Rental Property Renovation Educational Video

Property improvements may be obvious to the trained eye and inexpensive. The challenge is to take the time to observe and identify the tasks to be undertaken. First impressions are a first principal for any marketing and leasing your rental property should be no different. In this very simple video clip you can identify areas that will improve the first impression of any tenancy prospect. See if you can pick them?

 

Submitted by Chris Snell, Property Manager Melbourne, Rental Success Blog

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Property manager pleads guilty to 16 shocking charges of deception

Residential Property Manager Magazine has reported that a Western Australian property manager has been fined $10,000 after she deceived landlords, tenants and even her employers over a two-year period.

Josephine Wei-Wei Liau of Mount Pleasant pleaded guilty earlier this month in the Perth Magistrates Court for 16 charges of various instances of misleading and deceptive conduct.

Consumer Protection told the Court that Ms Liau’s misrepresentations included advising owners of properties in Yangebup and Mount Pleasant that she was representing the agency, when in fact the agency had no record of the properties being under their management. Ms Liau used the agency’s logo in statements sent to the owners.

Ms Liau also deceived owners by lying about the amount of rent that was actually being paid.

One Mount Pleasant tenant was paying weekly rent of $950 while the owner of the property believed only $800 was being paid.

Another tenant was paying $380 in weekly rent while the owner was advised that $350 rent was being paid. When the tenant’s rent was subsequently increased to $400, the owner understood the rent payments had remained the same.

In both cases Ms Liau retained the difference.

Ms Liau made a similar misrepresentation regarding a water bill for a Willetton property.

She demanded six months’ rent in advance, totalling more than $30,000 from a tenant, and taking longer than 14 days to lodge bonds with the Bond Administrator.

The former property manager also advised clients she had a real estate agent’s licence when she only held a certificate of registration as a property manager from March 2010 and March 2013.

Magistrate Zempilas said the offences were serious and commissioner for consumer protection Anne Driscoll said such serious deception is unacceptable.

“Property managers have a trusted position as the liaison point between a property owner and a tenant, so they must display the highest standards of honesty and integrity as required by law,” Ms Driscoll said.

“Those who choose to profit from misleading and deceptive conduct in the real estate industry will face prosecution and suffer financial penalties as well as serious damage to their reputation.”

Don't fall victim to a crooked property management. Claim your free report today by clicking this link.

Submitted by Chris Snell, Property Manager Australia, Article Written by Steven Cross

Source: http://www.rpmonline.com.au/news/12119-property-manager-pleads-guilty-to-16-shocking-charges?utm_source=Residential+Property+Manager&utm_campaign=Residential_Property_Manager_Bulletin17_03_2014&utm_medium=email

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You might have been hearing about how the current economy is making real estate a buyer's market, but do you know how to use this to your advantage? Professional property managers and rental property companies do specialise in assisting investors and home owners rent out their property. Before you can start finding your tenant you need to know how to buy a rental property in the right place and space. This article has advice on how to approach buying real estate in a logical manner that will make sure you get what you want at a price you can afford.

Tips On Making Money With Rental Properties

Buying Rental Properties

1. Find a location of rental properties you want to invest in that are surrounded by local amenities such as parks and malls. In a large city, a property near public transportation is especially profitable. The more things to do that are close to the rental property will draw in more potential tenants and allow you to turn a profit quicker than a rental property that is in the middle of nowhere.


2. Understand the setup of the utilities in rental properties. If you are considering a multiple unit rental property, it is important to pay attention to the way that the utilities and heating system have been set-up. Take note of the number of gas, water and electric meters either inside or outside of the home to determine how many services are connected to the property. If there is only one connection, be aware that you will most likely need to include utility costs in the rent payments. You might also want to make a call to the local zoning commission, so that you know if there would need to be any major changes to the utility services. There could be significant costs involved in splitting or combining services and you will want to know this in advance.


3. Learn how to attract good tenants. If you are going to purchase rental properties it is absolutely imperative that you carefully market your units in such a way that attracts the best tenants possible. Marketing is important and you should pay careful attention to how other owners are marketing their properties, particularly those with low vacancy rates.


4. When purchasing real estate to use for rental properties be sure to do a careful assessment of the neighborhood. Look at the cars parked in the street. Old cars can tell you a lot about the neighborhood in which the property is located. Trash on the sidewalk or worn down houses can tell you that the neighborhood is less than great and at what level you can expect to rent the property.


