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Jun 15, 2024
How clean is clean when it comes to vacating a rental property
When it comes time to move out of a rental property, one of the most common concerns tenants have is understanding just how clean the property needs to be. Joanne Danckwardt from One Agency JD Property Agents in Fairy Meadow provides a comprehensive guide on what "clean" really means in this context, ensuring that tenants can vacate with confidence and landlords are satisfied with the property's condition, and how clean is clean enough. If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence. YES, DOWNLOAD MY CHECKLIST Understanding the Standard: The Basics of End-of-Lease Cleaning In New South Wales, the Residential Tenancies Act 2010 outlines the expectations for tenants regarding the condition of the property at the end of a lease. Essentially, the property should be returned in a similar state to how it was at the beginning of the tenancy, barring fair wear and tear. This means thorough cleaning is paramount. Key Areas to Focus On General Cleaning Floors and Carpets: Floors should be vacuumed and mopped. Carpets often require professional steam cleaning to remove deep-seated dirt and stains. Walls and Ceilings: Remove any marks, cobwebs, and dust. Spot clean any minor marks and consider a full wash for more significant stains. Windows: Clean all windows, including sills and tracks. Ensure they are free of streaks and grime. Fixtures and Fittings: Dust and wipe down light fixtures, ceiling fans, and air conditioning units. Replace any burnt-out light bulbs. Kitchen Oven and Stove: These are high-use areas that can accumulate significant grime. Clean the oven, stovetop, rangehood, and exhaust fan thoroughly. Cabinets and Drawers: Wipe inside and outside of all cabinets and drawers. Sinks and Benches: Ensure sinks are descaled and benches are free from stains and residue. Bathroom Tiles and Grout: Scrub tiles and grout to remove any mould or mildew. Toilets, Showers, and Bathtubs: These should be spotless, with no soap scum or hard water stains. Mirrors and Fixtures: Polish mirrors and clean all fixtures until they shine. Outdoor Areas Gardens and Lawns: Mow the lawn, trim hedges, and remove any weeds. Balconies and Patios: Sweep and clean these areas, ensuring no debris is left behind. Garages and Sheds: Clear out any personal items and sweep clean. Common Misconceptions About Cleaning Standards Fair Wear and Tear: It's important to distinguish between dirt that can be cleaned and damage that might constitute wear and tear. Scuffs on floors from furniture might be acceptable, but dirt and grime are not. Professional Cleaning: While not always mandatory, some landlords or agents might require professional cleaning. It's wise to check the lease agreement and confirm the expectations with your property manager. Our expectation is that it is professionally cleaned or you, as a tenant, have those skills to get it right and keep the bar high. Tips from for a Stress-Free Exit Start Early: Don't leave cleaning until the last minute. Start the process a few weeks before your move-out date. Condition Report: Reference the original ingoing condition report as that will set the tone. Whatever level of cleanliness the property had when you moved in, you must have it at least at that level or better. Checklist: Use a checklist to ensure you don't miss any areas. Many agencies provide end-of-lease cleaning checklists that can be very helpful. Hire Professionals: If in doubt, consider hiring professional cleaners who specialize in end-of-lease services. This can save time and ensure you meet the required standards. Document the Process: Take photos before and after cleaning to document the property's condition. This can be useful if there are any disputes regarding the bond. If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence. YES, DOWNLOAD MY CHECKLIST Leaving a rental property in a clean and tidy state is not just about getting your bond back; it’s also about ensuring the next tenant enjoys a welcoming environment. By following these guidelines and understanding the expectations, tenants can exit gracefully, and landlords can feel confident in the property's condition. For landlords, it one of the many reasons why they engage a property manager, to ensure their property is clean and ready for the next tenant. For more detailed advice and personalized assistance, contact Joanne Danckwardt at One Agency JD Property Agents in Fairy Meadow on 0426 264 771. If you’re not a One Agency JD Property Agents client, but would like us to manage your tenant selection process and property, or obtain more information on our property management service, contact us on 4285 7400 or joannedanckwardt@oneagency.com.au. We are always happy to answer questions and offer advice, or offer a free rental property appraisal. We hope these tips have been helpful. If you feel you could benefit from our experience with property management, we’d love to hear from you. Simply reach out. We hope that has helped you today. If you have any questions, we’d love to talk to you. Our number is 0426 264 771. We look forward to talking to you soon.
