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Data v doomsayers: Who is right when it comes to property prices?

May 26, 2020Cameron Micallef

While property experts and big banks have widely predicted that the property market will fall, so far it has remained stable, an industry expert highlights. ...

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top 10 agents

1

Alexander Phillips

Year of Experience: 20

Support Staff: 3

Residential Properties Sold: 215

Total Value of Residential Properties Sold:

$ 522,477,791

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Have you experienced sexual harassment or bullying in the workplace?

Yes, I've been the victim of sexual harassment (15.8%)
Yes, I've been the victim of workplace bullying (21.1%)
No (63.2%)

Total votes: 19
The voting for this poll has ended on: April 30, 2020
TECH MARKETING SALES BETTER BUSINESS PROPERTY MANAGEMENT
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Cameron Black reb Lies and statistics: Has the property market actua ...

It seems like there has been a huge change of sentiment in the last month as a confluence of factors has come together t ...

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While the current crisis could exacerbate high mortgage debt, there are currently no signs of distress visible in the ho ...

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Rolf Howard reb Will recent changes to tenancy laws tip the scales ...

The Australian rental market has long been considered by many commentators to favour the landlord over the tenant. Unlik ...

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EVENTS
REBAWARDS Listready
Real Estate Business Awards 2020

The REB Awards is the benchmark of success in the Australian real estate industry. It reflects not only the business astuteness of the country’s leading real estate operators and networks..

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Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of REB.

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8 ways to select the right tenant in a tough rental market

23 December 2016 Shane Kempton
8 ways to select the right tenant in a tough rental market

One of the biggest challenges an investor has to overcome is selecting the right tenant for their property. This is particularly the case in areas of Australia, such as Darwin and Perth, where rental vacancy rates are currently very high because of an oversupply of rental properties, leading to a downward pressure on rents.

Property investors should take a commonsense approach to selecting a tenant by considering the following eight points:

1. Property manager: Always appoint a professional property manager because this is one of your biggest assets. They will be able to undertake the necessary background checks on prospective tenants and undertake regular property inspections to ensure the property is kept in a top condition.

2. Rental price: Rental property can remain vacant for prolonged periods of time because the landlord is charging above the market rate for the property. Even if the rental property is $10 above the average weekly rent for the area, the landlord may find it hard to find a tenant in an area where there is an oversupply of rental properties. It is therefore critical that the rental costs are competitive and landlords should check rental prices in the local area for similar properties before determining your rent.

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3. Young people: Don’t discriminate against young people because they are your largest pool of potential tenants. Surveys indicated that more than half of all young (under 35 years) lone-person households rent privately.

4. Marketing: Make sure that the property is exposed to the maximum number of tenants through newspaper and internet advertising. The property should regularly adverted because the pool of tenants is constantly changing.

5. Availability: Tenants are constantly looking for rental properties seven days a week. You therefore have to make some time available every day for property inspections if you are trying to find a tenant for the property.

6. Presentation: When leasing your rental property, take the same approach as if you were selling the property. The overall presentation of the property will make the property more attractive to prospective tenants. Many people looking for rental accommodation do not even inspect the property because it looks poorly presented from the outside. You can increase the street appeal of the rental property by keeping the front gardens in a good condition. You don’t want prospective tenants to dismiss the property before getting to the front door.

7. Air-conditioning: Ensure that your rental property has lifestyle facilities. For example, a dishwasher and air-conditioning are key facilities which tenants seek in a rental property. These facilities can also enable the landlord to charge a higher rent. If your rental property does not have these facilities then a tenant is likely to rent an alternative property.

8. Landlord protection insurance: Always take out landlord protection insurance. Should a tenant do a runner, this can cover you for any damaged caused plus can cover you for lost rent.

8 ways to select the right tenant in a tough rental market
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Shane Kempton

Shane Kempton

Shane Kempton is the chief executive of Professionals Real Estate. He is an experienced, well-respected real estate identity and chief executive committed to effective development of teams. His reputation is built on honesty, integrity, confidentiality and ethics, all highly valued traits of this influential leader.

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Listen to other installment of the Real Estate Business Podcast

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of REB.

Read more
Do you have an industry update?
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