5. Look for rental properties in student areas. A college or university neighborhood is a great place to look for a rental property to purchase. In most cases, the vacancy rate will be minimal, and most of the time students pre-pay their rent for the semester or even the entire year. The one drawback is that some students only want 3 month leases; however, if you form a relationship with the school's housing office, you will most likely have no problem at all finding tenants.

Research potential properties before purchasing them. If you are considering a rental property, evaluate the following features before signing the closing documents.

One of these is sustainability. How is the condition of the property and how much upkeep will it require in the future?

The second thing to consider is the location. Especially with property that you plan to rent, location can make all the difference. You need to ensure that your tenants can get to where they need to go and that the property is near commonly used retailers and service providers.

The third thing to consider is the median income of the property's area. This will not be the same as the physical location. You want to remember that any low rent area will be worse than any high rent area. You should also keep in mind that concerns about location are not as high a priority for high rent areas. Locational issues do become more of a factor in areas with a lower rent.

This article will help you take advantage of the current buyer's market in real estate. Make sure you follow the tips to get the best out of your real estate buying experience. You can get what you want, at the price you want, with the benefits that buyers can get with the state of the economy.

For more tips on making money with rental properties, please click this link

Article Source: http://EzineArticles.com/?expert=Sam_E_Watson
Blog Posted by Chris Snell, Property Manager Australia, Rental Success Blog

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Tips For Investing in Rental Properties - Tips to Become Successful

Tips For Investing in Rental Properties  

Tips to Become Successful

Whether you want to invest in real estate as a full time job or just make some extra money, don't be afraid of the current state of economic affairs. Investing in real estate has and will always be a great way to make money. Professional property managers and rental property companies now specialise in rent out your property for you. There are numerous rental property services that you can hire now and enjoy peace of mind with owning an investment property. Here are some tips for investing in rental property.

When it comes to the type of property you purchase, of course you want to look for a good value. Lately there are tons of houses available through auction or foreclosure. You can also find many deals that are in pre-foreclosure. Look around in the neighborhood that you are interested in. You might find some good deals without doing a lot of online searching.

Claim your free report, 5 Costly Mistakes Landlords Make with Their Investment Properties - click this link.

Look for motivated buyers. When investing in rental property you want to get the best deal possible and you're more likely to get a better deal when the sellers want to close quickly and move on. Some motivated buyers are: 

• people who have already bought their next house. Right now they are paying two mortgages. Or sometimes they can't close on their new deal until they have sold the old house.
• a couple who is going through a divorce. Most will try to sell the joint property to make a clean break.
• a landlord who is unhappy with current tenants or unable to handle the responsibility of rental properties. Some people may start out in real estate thinking it's a good business idea, but just don't have what it takes to be successful.
• an out of town property owner. It can be very hard to manage a property when you're not close by to make inspections or arrange for maintenance. This owner may be looking to unload the out of town property and find something closer to home.

Another tip for investing in rental property successfully is to find property in a good location. You can get top rental dollar for a place that is close to popular amenities such as public transportation and eating places. If you're targeting college students with no cars you want to find a place within walking distance of the things they need to get to. Figure out who you want to market to and think about the things that they will want. 

Avoid the costly mistakes landlords make - follow this link and claim your free report today.

Submitted by Chris Snell, Property Manager Melbourne, Rental Success Blog.
Article Source: http://EzineArticles.com/?expert=Reese_Evans

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Rent My House and Make the Tenants Live Like I do

"Tell the tenants we never used that room to watch television..."

One of the big mistakes that home owners make when they rent out their house is that they feel like they are trying to "rent my home". This creates huge problems from an emotional perspective. More often than not, the trap for the home occupier become landlord is that they expect a new tenant to live like they did.

Tensions arise during an owner visit to the property during the tenancy. Here the owners come landlord conducts a walk through the property. At this stage the landlord has come to realise that the property is not being occupied in a way that meets with their approval. A perfectly satisfactory tenancy may be in place and the new residents might well be the prefect tenant ... but the emotional owner is really struggling with the thought of having to let go of the past.

A few thoughts to help you focus:

1. Your home was your home when you lived in it.
2. Your home is now your house and part of contractual agreement where somebody pays rent.
3. Your tenants will set up their home as they think fit for their enjoyment.
4. Your house, when rented out will make various homes for multiple tenants over time.
5. So long as your tenants are not damaging or neglecting your house then allow it to be their home.

Continue to remind yourself that your house has taken up a whole new function for you whilst you rent it out. Embrace the new purpose of the tenancy agreement in place and you will be sure to embrace the new found freedom you are enjoying in your new home somewhere else. Wishing you rental success.

Written by Chris Snell, Property Manager, Rental Success Blog

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