Apr 29, 2024
What are the top 4 things property management clients value?
In the ever-evolving world of property management, clients value certain qualities and services that distinguish outstanding property managers from the rest. Whether you're a landlord with multiple rental properties or an investor seeking to maximise returns on your investments, the objectives that are sought from the management of your property tends to be the same. Here is what some of our property management clients have shared are the top things they truly value when it comes to their investment property. 1. Excellent Communication One of the most consistent praises among clients is excellent communication from their property management team. Kris, for instance, highlighted that “great communication, prompt action on instructions and sound advice has afforded peace of mind”. It was a similar story for Patrick, who emphasised that everything needed to secure the best new tenants for his rental property was done. “Great communication throughout the whole process of changing tenants,” he said. Effective communication ensures that landlords are informed about every aspect of their property management, from tenant enquiries to maintenance updates, fostering trust and transparency in the landlord-property manager relationship. 2. Prompt Action and Responsiveness In the fast-paced world of property management, prompt action is invaluable. Kris appreciates the "prompt action on instructions," indicating that swift responses to queries and requests contribute significantly to client satisfaction. Andy , who has experience in the real estate market for more than 30 years and worked with a number of agencies in the area, echoed this sentiment. "My previous tenants, which Joanne recommended, were an absolute charm and left the property as good as when they entered," Andy said. "While they recently vacated, new tenants moved in the same week.” He said while the last tenants moved out due to downsizing, he praised the team for being “quick in managing the advertising campaign and very thorough with the selection process and recommendation”. 3. Sound Advice and Professionalism Another key theme that emerged from feedback from clients was how they valued property managers who offered sound advice backed by industry expertise, along with professionalism. Maggie described Joanne and the team as “streets ahead of any other agency I’ve had dealings with over many years in Sydney and Wollongong”. “Their commitment and personal touch are consistent and their professionalism always first class," Maggie said. "During our purchase period, ALL the staff were available for support and during a difficult market period they have sought a tenant for us and guided us through the process. "I look forward to a professional ongoing relationship.” This demonstrates the importance clients place on the professionalism and expertise of their property management team. 4. Personalised Service and Genuine Care Beyond professional expertise, clients value property managers who demonstrate genuine care and personalised service. And that goes for landlords and tenants, as expressed by Roger. "Regardless of my rental status, Joanne and her staff... were very respectful and made my experience trouble-free and quite enjoyable,” Roger said. He described the team as "extremely confident”, that he felt he was "always in safe hands during the process” and they “demonstrated a willingness to be of assistance and in an extremely professional manner”. “It was very pleasing to be find an agency that treated both landlord and tenant in such a respectful and efficient manner,” he said. This personal connection fosters a positive client experience and builds long-term relationships based on trust and mutual respect. What is it that you value? Is it also effective communication, prompt action, sound advice, and personalised service? By prioritising these qualities, property management teams can cultivate strong relationships with clients and deliver exceptional service that exceeds expectations. As evidenced by this glowing feedback, the right property management team can make all the difference in maximising the value and success of real estate investments. If you’re not a One Agency JD Property Agents client, but would like more information on our landlord services, contact us on 4285 7400 or via email. We are always happy to answer questions and offer advice, or offer a free rental property appraisal.
