what they are doing in the community and get a feel for their business. If you are having problems, it may be time to look around.

A Guide to Select the Best Property Management Services

Owning a property is not an easy task at all. One needs to make a lot of efforts in order to maintain it. There are many complications and issues that come associated with the properties. Right from the beginning in the entire process of buying and selling, one needs to ensure that the property is in the perfect condition. When you own a land of your own, it is high time that you pay attention to the property management. There are many people who are unaware of the importance of managing the complications. While managing it, one needs to make sure that the papers are correct, it is well maintained and the taxes are submitted timely.

Property management also includes corporate budget preparation, business image consulting, strategy researches and book keeping analysis. There are a few things that you need to keep in mind while hiring a property manager.

Choose the right company

There are many property management companies which will provide this kind of service in your locality. Finding the right company among so many is little bit difficult. You need to find an efficient company who can manage your property. Never hire the first company that you contact. Short list at least five companies and then visits their websites to check what the services that they are offering are. Then, after you select a company, you must call them up and talk about your requirements.

Decide what you want from the company

Each and every company has different needs. You need to be clear within yourself what you need from the company and how can they benefit you. This is something that you need to decide before you are making your first call to that company. Jot down all these requirements and assure what you really want from these management companies.

Referrals

Referrals play an important role in the process to select something. You can seek recommendation from others to know about what company they chose and how did it benefit them. In this way, you are going to find a reliable company who can provide you the best management services. But if you do not have suitable information from this, you also have other options to choose from.

Do an online research

Internet can be the best friend when you are searching about some information. Browse online in order to find the websites of the companies that are doing a great work to manage property. You can also get the contact details of the companies from their websites. Always check the review page of the company’s website where the previous customers have sent their reviews.

Since, the property management is not an easy task at all, it is advised not to handle it on your own completely. Moreover, you also have many other important tasks to complete. Therefore, it is very crucial that you do not get involved in the matters of management when you know that you are completely a novice in this field. Instead hire an expert to accomplish the tasks efficiently.

Property Management Made Simple

A fast, simple and effective way for landlords to manage their property portfolio with minimum hassle.

Being a landlord or a property manager can be an arduous task. There is usually an endless list of jobs that need to be taken care of, whether you’re managing a single property or a vast portfolio. There are several landlord property care apps offered by property management groups to help property owners in managing their property and keep everything running smoothly, taking the stress out of daily tasks.

WHY DO I NEED AN APP FOR THIS?

Downloading the app provides a simple and efficient way for you to manage your properties. It’s intelligently designed, easy to use features have been developed by the experts in app development to cater for your specific requirements. With its key features you can digitally take control of all tasks with a swipe of your finger.

KEY FEATURES:

  • Managing Tenants
  • Monthly rental payments
  • Utility management
  • Rent review
  • Property inspection reports
  • Annual safety tests
  • Lease management
  • Print yearly/ monthly taxable finances.

MANAGING TENANTS AND RENT

When it comes to managing rent owed and tenants the app couldn’t make it simpler if it tried! You go to the sub section you need, click the icon and straight away you can add new tenants, storing their personal information i.e. phone number and address, as well as their moving date and contract end. As for rent you merely need to select the property in your portfolio, specify the date, rental fee and Estate agents commission and you’re sorted. This saves a lot of time and productivity in the long run, meaning you’re not chasing any overdue payments or tenant details.

TAX MADE SIMPLE

Everyone knows that trying to keep on top of yearly tax returns can be a nightmare, but this is just another reason why this app is extremely beneficial. It allows you to do your own book-keeping on the move, by logging all of your income and expenses, when and where you necessary, to keep on top of your accounts. In the long run this will be more beneficial for your accountant or even for yourself if you organise your own accounting. Moving forward, this means you can review monthly and yearly reports with the tap of one finger, as well as track your taxes making your End of Year returns report easy to access, and print off for your benefits.

The same format is used when logging Expenses, again these are all kept in one place, and you can easily input property expenses through their individual property details and log important expenses such as Interest only mortgage, Capital Mortgage, Repairs, Insurance, Cleaning, agents involved etc.

