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Top School Zones Can Affect Sydney Property Prices

Top School Zones Can Affect Sydney Property Prices

Data and a wide range of demographics now show as important factors in influencing property prices in Sydney.

We all know that education is a long-term consideration when buying or renting a property.  Whether you are figuring out suburbs of interest, it is still rather important to take note of school catchment zones.

Below are the top growth primary school zones for Greater Sydney along with their YOY percentage growth:

  1. Neutral Bay Public School – 34 %
  2. Woodport Public School – 27.2%
  3. Vaucluse Public School – 26.8 %
  4. Thomas Acres Public School – 26.3 %
  5. Peter’s Public School – 26.3 %
  6. Wooloooware Public School – 25.2 %
  7. Glenmore Road Public School – 24.3 %
  8. Blaxcell Street Public School – 24.0 %
  9. Bondi Public School – 23.2 %
  10. Rydalmere East Public School – 22.8 %

Below are the top growth secondary school zones in greater Sydney and YOY percentage are as follows:

  1. Hunters Hill High School – 20.0 %
  2. Rose Bay Secondary College – 19.9 %
  3. Lake Macquarie High School – 18.8 %
  4. Sydney Secondary College – 18.2 %
  5. Matraville Sports High School – 16.4 %
  6. Barrenjoy High School – 15.8 %
  7. Cheltenham Girls High School – 15.8 %
  8. Granville Boys High School – 15.3 %
  9. Port Hacking High School – 13.1 %
  10. Swansea High School – 13.1 %

To view the complete list, visit  Domain.

Article Credits to Michael Yardney

PROPERTICO is a full-time property management company that is committed to maximizing investment returns and building wealth for our clients. We use a structured, results-focused management process that has been specifically tailored to meet the needs of rental property owners. Our family of happy investors can attest that we provide the most dependable, professional rental around.

Here’s why you should “Rent With Us“,

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Common Mistakes in Property Management

 

Common Mistakes in Property Management

What Property Managers Should Avoid Doing

Property management is a daunting task that needs to be handled meticulously well.  That’s why it helps to find out the most common blunders involved in this area.

Property managers can avoid such risks if they only know how to cover all the bases involved in managing properties.

  1. Management fees understated.

A good property manager must be a people person and should be extremely talented at juggling various tasks.  Taking care of a rental property is a full-time job and many landlords are not fully aware of how much a property manager can do to streamline and simplify their lives.

Some property managers often have the idea that they can’t charge management fees on “outgoings”. However this would not be the case, since outgoings are usually a lump sum fee charged to tenants on a monthly basis depending on a budget to which the “real estate agency is entitled to collect management fees based upon their agreed percentage on receipt.”

  1. GST on tenant on-charges for commercial leases.

As always, the GST is not charged on expenses such as land tax, water or council rates since the expenses are GST-free when paid.  When referring to on-charges to tenant, this would become a separate taxable item in which GST applies considering the owner is registered for GST, where in the supply is not marked as “Input tax” as compared to residential leases.

  1. Missing rent reviews and other valuable lease dates

There are some cases where property managers miss out on getting rent reviews and other important stuff such as insurance expiration dates as stated on the lease and other option notifications.  This will usually happen when the property manager is disorganized and fails to use an efficient property management system.  A good system must have the ability to check for date reminders, upcoming events and should have a check and balance on such related tasks to avoid missing out on tiny details that are small yet necessary to be attended to for the satisfaction of both landlords and tenants altogether.

  1. Coding of transactions

Even for both commercial and retail properties, sometimes property managers can put in the incorrect code transactions sometimes forgetting to verify the information, resulting to unhappy tenants and disgruntled landlords.

Outgoing costs should be coded correctly to the outgoings cost center especially when it involves properties that have both net and gross leases. Tenants get their exact apportionment on the full outgoing cost which is set when the variable outgoing costs are calculated correctly.

  1. Outgoings on the sale of a property.

A good calculation of how much the outgoings should be, must already be adjusted to the settlement date.  A good calculation of the outgoing costs beforehand, can save time and promote good customer service as a property manager, thereby getting satisfied tenants that would be more than happy to go for a renewal on the contract lease anytime.

  1. Incorrect applications of rent reviews.

This is usually done after the date has passed, particularly CPI and market reviews and if these calculations are done incorrectly due to wrong dates applied then it might result to a necessary chargeback to tenants.

  1. Variable outgoings based on cash basis payments.

Sometimes inaccurate calculations on outgoings can happen especially when these are made via cash payment basis. Insurance for example is not always based on a financial year since there are short term leases that happen.  So, it’s only right to compute applicable expenses variable to the outgoings reconciliation, which complies with accounting standards.

Article credits to: https://www.realestatebusiness.com.au/blogs

PROPERTICO is a full-time property management company that is committed to maximizing investment returns and building wealth for our clients. We use a structured, results-focused management process that has been specifically tailored to meet the needs of rental property owners. Our family of happy investors can attest that we provide the most dependable, professional rental around.