Mar 15, 2024
Choosing the Right Real Estate Agency to Sell Your Property: A Guide for Landlords
There comes a time in every investor’s journey where they consider reducing their property portfolio to either free up some capital or reduce debt. This question is probably best answered by your Accountant. And although marketing a property for sale, whilst continuing to receive an income from rent is very appealing, there are a few extra considerations to take into account when you have a renter in place and you are thinking of selling. As a landlord considering selling your property, one of the most crucial decisions you'll make is selecting the right real estate agency to represent you. With various agencies vying for your business, it's essential to weigh your options carefully to ensure a successful sale. One common question landlords often face is whether to stick with the company already managing their property or explore other options. In this video Joanne Danckwardt of One Agency JD Property Agents discusses the factors to consider when making this decision and provide guidance to help you choose the best agency for your needs. If you're ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist. YES, DOWNLOAD MY CHECKLIST Evaluate Experience and Expertise When assessing potential good real estate agencies, consider their experience and expertise in selling properties similar to yours. Look for agencies with a proven track record of success in your local market and expertise in handling investment properties, with superb negotiation skills. Determine whether the agency has experience working with landlords and understands the unique challenges and opportunities associated with selling rental properties. Review their marketing strategies and resources to ensure they have the capabilities to effectively promote your property to potential buyers Seek Recommendations and Reviews Ask for recommendations from fellow landlords or trusted professionals in the real estate industry. Personal referrals can provide valuable insights into the performance and reputation of different agencies. Additionally, research online reviews and testimonials from past clients to gauge the satisfaction level and experiences of others who have worked with the agency. Schedule Consultations Take the time to meet with representatives from potential real estate agencies for consultations. Use these meetings to discuss your goals, ask questions, and assess the agency's approach to selling properties. Pay attention to how responsive and attentive they are during the consultation process. Choose an agency that demonstrates a genuine interest in understanding your needs and objectives. Evaluate Communication and Transparency Clear and transparent communication is vital throughout the selling process. Evaluate how effectively the agency communicates with you and their willingness to keep you informed every step of the way. Ask about their communication channels, frequency of updates, and how they handle feedback and inquiries from potential buyers. If you choose to sell the investment property whilst still tenanted, it is important to remember there are strict rules that must be adhered to. It is important to be aware of the legislative requirements when selling a tenanted property. In our experience, it works best when - The renter is provided with plenty of notice, it helps them to get organized. The process is clearly explained to the renter right from the start and it is adhered to throughout the campaign The property manager has a good relationship with the renter and is the one who initially gives them the confirmation that the property is going to be sold. They can then reassure them if they have any concerns. The selling agent takes the time to introduce themselves and sits down with the renter to create a plan to minimise the disruption to their lives as much as possible Potential buyers are made aware of the conditions of the current lease agreement eg the notice periods required if they wish to move into it themselves Both the selling agent and the property manager are “on the same page” and understand what all parties are trying to achieve. This will give both the owner of the property and the renter confidence in the process. If you're ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist. YES, DOWNLOAD MY CHECKLIST Choosing the right real estate agency to sell your property is a significant decision that can impact the success of your sale. While sticking with the company already managing your property may seem like the easiest option, it's essential to carefully evaluate all your choices. Consider factors such as experience, expertise, potential conflicts of interest, recommendations, and communication when making your decision. By selecting a reputable and reliable agency, you can confidently navigate the selling process and achieve your desired outcomes as a landlord. If you are thinking of selling your investment property, contact us today. We can provide insights tailored to your specific market, and run you through how the process would look for your investment, including any potential obstacles that need to be navigated. With the right approach and timing, you can capitalise on the advantages of selling your investment property in the current real estate market. If you feel you could benefit from our experience with buying and selling, we’d love to hear from you. Simply reach out. We hope that has helped you today. If you have any questions, or you know of anyone who may benefit from our real estate services, we’d love to chat. Our number is 0426 264 771. We look forward to talking to you soon.
Feb 15, 2024
Maximizing rental income: Is your Property Manager working for you?