ADDITIONAL SUPPORT

An additional benefit is that you will have a dedicated support team which promises to assist you with any technical and non-technical help that you may require. This gives you reassurance and trust that your portfolio details are in the right hands, and that all information is deemed confidential, to which you will only have access to, and none of which will be shared to other Property Managers.

8 Tips for Tenant Improvements

The best type of tenant improvements are those that not only make the place look better and the tenants happier, but those that improve your revenue thus increasing your ROI. These improvements can take on many faces and investments of time, but in the long run if things are made better, then they are truly worth your time and money.

But, are there ways to make tenant improvements fulfill both of these needs? Absolutely! In fact, here are several tips that can make the road of property improvement easier.

1. Do your own homework. Take the time to determine what changes need to be made and what the priority is for each. Talk to those who will be affected and learn when would be the best timeline.

2. Stay involved with the planning process. Be sure you understand the blueprints and design plans so that you can fully understand what changes will be made.

3. Be sure that lease agreement ensures that all the parties involved get the best deal possible. Take time to study the lease agreement to ensure that your proposed improvements are a fair deal and that it provides the rent that works for you and the tenant allowance is realistic.

4. Walk through the space with your contractor and be sure that the scope of the work and all the details are understood prior to signing anything. Anytime changes are made after the papers are signed, it will cost you time, and quite often more money!

5. Be flexible. As you do the walkthrough, be open to ideas and alternatives in materials or use of the spaces.

6. Think about the present as well as the future in regards to your lease. If you are considering a long list of tenant improvements, it may be possible to space them out over several years, thus making it possible to recoup some of your investment sooner rather than later.

7. If you are new to the tenant improvement process, be sure that you understand the zoning regulations and that the contractor you work with knows you expect them followed.

8. Be upfront about your budget. If your contractor understands that adding on a multitude of extras is not going to happen due to budgetary restraints, they will be less likely to push you towards something that is not achievable.

Tenant improvements do not have to be the things that nightmares are made of! Due diligence and patience will go a long way towards making the process simpler. Talk to your local contractors to learn more about to make this process easier and more efficient.

Helpful Tips For Better Real Estate Management

Managing rental properties can be a tedious process sometimes landing you into legal issues. As a property manager or owner, you should think about preventing problems even before they occur to have an easier time maintaining order. Apart from making your tenants feel worthy, you should also find ways of making the management process easy for you especially when handling large properties or multiple properties. When you are organized in how you handle your property, it becomes easier to keep everything in check and a few tips can help you put in the best measures into the management process.

Tip 1 – Get a professional property manager

If you are a property owner with little knowledge of how to go about management, you should consider getting a professional property manager to ease out the process for you. Professional managers with some knowledge and experience in the real estate industry will know exactly how to go about the process and find organizational solutions to ease everything out. When there is a manager in place, you will feel more at peace and have fewer issues to deal with.

Tip 2 – Embrace technology

There are very effective real estate management solutions available thanks to technological advancements. Real estate management software is among the best solutions you can find to make the process easy and organized. Such a solution can improve communications and payments and data maintenance for the property. With the right system you will have an easy time collecting, returning and holding security deposits, as well as inspecting and documenting rental unit conditions before move-outs. There is just so much you can do with real estate management software to streamline processes so look for the best solution.

Tip 3 – Handle tenants appropriately

First of all you should consider screening tenants before allowing them into your property. It is a simple way of keeping troublesome characters off your property. It is also important that you put tenant landlord agreement in writing to keep things clear and ensure that you treat all tenants equally and without any discrimination. Discriminating prospective tenants based on sex, race, origin, disability or even familial status can land you into trouble. It is also important to respect their personal privacy even if the property is yours by notifying them prior to entering their rental units. Handling tenants appropriately will save you from a lot of trouble especially legally.

Tip 4 – Keep the property in top shape

Regular inspections are very important so you can make any improvements and changes where need be. Recklessness on your part leading to safety and security issues can lead to hefty losses in terms of compensations. You should therefore make a point of making prompt repairs and consider having a security system in place to give your tenants the sense of security they deserve as well as ensure that their safety is not compromised in any way.

Tip 5 – Oversee managers

They should be competent enough to keep your property in check. It is therefore important that as a landlord you choose and supervise property managers. Background checks and clearly spelling out their duties will prevent issues cropping out later.

