New Laws Residual Current Devices (RCDs)- click here
FESA Smoke Alarm Fact Sheet – click here
Pet Bonds – Important Update – click here
Making the most of my property at Tax Time – click here
Has your rental property been damaged or destroyed by a natural disaster? Read this important information from the Australian Government Taxation Department – click here
END OF FINANCIAL YEAR CLAIMS
A reminder that the end of the financial year is approaching and time is running out to have any repairs and maintenance items done to your rental property so that its expense can be claimed this financial year. To claim this year expense items must be paid for before the end of June 2011. (i.e not just booked)
TURN OFF YOUR RETICULATION
Even though this week did bring some rain, we are continuing to use too much water. As a result, we are dipping even further into our precious summer savings. If this trend continues we could be facing severe water restrictions next year. That’s why it’s vital to continue using water wisely. So turn off your reticulation now and remember the Winter Sprinkler Ban commences on 1 June. Even if we get a dry spell during this period, cold days and morning dew should mean your garden doesn’t need any additional watering. Hand watering is always a backup if your garden absolutely needs it. For more ways to target 60 at home and at work, visit www.watercorporation.com.au.
WINTER GUTTER ADVICE
Just a reminder now is a good time to have the gutters cleaned at your rental property prior to winter rains. Please contact our office on 9272 3777 if you would like this preventative measure attended to.
TAX DEPRECIATION ALLOWANCE ON PROPERTY
A significant number of investors (property owners) are missing out on legitimate tax deductions on their rental properties by way of property depreciation.
Property depreciation allows all plant (ie: carpets, blinds, air conditioners etc) to be depreciated as various % rates. These amounts can then be claimed against assessable income and thus reduce personal tax. Plant can also include fencing, driveways, alterations, refurbishing etc.
This deduction can be significant and rental property owners should take advantage of it.
Specialist depreciation companies are available to access your property. Call us for further information.
How much will it cost for you to manage my property?
Our fees are all supplied in our Authority to Manage. Every property is different and most landlords’ requirements are different. Therefore the management fees vary based on individual requirements.
Our fees are based on:
– The number and type of property management services you wish us to provide.
– An assessment by us of the time and expertise required to provide the services you want.
How much involvement will I have if you manage my property?
You can have as little or as much involvement in the management of your property as you wish. It’s your choice. We will discuss your requirements with you and once agreed, we will focus on ensuring that they are met.
How do you qualify a prospective tenant and how long will it take to find a tenant for my property?
Our tenant qualification process includes:
– The completion of a highly detailed Application Form.
– Thorough checking of information provided including means of income, employment and previous tenancies.
– A search of the National Tenancy Database (NTD) and TICA Database
We start marketing your property from the moment we receive your authority to manage. Within days of listing your property it will be advertised on our Website and REIWA’s Website as well realestate.com.au. Seasonal factors need to be considered, as well as the changes in supply and demand caused by economic forces outside our control. Our focus is getting you the most suitable tenant, in the shortest time possible for the highest possible rent.
Do I have to insure the property or does the tenant do that?
You must maintain your own insurance cover on the building, contents and public liability.
If the property is a Strata unit, the Strata Company may possibly insure the building, but you should have content insurance for the carpets, blinds, curtains, light fittings and any appliances inside the unit. We also recommend that you have Landlord Insurance. The tenant is responsible for his or her own personal effects.
Stuart Weston Real Estate can provide you with a choice of Landlord Insurers and brochures detailing their services.
How do you process your monthly rent statements and transfer my payments?
We process rent statements on the last working day of each month at which time we deposit your monies electronically into your bank account and Email the monthly statement direct to you. Or alternatively send a cheque attached to your statement in the postal mail.
How does the tenant pay rent?
Tenants are given several options in paying rent:
· Direct Debit
· Bank Cheque or Money Order.
All of these options make it quick and easy for tenants to pay rent.
What happens if the tenant doesn’t pay the rent on time?
If tenants are behind on rent we use the 3-5 Days arrears control procedure.
3 days in arrears – the tenant is sent a breach notice.
5 days in arrears – the tenant is served with a 7day Termination Notice which if the tenant does not pay by termination date we will proceed to court.
Can Stuart Weston Real Estate guarantee that the tenant will pay the rent on time and won’t damage my property?
Unfortunately, no agent can give that guarantee. Our management systems should alert us prior about a potential issue and we can be proactive in dealing with it quickly. However to ally that risk further, as a landlord, you can insure yourself against it with a special ‘Landlord Insurance’ policy . The premiums being relatively cheap for the risk covered .Stuart Weston Real Estate thoroughly recommend this insurance and can arrange it for you.