In the ever-evolving landscape of real estate, the maximization of rental income stands as the cornerstone of success for property investors. As landlords, the question that often lingers is whether our property managers that have been engaged are skilled at navigating the complexities of the rental market to secure the best possible rent for investments. The competitive nature of the real estate market necessitates a proactive approach to rental management and rent increases. Beyond simply finding tenants, property managers play a pivotal role in orchestrating a delicate balance—assessing market dynamics, negotiation strategies, and tenant relations to ensure property investors reap the maximum benefits from their property portfolio. In this video, Joanne Danckwardt of One Agency JD Property Agents delves into the crucial considerations that investment property owners must weigh to assess the effectiveness of their property managers in optimizing rental returns. If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence. YES, DOWNLOAD MY CHECKLIST Rental Market Analysis It is important to stay informed of the local rental market. A Property Manager conduct regular market analyses to understand current rental trends, vacancy rates, and comparable property rents in the area. Regular Rent Reviews A Property Manager should have a proven system and procedure they follow to ensure they actively engage in regular rent reviews for all their managed properties. This in turn, should lead to a discussion of the benefits of adjusting the rent to reflect current market changes and ensuring that the property investor receives the optimal rental income. For example, a rent review might be completed with every routine inspection, and a rent review should be completed at every lease renewal. Negotiation Skills One of the most critical aspects of securing the best rent for your property lies in the negotiation skills of your Property Manager. Negotiation is an art that goes beyond settling on a rental price; it involves a strategic and nuanced approach that can significantly impact your property's overall profitability. A property manager with excellent negotiation skills understands the dynamic nature of the rental market. They keep abreast of current trends, fluctuations, and demand patterns, allowing them to position your property competitively. By leveraging this knowledge, they can skilfully negotiate rental rates that align with the market's highs and lows, ensuring optimal returns. Effective negotiation is not just about finding a middle ground; it's about advocating for the best interests of the property owner. A skilled property manager will confidently represent your goals, whether it's securing higher rent, favourable lease terms, or other conditions that enhance the value of your investment. Negotiation isn't solely about financial transactions; it's also about fostering positive relationships between landlords and tenants. A property manager with strong negotiation skills can strike a balance that satisfies both parties, reducing the likelihood of disputes during the lease period. This positive dynamic can lead to longer tenancies and a stable income stream. Every rental situation is unique, and negotiations must be tailored accordingly. Whether it's addressing specific tenant needs, navigating complex lease terms, or managing unexpected challenges, a skilled negotiator can adapt to various scenarios. This adaptability ensures that your property manager can navigate complex situations with finesse, ultimately benefiting your bottom line. Effective Marketing Strategies When an investment property is vacant, having a robust marketing strategy to attract a good tenant for your rental property will ensure plenty of exposure to attract the right and competition. Using various channels such as online platforms, social media, and traditional advertising to showcase your property effectively will ensure the maximum rental price is achieved for your investment property in the shortest possible time when your property becomes vacant. If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence. YES, DOWNLOAD MY CHECKLIST As property investors, the key lies in partnering with Property Managers who go beyond the conventional, actively engaging in regular rent reviews, maintaining properties to the highest standards, and ensuring that every negotiation reflects your best interests. By doing so, you not only secure optimal rental income but also foster positive, lasting relationships with tenants. So, as you assess your property manager's performance, consider the comprehensive picture we've painted. Is your property manager getting the best rent for you and your property? The answer lies not just in finding tenants but in fostering a strategic and dynamic approach to rental management that ensures sustained success in the ever-evolving real estate landscape. If you’re not a One Agency JD Property Agents client, but would like more information on our property management service – contact us on 4285 7400 or jdpropertypm@oneagency.com.au. We are always happy to answer questions and offer advice, or offer a free rental property appraisal. We hope these tips have been helpful. If you feel you could benefit from our experience with property management, we’d love to hear from you. Simply reach out. We hope that has helped you today. If you have any questions, we’d love to talk to you. Our number is 0426 264 771 or 0455 147 755. We look forward to talking to you soon.
Dec 14, 2023
How do you find a good tenant for your rental property?
