Are you thinking of selling your property? Preparing for an open home can be stressful, especially if you do not know where to start and how to make your place look and feel like a beautiful home. If your property is competing against many similar properties in the area, how will your property stand out? Here are some ways to prepare for an open home that will help attract buyers. Pack, sort, and purge Declutter. Eliminate at least half of your belongings as clutter can cost a sale. Organise all closets and drawers neatly as buyers might look behind closed doors. Depersonalise, remove items from closets and deep clean the entire place – you want buyers to be able to picture the property as their new home. Lighten up the rooms Buyers love bright big open spaces. Turn on the lights so your house looks warm and welcoming. Remove big dark furniture that fills up the space and replace them with something lighter and brighter. Buy cost-effective items that are practical and affordable. For display purposes, they can be cheap but stylish. Fix basic maintenance issues Small maintenance problems can be deal-breakers as they are very easy to spot. If you have any issues such as loose door handles, broken door or window locks, faulty exterior gates or blocked drains, make sure to get these issues fixed. Most of these problems are easy and affordable to fix but leaving them for the buyers to deal with can cost you more in the long run. Fresh up with paint and carpet First impressions matter. Cracked and dirty walls are not appealing, and a fresh coat of paint is an easy and affordable way to bring life back to your home and make it look new again. Replace worn and dirty carpets. These small investments can help significantly increase your property’s value in the eyes of potential buyers. Keep it ready to show Until you accept an offer and it becomes unconditional, always keep your home in tip-top shape and ready for an inspection. You never know when a potential buyer might be interested in viewing the property.
In Australia, the year 2020 was met with escalating bushfires. This brought about the devastation to lives and livelihood. That happened at the start of the year. By March, the COVID-19 Pandemic brought the whole world to a standstill. And while learning the impact of this virus on people's health, we are also still trying to recover from the economic impact this global pandemic had brought on us all. So, we sat down with the leading commercial property manager in all of Sunshine to discuss the ramifications of this pandemic to the real estate industry. Lilian Dinh is the Commercial Property Manager for Create Vic Real Estate. She manages the whole portfolio for the agency and deals with leasing properties and managing them as well. Q: 2020 was a tough year for Australia, particularly Victoria with COVID lockdowns/fire and more. We are now in 2021 are there are still constant constraints. How are you finding the commercial market? A: I can professionally say that the commercial market has been most impacted in the real estate industry. There has been a significant incline in vacancy and decline in property value as most Landlords and Tenants have had to reduce the rent for the COVID-19 Period or reduce the rent in the Lease completely. However, where there is a decline there will be a rise in the market shortly. As I do believe that more people will be actively wanting to open businesses or expanding their own businesses once COVID-19 has ended - there will be an increase in demand for the Commercial sector soon. Expect Leased Boards/Sold Boards everywhere to come! Q: How have you adapted? A: I would personally say that I have not fully been adapted to the situation that all Victorians are in. If someone were to tell you that they have accustomed to the current environment, they are lying. No one can predict that this was to happen or plan for the unknown, however, our obligations as agents are to ensure we are following the Legal requirements set out by the government and it is my mission to ensure that we are showing empathy to Tenants and Landlords. It has been a tough time for everyone, a little understanding goes a long way. Q: What are your clients’ biggest concerns? A: The most common and biggest concern would be the COVID-19 Lockdown. A lot of businesses were impacted by these restrictions, enforcing others to downsize, or closing some off completely. Therefore, there was an increased rate of Commercial Vacancies - along with Rental Arrears going through the roof! However, I always ensured to keep communication fully open and clear for both parties, which made it easier for understanding leading to negotiations. It was not easy, but it was definitely worth it in the end. Q: What makes your approach different? A: My approach has always been simple, being honest. As times have been crucial and difficult for everyone - I have always showed empathy and support to both Tenants and Landlords - always advised on what was achievable and the possible outcome that this pandemic would bestow. A little compassion and empathy, goes a long way. And we totally agree! At this time of global crisis, we should always look out for others, not just ourselves. Because this is the only way for all of us to get through this. Whether we are sitting at opposite sides of the Leasing/Rental tables, we should still have compassion and empathy. And we should always keep in mind what the World Health Organization says, ‘We are stronger together’!