Here’s why you should “Rent With Us“,

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Pet Policy

We have developed a pet program that enables our landlords to commend a higher rent within much bigger tenant pool. We observe that there is a growing number of tenants with pets who would like to live in a nice property and they are prepared to pay premium rent.They don’t want to live in a lower quality property where owners don’t care about fixing things.

When a tenant is approved for a pet, we always meet the pet first to make sure the pet is well behaved. We undergo two pet inspections per year that the tenants have to pay for. We find that good tenants are always happy to pay for their beloved pets.

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Tips to help with Tenant Selection!!

Choosing the best tenant is one of the most crucial choices made in relation to your investment property.  It makes sense that you don’t let such an important decision lie solely on gut instinct, but a procedure of screening tenants that is strategic in uncovering not just surface information, but much deeper beneath the surface of the application form.
100 points of ID is commonly used in conjunction with an application form, however determining the best documents to use is highly important.  When choosing which documents would best support an application, think carefully about the point value that you would give to each, to ensure you receive as much information as possible to make the most informed decision.

Some documents of lower point value:

  • Birth certificate – is often given up to 70 points of value. Yet in the case of a prospective tenant would be of lower point value as it does not reflect name changes.
  • Last 4 rent receipts – does not always show paid to and from dates
  • Credit/Eftpos card – confirms a name only

Some more useful documents and of higher point value:

  • Driver’s license with photo ID
  • Current utility accounts such as phone/gas/electricity
  • Medicare card – use to match names of occupants who are to reside in the premises and raise further questioning should there be extra names listed on the card
  • A rent ledger (if renting through an agent) – shows whole payment history of tenancy,
  • Copy of bank statement – used to verify income as shown on an application
  • Current/Valid Passport
  • Rates Notice/Water Account – again confirming a residential address
  • Centrelink Income Statement – confirms name, address and can be verified with bank statement
  • Last 4 wage/pay advice slips –can be verified with bank statement

 

These documents not only show that they are who they claim to be, but also confirm their current and possibly their previous address, so that you can then ensure you are contacting the relevant property owner or agent for a reference.

Found the right tenant?
Keep Them!

Happy Landlord, Happy Agent – that’s only part of the story. Should tenants only hear from us when they do the wrong thing? Late rent, inspections not up to scratch, gardens overgrown!!  Of course there is contact when we need to arrange maintenance or appointments. And working together with the tenant is a beneficial outcome for all involved.  Its recognising the little things and rewarding tenants that can make a valuable tenant a ‘Happy’ one.  Incentives go a long way … so put the effort in to retaining them!
A few ideas…

•    ‘Certificate of Encouragement‘  for a tenant who consistently pays on time
•    Kids certificate for a tidy room at an inspection– parents do the cleanup but both will get a kick out of it.
•    Reduce their water bill for maintaining gardens to a high standard.
•    Small renovations such as updating the property with new carpets, fresh paint or a new appliance, eg dishwasher.
•    Small gift during the year or for an occasion such as Christmas, birthday or birth of a child.

Reward and recognize good tenants and discourage their urge to move!

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WHEN A TENANT BREAKS A FIXED LEASE TERM

A property lease is essentially a legal and binding agreement between a tenant and landlord.  As part of the contract, the tenant agrees to rent the landlord’s property for a fixed term, usually six or twelve months. If the tenant subsequently wants to terminate the lease before one fixed term has expired, there are potential costs to be considered.

In most cases, the tenant is liable to pay rent until suitable replacement tenants can be found, as well as a percentage of the landlord’s re-letting costs. As an example of calculating the re-letting costs, if the tenant were to break the lease halfway through the fixed term period, they would pay 50% of any re-letting fee payable to the agent (usually equal to one week rent) as well as 50% of any marketing costs.

By law, the landlord or their agent has to do everything they can to try to find a new tenant as soon as possible while minimizing the vacating tenant’s costs. If the landlord does anything to make it harder to find a replacement tenant, like increasing the rent or unreasonably rejecting potential tenants, the vacating tenant may not have to pay the full amount requested. If there is a dispute over the amount charged, it will usually be adjudicated at the Consumer, Tenancy and Trader Tribunal.

There are only a few ways a lease can be broken without financial penalty to the tenant. The most common is if the landlord fails to keep to the terms of the lease, like not performing essential maintenance or repairs. If the breach is serious, the tenant can give 14 days’ notice or apply to the tribunal.  If the landlord disagrees with the branch, they can take the tenant to the tribunal.

The tenant can also give 14 days’ notice if the landlord puts the property up for sale during the fixed term tenancy and the tenant was not told before originally signing the lease.

Of course, if the tenant and landlord mutually agree, the lease can be broken without penalty to either party. Ideally, it’s best for the tenant to give as much notice as possible if breaking their lease, to allow for the best chance of finding a new tenant quickly and minimising either party’s loss.