Renting out a property can be a lucrative venture, but success often hinges on finding a reliable and responsible tenant. How do you know you're going to be able to find a good tenant for your rental property? Selecting the right tenant is crucial for both the landlord's peace of mind and the well-being of the property. As a property investor, it can be a bit of a concern, in knowing that you are going to get a tenant that is appropriate. In this video, Joanne Danckwardt of One Agency JD Property Agents explores key strategies to help you find the perfect tenant for your rental property. If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence. YES, DOWNLOAD MY CHECKLIST Screening Process The foundation of a successful tenant search is a rigorous screening process. Consider the following steps: Rental Application – ensuring a prospective tenant submits a rental application is vital. A comprehensive application should include personal information, rental history, employment details, and references should be obtained. Tenancy Checks – review the applicant and their history on any National Tenancy Databases for any reported breaches. Reference Checks – conduct thorough checks and contact all supplied reference and referees supplied, including previous landlords and employers listed on the rental application. This will verify the potential tenant's rental history and employment status, and provides valuable insights into the applicant's reliability and behaviour. Clear Rental Criteria Set clear rental criteria objectives from the outset. This may include specific income requirements relating to a ratio of rent to income, and guidelines on the number of occupants. Effective Property Marketing A well-marketed property attracts a larger pool of applicants, hence more choice, helping to find a great tenant. Using online platforms, social media, and traditional methods to showcase the rental property with high-quality photos and a compelling description to make the property stand out. Realistic Rent By engaging a property manager you can be guided by their experience and market knowledge to set a competitive and realistic rental price. Overpricing may deter potential tenants, while under-pricing could lead to financial losses. Find a balance that reflects the property's value. Responsive Communication Prompt and effective communication is essential throughout the tenant search process. It is important to respond to inquiries quickly, provide clear information, and be available for property viewings. A positive and responsive approach creates a favourable impression on potential tenants and opens up the communication channels with prospective tenants to see how they manage the application process. Conduct Thorough Interviews In addition to a written application, conducting face-to-face or virtual meeting with potential tenants is important. This allows you to assess their communication skills, gauge their level of interest, and address any questions or concerns they may have. Trust Your Instincts While it's essential to rely on objective criteria, don't underestimate the power of intuition. If something feels off during the screening process, it's worth exploring further or considering other applicants. If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence. YES, DOWNLOAD MY CHECKLIST Finding the ideal tenant for your rental property requires diligence, clear communication, and a systematic approach to screening. By implementing these strategies, landlords can minimize risks and foster positive, long-term relationships with responsible tenants. Remember, a well-vetted tenant not only ensures the well-being of your property but also contributes to a stress-free and profitable rental experience. If you’re not a One Agency JD Property Agents client, but would like us to manage your tenant selection process and property, or obtain more information on our property management service, contact us on 4285 7400 or jdpropertypm@oneagency.com.au. We are always happy to answer questions and offer advice, or offer a free rental property appraisal. We hope these tips have been helpful. If you feel you could benefit from our experience with property management, we’d love to hear from you. Simply reach out. We hope that has helped you today. If you have any questions, we’d love to talk to you. Our number is 0426 264 771. We look forward to talking to you soon.
Oct 15, 2023
10 reasons to engage a property manager
Owning an investment property is big financial commitment. While many property investors have financial knowledge, dealing with day-to-day property issues can be challenging, and time-consuming. As a property investor, it can be difficult to balance the time between managing rental properties and other commitments. This is just one reason why property investors should engage a property manager to look after their investment property. Property investors will want the property to be looked after properly, and will realise the multiple benefits of hiring a property manager, allowing them to receive a reliable income stream, minimising stress, and the fees are a tax deduction. In this video, Joanne Danckwardt provides reasons why you should use a property manager to manage your investment property. If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence. YES, DOWNLOAD MY CHECKLIST Top 10 reasons why you should use the services of Property Manager to manage your investment property: Advertising and Marketing Your rental property can benefit from the expertise of a property manager with advertising and marketing. They ensure your vacant rental property is successfully marketed to the right target audience. Tenant selection and screening Tenant selection and screening represent some of a property manager's primary