Are you thinking of leasing out your home but not quite sure how to get started? You’ve come to the right place! There may be dozens of reasons why you shouldn’t lease out your home and you may not even understand how to lease your property. However, you might simply need to turn your home into a rental property. Perhaps you……
Now, many people are considering the idea of leasing out their homes. Reasons include the benefits of getting an extra income, pay down debt, or a way to wait things out until the economy improves and you can sell your house at a reasonable price.
There are many motives but all these plans will be of trouble when appropriate considerations aren’t made.
Here, we give you five steps to get you going in the right direction.
First, you must determine whether being a landlord is an obligation that you can even handle. There are benefits of renting, such as the ability to deter the vandalism that often plagues an empty home and generates income that covers the bills and possibly even creates a profit.
However, being a landlord is quite a big responsibility that you need to fit into your life, and it's safe to assume that things will sometimes fail to run smoothly. You must stay on top of repairs and maintenance, collect rent, insurance policies, and try to avoid wear and tear on your property by keeping an eye on the tenant's housekeeping skills.
In a down market, you probably won't be able to get away with renting out the home as-is. Tenants are choosy at such times, because of the increased availability of rental homes, their expectations are much higher.
Get ready for the new tenant by thoroughly cleaning your home and ensuring appliances are working and are in good condition. If you decided to lease a room or a specific area within your house, ensure that you can secure that area from the rest of your home.
When the house has been fixed, build up a rundown list that makes it engaging to put it as a write-up on your advertising. Observe those ordinarily attractive highlights like a washer and a dryer, cooling, and carport. Utilize rental terms to help "sell" your property.
As indicated by RentalsOnline.com, words and modifiers that will assist you with getting a renter include: "rock," "best in class," "tempered steel machines," "vaulted roofs," "maple," "connoisseur," and "hardwood floors." Be certain to utilize all of the terms that apply to your home.
Then, post an advertisement for the home on trustworthy sites and in the neighbourhood papers. Likewise, some realtors will work with you to assist you in leasing your home and they will be taking commissions in the event that the realtor finds you a tenant.
You can also use a property management company to deal with the errands of leasing your home. It will make things easier for you. With a minimal fee, you can be assured that your property will get leased in a short period of time. The cost of the service varies from one company to the other.
Consider hiring a property manager of good repute, if you can’t afford to take unnecessary risks with self-management. Some of the many benefits that dedicated property managers provide includes:
Timely repair and regular maintenance
A manager will ensure your property is maintained regularly and kept attractive for new tenants. Repair, restoration, and maintenance tasks will be carried out promptly to help increase the value of your property.
Attracting new tenants
A manager can help you market and advertise the property better to attract prospective tenants. He or she will be present at all open house inspections as your representatives and help you secure tenants with good renting history.
Managing relationships
A manager will be able to resolve conflicts faster and better, because of the overall involvement in overseeing the property. Cordial relationships and constant contact between the tenants and your manager will also help make the business relationship more profitable and risk-free.
Compliance with residential laws and audit requirements
It’s the job of the property manager to stay up to date with the latest residential laws and regulations. Further, your manager will know the local movement of rental prices and trends, allowing you to make changes in your offer appropriately.
The Bottom Line
Renting out a home can be beneficial for both owners and tenants, but only if you take the time to address and prevent potential pitfalls and problems.
Contact Create Real Estate
At Create Real Estate we know that owning rental properties can take a lot of work, especially if you are managing them yourself only!
Trust no one to manage your investment property than Create Real Estate, the number 1 local agency in Sunshine.
Thankfully, our property management service makes owning rental properties EASY. To learn more about the services we can offer, contact us today at (03) 9312 4444 or click here.