The three most common reasons people want to change property managers are: lack of feedback on property inspections, the property manager’s failure to return calls and the confusion of having to deal with numerous staff. Changing property managers is an easy three-stage process involving appointing a new manager, giving the existing manager written notice of the change and leaving the rest to us here at Madeleine Hicks.
If you would like a template letter to give your old property manager notice, or you need help or advice about any other concerns with your investment property, contact us now.
How often should I visit my investment property?
We recommend being a proactive landlord and visiting your property at least once a year. Remember that your rental property is a major investment and you should make time to accompany your agent to see for yourself that your property is being carefully and professionally managed.
If you need to know more about home inspections or anything else about looking after your investment property contact us now.
Three simple steps to becoming a good landlord
There’s no doubt bad landlords do exist. Here are three simple steps you can take to avoid becoming one of them. They are:
It may be your property but while it’s rented, it is the tenant’s home, and you must respect their privacy. Entering the property without proper written notice contravenes your lease agreement.
Look after your tenants, keep the rent at a fair market rate and don’t make large rent increases.
Maintain the property to a high standard. Good tenants deserve a well-maintained property and your property won’t deteriorate but will instead grow in value.
For more on how to become a good landlord or anything else about investment property management contact us now.
What is an Exit Report and Why is it so important?
An exit condition report is an inspection that we do to check the property’s condition that the tenants have left the property in.
Exit inspections are mandatory within three days of tenants leaving a rental property.
The purpose is to determine the condition of the property and decide whether deductions for damage are necessary before the tenant’s bond is repaid.
Madeleine Hicks Real Estate provides owners with a copy of the inspection report, including photographs, after the inspection is complete.
For more information about this or any other issue relating to investment property management contact us now.
What are my risks if I leave my rental property vacant?
There are three serious risks that can occur when you leave your rental property vacant for long periods of time.
1. Security – when your rental property is left empty for weeks or months on end it may become a target for vandalism
2. Cash flow – you are potentially losing $400 or more a week. Over time, that’s a lot of money you are loosing
3. Insurance – Your landlord insurance may not cover you if your property is left vacant after a certain period of time. So much sure you check with your provider and find out whether a claim would be valid if you were to make one.
Do I need smoke alarms installed in my rental property?
It is has been a requirement in Queensland since July 2007 for smoke alarms to be installed in all properties (houses and units).
This includes all owner-occupied and rental properties. Every property listed for sale and/or rented in Queensland must have minimum smoke alarms installed.
Madeleine Hicks Real Estate’s property management team will organise for your smoke alarms to be installed, cleaned and certified by a professional before the start or renewal of any tenancy by a professional contractor.
We then receive a ‘compliance certificate’ from the contractor (which is useful to have for risk management purposes) and send the landlord a copy also.
Can I install smoke alarms myself?
Short answer is yes – however we strongly recommend that you don’t.
Due to liability risk and complexities surrounding compliance it is recommended by insurers, legal commentators and Madeleine Hicks Real Estate that landlords should not consider installing smoke alarms themselves.
Our property management team have a list on contractors that can supply and install smoke alarms in your rental property. They also provide a certificate of compliance which is useful for risk management purposes.
What do tenants want in a property?
There are many factors that tenant value in a rental property. If your investment property includes all or most of these, you will be well on your way to finding a quality tenant in no time.
Value for money
Air-conditioning & ceiling fans
Wardrobes with shelving
What happens at the end of a tenancy lease?
At the end of a fixed term tenancy lease (around the 8 – 10 weeks before the lease expires) both tenants and landlords will be contacted about whether they choose to re-new the lease or end it.
If a new tenancy agreement is not signed and the tenant continues to rent the property, the agreement is called a “periodical agreement” and has no set end date.
Check with your Landlord Insurance provider as to whether you remain covered when a “periodical agreement” is entered into. Sometimes, you may find that you are not covered.
What happens when my tenant doesn’t pay the rent on time?
Every agency will have a different approach when following up rental arrears. Watch as David explains what happens when a Madeleine Hicks Real Estate tenant doesn’t pay the rent on time.c
How can I prepare my investment property for storm season?
Every year Brisbane is hit with severe weather and thunderstorms. There are a few things you can do as a proactive landlord to protect your investment property from potential damages.