responsibilities. They have the experience as well as knowledge necessary to properly screen prospective tenants and manage rental applications, conduct background checks, verify employment and income, and contact references. A Property Manager will have a clear rental application process in place, ensuring that you only rent to reliable, trustworthy, and stable financially tenants. A property manager will draft the lease agreement, which will outline terms such as rent amount, due dates, duration, renewal options, tenant responsibilities, and ensure all lease documents and lease renewals are correct and conform. They will also conduct and prepare a detailed condition report when the tenant moves in, which will include photographs. Rent collection and arrears management Collecting rent and managing arrears will be handled by a property manager. They will establish a reliable rent collection system, and communicate clearly the rent payment methods and due dates to the renter. They will send timely rent reminders and late payment notices where appropriate. In the event that a renter doesn't pay rent, they will also take care of any necessary legal proceedings. Repairs and Maintenance All repairs and maintenance for your rental properties can be managed by a property manager. This encompasses everything, from regular and scheduled maintenance to urgent repairs. Property Managers will respond promptly to requests, have access to reliable and professional contractors, and document all repairs and expenses. This will ensure your property remains compliant, and your property in a good condition. Property Inspections Your rental property will have regular routine inspections conducted by a property manager to ensure that sure everything is in working order, that the tenant is taking care of the property, and that any necessary repairs or maintenance have been carried out. Vacating Process A Property Manager will conduct a thorough outgoing inspection once the property has been vacated, and compare the property’s condition to what it was like when the tenant moved in. They will document any changes or damages beyond normal wear and tear, and determine if the tenant is required to return to the property to rectify issues, and return the bond. Legislation Property Managers have knowledge and expertise regarding the legislation and rules governing rental properties in NSW. Property Managers stay up to date with local laws and regulations, ensuring the property meets all safety and health standards, such as smoke alarms. They will also provide all the necessary disclosure and documentation, understand eviction procedures, follow legal guidelines, and maintain appropriate insurance coverage. They specialise in making sure that your rental properties adhere to all legal requirements and can manage any potential legal difficulties may arise. Financial Reporting A property manager will keep and provide thorough and accurate financial transaction and reports that detail the performance of your rental property. This includes details on the amount of rent received, costs incurred, and any invoices for repairs and maintenance that have been actioned, tracking income and expenses for tax purposes. These reports are valuable and time saving, especially for your accountant at tax time. Expertise and Experience Property managers have the knowledge and practical experience required to manage rental properties successfully. A Property Manager will stay informed about current market trends and rental rates to ensure you receive market rent and rent increases are regularly implemented. They will attend relevant educational programs and workshops to remain up to date on laws and regulations to ensure your property is compliant, and repairs and maintenance are managed in a timely and cost-effective way, and can offer advice on the property, such as deprecation. Tenant Communications and Relationship A property manager will act as the primary point of contact for a tenant, managing all inquiries, requests, or complaints regarding the rental property, and maintain an open line of communication. They will address a tenant concerns and enquiries promptly, provide clear channels for reporting maintenance issues, respect privacy, and handle tenant disputes professionally. A property manager will liaise between yourself as the owner, and the tenant to come to mutual agreements regarding the property, or matters such as wear and tear or damage on vacating and who is responsible. If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence. YES, DOWNLOAD MY CHECKLIST Engaging the services of a property manager means you, as the property owner, can save time and reduce your stress. This keeps your rental property is taken care of, which lets you focus on other matters that are important to you. For property investors who want to be sure that their rental properties are managed successfully, using a property manager can be a smart investment. Property managers have the expertise and experience to handle all elements of managing rental properties, saving property investors time, minimising stress and costs, and maximising rental income. If you’re not a One Agency JD Property Agents client, but would like more information on our property management service – contact us on 4285 7400 or jdpropertypm@oneagency.com.au. We are always happy to answer questions and offer advice, or offer a free rental property appraisal. We hope these tips have been helpful. If you feel you could benefit from our experience with property management, we’d love to hear from you. Simply reach out. We hope that has helped you today. If you have any questions, we’d love to talk to you. Our number is 0426 264 771 or 0455 147 755. We look forward to talking to you soon.