Real Estate Agent Job Description

Real estate agents liaise between home owners and buyers to conduct the sale, purchase or rent of properties. They work for brokers and play a major role in assisting people buy or sell residential, commercial or industrial property. They keep and maintain an up-to-date account of property listing and other relevant housing information to stay abreast with properties available on the real estate market. They subscribe to several listing services to advertise and market properties up for sale. They also contact property and market properties up for sale. They also contact property owners to obtain information regarding a property.

As part of their responsibilities, estate agents present sales and purchase offers to clients for consideration. They advise them on property rates, legal requirements and general market trend. They also interview clients to determine their property preference or specification. Usually, they prepare a list of properties that best match the needs and requirements of clients. They visit and inspect properties in order to establish precise property value. They also proffer recommendations to clients on properties that best suit their budget and preference.

Most estate agents oversee the preparation of closing statements, purchase agreements, representation contracts and other necessary documents required for estate trade. They conduct negotiations between property sellers and buyers to establish price and other terms of sales. They also liaise with pest control operators, home inspectors etc. to ensure the terms and conditions stated in a purchase agreement are met prior to the closing of sales.

In fulfilling their role, real estate agents oversee the closing of property sales, they ensure payment is complete and appropriate documents signed. They maintain contact with clients to offer them real estate services/products and assist with the resolution of issues. They also provide consultation services to clients to recommend strategies for the speedy sale of property. They often conduct training programs for junior/trainee sales agents to enhance their sales skill. This job position requires at least a high school diploma, state license for practice and an aptitude for sales. Qualities needed for the job include persuasion, interpersonal skills and problem-solving skills.

Real Estate Agent Job Description Sample

Given below is a sample of the job description usually handed real estate agents by most employers:

  • Act as liaisons to conduct real estate trade between property buyers and sellers
  • Present sales offers to clients as well as bid on available properties
  • Carry out investigations to determine client credit status and ability to complete payment
  • Inspect properties to appraise its value and estimate the worth on the property market
  • Interact with clients to identify their requirements and proffer recommendations on properties that best suit their budgets
  • Assist home sellers in promoting their buildings on property listing services to attract clients for purchase
  • Prepare and deliver sales pitches to clients in order to secure real estate contract
  • Provide clients with a list of properties available for sale to assist them in making choice selection
  • Conduct price negotiations between property buyers and sellers to ensure a fair bargain for both parties
  • Provide clients with a tour of residential, industrial or commercial properties to showcase and explain property features
  • Carry out investigations to confirm clients have clear property titles
  • Provide appropriate reply to client’s enquiries concerning property appraisals, financing, maintenance etc.
  • Examine property premises to recommend maintenance measure required to improve the face value
  • Assist clients in evaluating mortgage options to obtain the best rate and terms
  • Attend conventions, conferences and seminars to improve existing job knowledge and expand personal network.

If you are a recruiter needing the best real estate agent to hire, you can use the sample job description above in making one for your company, for use in hiring and assigning duties to the successful candidates.

Buying a Home With Built-In Problems

It is a terrible situation when one buys a property with unseen flaws in its construction. Usually in Australia this is covered by government departments that oversee the building of such and push the company to fix them. Recently, however, it has come to light that many buildings cannot be fixed and the builders have no responsibility for the mess they create for purchasers.

A radio program did a story on high-rise apartment buildings and the list of complaints from purchasers was long and horrendous. It appears that people only have a month or so to raise certain issues and after that the company is off-the-hook. That would seem reasonable under normal circumstances where one can do a visual check on things and pass it.

It happened, however, that Sydney had a long dry spell and many apartment buildings were put up during that time. Then came a month’s worth of rain in a day or so and all hell broke loose for many apartment dwellers. Their beautiful home was suddenly flooded with rain water.

One gentleman told of bailing our some 80-120 litres of water from a dam he had to erect in his lounge-room. His entire apartment was flooded before he was able to get the wall built and this ruined carpets and furniture.

With the Grenville Towers episode in London showing the effect of poor building materials and the danger to tenants as a result one wonders if the same could happen here? The government wondered the same and sent inspectors around to check. Sure enough some 1,200 apartment buildings have the same type of cladding which has entered the country illegally.