Apr 14, 2023
Real estate agents revamping ethics index and standards
The Governance Institute of Australia produces a comprehensive study and nationwide survey to reveal the most and least ethical occupations, organisations and sectors. It also checks the nation’s temperature on current ethical dilemmas and difficult questions. The 2022 Ethics Index report has seen the ethic index score drop overall, with real estate agent’s bad reputations ranking low again. Regrettably, a lot of people dislike real estate agents. They have either had bad experiences, know someone who has, or have seen negative media reports. While real estate agents tend to have a bad rap and constantly attract negative headlines, quite often the hardworking, honest, and caring agents who strive to do the right thing by not only their clients, but communities as well, are overlooked. Many real estate agents are working to rewrite the ethics index and overturn the negativity that the industry seems to attract. Watch the video, with Joanne Danckwardt of One Agency JD Property Agents, to remind yourself about some of the amazing work that a great percentage of real estate agents do, going above and beyond. If you're ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist. YES, DOWNLOAD MY CHECKLIST With specialized knowledge and access to information and a connection to various services, good real estate agents have the potential to impact their communities in a very positive way. Being a respectful real estate agent means they have their finger on the pulse of the neighbourhoods where they sell. Some exception community service stories by real estate agents include: Saving a tenant’s life In Lismore, PRD Northern Rivers Principal Rob Horder, had his own battles to fight as flood waters gushed through his office, let along saving a tenant’s life. Taking a phone call from a community nurse, he learnt one of his tenants was unable to make his dialysis appointment due to floods. Rob put his own agenda aside, went around to pick the tenant up. He was put into a helicopter and taken to hospital for the lifesaving appointment all within half an hour of the tenant losing his life. What an awesome agent! Pink tractor fundraising In 2015, Mudgee real estate agent and auctioneer, Hugh Bateman, embarked on a pink tractor trek to raise funds for the McGrath Foundation Breast Cancer Care. Starting on October 9th for a little over three weeks, Hugh navigated his way around NSW, visiting other agencies and holding auctions and fundraising events. His goal was to raise $250,000 for the McGrath Foundation to assist with funding specialist Breast Care Nurses, but Hugh managed to surpass that goal, raising $382,000. A fantastic result for a worthy cause. Act of kindness With rental affordability being at the forefront of current economic times, Gold Coast Property Manager, Jamie Wernert, wondered how she could personally help one of her elderly tenants. When the landlord indicated they could no longer sustain the below market rent and Denis would have to move, Ms Wernert wanted to do something to help Denis, who lived on a tight pension. Establishing a GoFundMe page, she was able to raise over $47,000 for her pensioner tenant to find a new home along with reach out to other property managers to help find Denis a new home. The funds helped Denis to find a new rental and pay for his moving costs. A beautiful property manger who really does care for her tenants! The list of these amazing deeds of real estate agents goes on and on… But in their day-to-day workings for selling real estate and managing investment properties, real estate agents do a long list of regular everyday activities to ensure they provide exception service and get the best results. Some of the acts include: Tidy, clean and freshen before an open home or newly leased property – both inside and out, including cleaning of the pool. Accept calls at every hour of the day and night, 7 days a week, to get deals done. Work 14-hour + days to ensure their sellers find that perfect one-in-a-million buyer. Play with children and keep them entertained while parents look around a house. Manage the emotional stress when helping sellers and buyers in their home selling and buying journey. Support local sporting teams, schools, communities, and businesses. If you're ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist. YES, DOWNLOAD MY CHECKLIST We hope this article provides some balance for the next time you hear bad press about real estate and real estate agents. There are many good agents out there that help to counteract the negative reputation that the industry holds. If you feel you could benefit from our experience with buying and selling, or our property management services, we’d love to hear from you. Simply reach out. We hope that has helped you today. If you have any questions, or you know of anyone who may benefit from our real estate services, we’d love to chat. Our number is 0426 264 771. We look forward to talking to you soon.
Mar 17, 2023
Benefits of renewing a lease agreement
As a property investor, lease renewals seem to come around quickly, regardless if a six- or twelve-month lease was signed. At the end of a lease, tenants and landlords can choose to sign on for another fixed-term period or continue on a periodic lease agreement (month-to-month). In this video, Joanne Danckwardt helps to explain the difference between the two and what the benefits are of renewing a lease agreement. If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence. YES, DOWNLOAD MY CHECKLIST What’s the difference between fixed term and periodic lease agreements? When a landlord and tenant are both agree with a new lease arrangement, a new lease will be signed by all parties for another fixed-term period, usually for 6 or 12 months. Should the tenant wish to vacate a fixed term agreement, penalties will be incurred. If no new fixed-term lease is signed and the tenant is not vacating the property, the lease will automatically move to a periodic lease agreement, also known as month-to-month. The rules, rights and obligations outlined in the original lease agreement still apply. Should the tenant wish to vacate and is in a periodic agreement, 21 days’ notice in writing must be given. What are the benefits of renewing your tenant’s lease? Renewing a tenancy agreement comes with a range of advantages for both the landlord and tenant, and outweigh the minimal costs incurred in renewing the lease. These include: Keeping a good tenant If the property has a reliable tenant and the routine inspections show the tenant is caring for the property and paying the rent on time, it’s well worth signing a new lease renewal. A tenant left on a periodic tenancy agreement may feel that their living situation is unstable and start looking for a new rental property that offers more stability. Minimising costs Each time a tenant vacates a property, the property investor incurs costs associated with finding a new tenant, including advertising the property, letting fees, and potential lost rent whilst the property is vacant. Reduced vacancy A lease renewal can reduce a landlord’s vacancy. One week’s vacancy is equal to a 2% loss per annum. Certainty Establishing a new lease agreement with an existing tenant means the property will continue to be tenants and the rental income will not be impacted, in fact, a rental increase may be written into the new lease agreement. A new agreement generally provides for stability. Control While it is possible to find tenants at any time of year, there are periods that are more challenging and could leave the property vacant for longer. A fixed-term agreement gives the landlord some control, as the end of the agreement will always fall at the same time. Tenant stability A tenant will benefit from a lease renewal with increased stability, allowing them to personalise the home, and encouraging a high-quality tenant to continue to care and respect for the property. Reduced damage Having less tenants move in and out of the property reduces potential damage caused to the property that can occur during the moving process. Know your options Before you deciding to offer the tenant a rental lease renewal, it is essential the legal requirements are understood. While a rental lease renewal has many positives, depending on the landlord circumstances, moving into a week-by-week agreement may be more beneficial. For example, if the property investor is considering selling the property, the flexibility of a month-to-month tenancy arrangement may be a better option, and is worth discussing with your real estate agent. It is worth noting that the landlord and the tenant can always renew the lease at a later date, if both parties agree to it. This means that if, when the initial agreement expires, both parties are unable to commit to a longer-term agreement, the lease can expire, and a lease renewal agreement established when circumstances allow it. If you are a property investor and are wondering whether to offer your tenant(s) a lease renewal, we recommend speaking to your property manager. A good property manager will be able to advise on the current leasing environment and market, and the tenant’s plans, and take into consideration your future investment goals, including short- and long-term plans. They should also be able to provide a recommendation for any adjustment to the rent. How to renew a lease agreement For both tenants and landlords, the first step in renewing a lease is to contact the property manager and advise of the intent to renew. Once the new lease agreement has been created, all parties should read it carefully prior to signing, to ensure all obligations and rights are understood, in case of any changes since the previous agreement. Handling a lease renewal is just one of the many services a reliable property manager offers to make life easier for a rental property owner. If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence. YES, DOWNLOAD MY CHECKLIST If you’re not a One Agency JD Property Agents client, but would like a second opinion on whether to renew your lease agreement – or more information on our property management service – contact us on 4285 7400 or jdpropertypm@oneagency.com.au. We are always happy to answer questions and offer advice, or offer a free rental property appraisal. We hope these tips have been helpful. If you feel you could benefit from our experience with property management, we’d love to hear from you. Simply reach out. We hope that has helped you today. If you have any questions, we’d love to talk to you. Our number is 0426 264 771 or 0455 147 755. We look forward to talking to you soon.