Money is the main goal of building companies and over the years the standards have slipped so far that one must think twice before purchasing any home. With many apartments now sold off the plan, that is before they are constructed, the future for any purchaser may be one of heart-break and being stuck with something with no resale value.

Norma Holt has knowledge that enables her to understand many issues. Social, political, and behavioural problems are usually on her list for discussion and the depth of her research will amaze.

The 2 Simplest Ways to Maintain Your Parkade Properly

The 2 simplest ways to best maintain your Parkade.

How condo boards can maximize their investment now and for years to come.

Recent information on maintenance shows that a condo board can plan to pay anywhere from $100 to $500 per parking stall to keep its parkade in good repair and to budget for upkeep of the moisture protection systems. So, if a building had 150 stalls, it breaks down to an average of $25 per stall, or $15 to $75 thousand dollars.

What are the best ways for a condo board corporation to use this money effectively?

By focusing on the reserve fund and operating budget, here are some guidelines to make sure that the parkade is maintained properly.

Before we start let’s get down to basics.

Most parkades today are equipped with reinforced concrete. These are durable because of waterproof membranes that protect against water and salts, which both can destroy the concrete surface. This happens when water and salts mix together and contact metals and steels which create iron oxide or rust. The rust expands and creates pressure on the surrounding concrete. These metals are found in rebar- which creates strength on the concrete floors. The rusting process reduces the strength of the concrete, and can severely affect its ability to handle weight in the parking areas. Eventually, the structure’s integrity can be comprised, in some cases, it could even collapse completely!

So the aim of maintaining parkades properly is to make sure that the salts and dangerous pollutants are removed on a regular basis.

Here are the 2 simplest ways to maintain your Parkade and help reduce the damage to the parking garage structure.

1) The most cost-effective plan is to have your parkades power swept, pressure washed, and power scrubbed, at least twice a year. This will combat against the harmful influences of rusts, dirt and dangerous debris.

2) Have a regular program for flushing and cleaning floor drains and drain pipes in the garage every 6 months. A good time to do this is as the parkade is being swept and scrubbed. This allows the salts and dirt waters in the parkade to flush down these pipes safely. This reduces the contamination of salts and debris on the concrete surface.

It is a lot easier to make sure the membrane and concrete are properly cared for with regular maintenance than to overspend on replacement costs of the overall structure. A little maintenance goes a long way when it comes to important structures like your parkade.

Great Property Management Companies

Choosing the best manager for your property can promote your real estate investment or even break it. You find managers in all parts of the market and it is important to tell the good apart from the bad.

Messaging and branding

The outbound branding and messaging that the company uses is an important factor that can be used to determine what they are really like. To be able to understand them and their mode of operation. Then you need to ask questions.

Documentation

The first thing that you should get to know is whether the company is licensed and recognized by the right body. You need to ensure that you get to know what kind of properties they manage and then get references. You should never move on with the deal if the company does not want or is not able to give you the necessary documentation. When you see the documentation, then you can comfortably say that their operations are legitimate.

You should also get to know the following things about the company:

  • How they set and collect rent
  • How maintenance and repairs are handled?
  • If property inspections are done
  • Retention and marketing of tenants
  • How the tenant and owner funds are handled?
  • How they do tenant screening.

The other things that you should talk to them about include:

  • Their management fees
  • The management contract

The above should be done to about three companies that you may have shortlisted before you can hire them. You should remain vigilant and don’t settle for the first company that you come across regardless of how good they seem to be. There is really no harm in talking to other companies. Talking to others confirms that the initial preference was the best and you may even have some more questions. Young never know, the next company could actually be better than the first one.If you do not take time to talk to others, then you will have nothing to compare with. It is important to have an idea about how other companies operate to be certain that you are indeed making the right decision. There are many databases that you can use to locate management companies near you.

You need to appreciate the fact that finding a manager for an investment that you made is a very important and big decision. You should do a thorough research before you settle for just anyone. There are many qualities that you should consider when you are picking a great organization.

You should try getting referrals from various sources. This is one of the best ways because you will know the experiences of other people first hand before choosing. You may get some amazing tips about the whole choosing process. Since referrals can sometimes be biased, you should get them from all corners. If you receive same referral about a certain company, it could very well be true after all, regardless of whether it is a good opinion or a bad one.