Century 21 Parkins& & Gibson Surry Hills Real Estate in Surry Hills, New South Wales, Australia | Estate agent

Century 21 Parkins& & Gibson Surry Hills Real Estate

Locality: Surry Hills, New South Wales, Australia

Phone: +61 2 9310 2222

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• Property management company
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24.01.2022 SIMPLE WAYS TO ADD VALUE TO YOUR PROPERTY Marble bench tops, Italian appliances and the latest light fixtures will cost you a lot, but may not necessarily translate to a higher valuation. The following are some simple tips that will work in your favour when having your property valued. Get the basics right and make sure that the yard is neat and the lawn trimmed Ensure that the interior is clean and tidy, as dirt, damp patches and mould won’t help you achieve an optimum val...ue Clean the windows and remove any clutter that’s lying around the house and property Fix up any minor repairs that are visible to the eye Steam clean the carpets and wash down the walls See more

24.01.2022 THE HIGHER RENT LOWER INCOME MISCONCEPTION Many landlords who lease their property often have a mindset of ‘holding out for the highest rent’, thinking the sky is the limit in a competitive rental market. Many even do this if it means losing several weeks of rental income, with an over-priced and sometimes assumed rent without substantiating evidence. What does ‘holding out for the highest rent’ mean for the overall return on the property? Experienced investors report that th...e best way to maximise the return on their investment properties is to keep the property let in other words, it is important to minimise vacancy periods. For many, it is not always easy to make a decision to lower the rent, especially when it can have an impact on the overall income and mortgage payments. It is tempting to hold out for ‘just another week’ and before you know it, another week has passed by. Experienced investors say that doing the sums shows that ‘holding out for the highest rent’ can be counter-productive. If the property is over-priced at $450 a week, [with the rental market and feedback from tenants suggesting $420 a week] losing the $420 for two weeks vacancy is $840. Spread over a year, this will lessen the weekly return to less than the $420 that the property will eventually rent for. When we provide feedback to landlords on the weekly rent, we first carry out extensive research comparing the property to other properties on the market at the time, known as a CMA [Comparative Market Analysis]. It is our duty of care, as a professional managing agent to work towards achieving ‘the highest’ possible rent, as well as minimising vacancy periods. Tenants talk to relatives, friends and other people in the rental market and the tenants paying top dollar are the first to notice a downturn in the rental markets or over-priced rent, often reacting by moving out to a cheaper property when their lease expires. This then becomes a further risk of a vacancy period and lost income/rent if the landlord chooses again to go for top rent before accepting the changed circumstances. It becomes an ongoing loss of income from tenancy to tenancy. The aim for tenanting a property is to ensure that the rent is within the market expectations to reduce lost income and high tenancy turnovers. If a vacancy period does occur, you may like to work by the rule that [provided the property is clean and presents well and is well-maintained] if a tenant is not secured by day ten of the leasing campaign, the asking rent should be reduced by five-ten percent, which has been a tried and tested system. See more

24.01.2022 HOW TO FACE YOUR PROPERTY FEARS HEAD-ON Real estate cycles come and go, but one fact always remains true there is no exact science to property investing. As much as we would like to believe we are able to control every part of the process, the reality is that investing in property is rarely a bump-free journey. However, you can minimise your risks, which includes having clear strategies to help you deal with unexpected situations and setbacks when they arise. The last pl...Continue reading

24.01.2022 1 IN 3 MARRIAGES END IN DIVORCE HOW TO DEAL WITH AN INVESTMENT WHEN SEPARATING This is not a happy topic to write about, but one that is reality. If you or someone you know has recently divorced or are going through the separation process (and you own property) then you are going to have to determine how to administer or divide your shared property investments, which more often than not will involve lawyers. We understand that this process can be overwhelming and stressful.... During these times it is also important to note (from previous experience) that for any changes to occur to rental payment bank account details we must have written and signed instructions from all parties, which is part of our standard agency processes. If you are reading this article and you are the two who are still married, or if you are considering getting married we would encourage you to seek legal advice on a co-purchase or ownership agreement when buying a property with a partner as it can serve to protect both parties. It outlines who pays the bills, who is liable in the event of a relationship breakdown, and how one of the parties can sell their share of the property (if you even want that to be a possibility). If you invest hundreds of thousands of dollars on a home, even millions, you may want to make sure that you are protected no matter what. You don't want to find out that you don't have any claim to the property after the relationship has broken down and then lose all of the money you put into the investment. When you decide to purchase property with someone else, be it a significant other, family member or a group of friends, you have the choice between a ‘Joint Tenancy’ or a ‘Tenancy in Common’. In a Joint Tenancy, each investor in the property has equal shares and equal responsibilities, regardless of how much they put towards the home deposit or how much they pay off the mortgage. In the event of a separation that requires you to sell your investment, both parties receive an equal share of the profits (or are liable for an equal share of the losses). If you are married, this might be the best choice based on your shared finances. If you have purchased a property through a Tenancy in Common, you may have uneven shares in the home. If you paid 70% of the deposit, you will be paying for 70% of the mortgage and the bills, and you will receive 70% of the profits. Your partner, on the other hand, will only receive 30% of the profits. If you need to sell or if you find yourself in this situation, our team of experts are here to offer confidential value-added advice on the sale process as well as a free ‘no obligation’ appraisal (if required) to assist in listing the property for sale to achieve the best possible price. We also recommend that you seek professional advice from your lawyer and accountant. See more

23.01.2022 PROPERTY VALUATIONS ‘What Investors need to know’ Astute property investors should think more like a property valuer and approach each property transaction rationally, without emotion and armed with as much information as possible. While it is not an exact science, a good valuer usually provides a valuation based on recent sales of similar properties, plus other relevant information. Valuers are guided by industry standards that start with the legal concept of market value th...at is ‘the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a winning seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion’. It is best to find a valuer who is experienced and knowledgeable about the area you are considering investing in or where your property is located. This is particularly relevant if you are investing interstate. In determining the value of a property, the valuation expert will visit the property and look at numerous things including, land and building size, construction details like the type of materials used in construction (for example fibro or brick), the location, other sales in the area, the condition of the existing dwelling, and ancillary details like pools, garages and off-street parking. WHAT TO LOOK FOR AND WAYS TO THINK LIKE A PROPERTY VALUER WHEN INVESTING IN PROPERTY Views: Can you build up or replace a wall with sliding glass doors/windows to take advantage of a view Adding extra rooms: Make sure the rooms fit in with the floor layout and continuity of the property. An eight or nine room ‘rabbit warren’ won’t help Location: This is always important especially if the property is located near a railway station, schools, amenities or shops Square meterage: The bigger the better when it comes to property size: Garage, carport or off-street parking: This is particularly important if the property is in the inner city where parking is at a premium Granny flats: This remains a popular trend especially with the potential for doubling your rental return. See more

22.01.2022 BEWARE OF ONLINE FRAUD SCAMS According to the Australian Federal Police, the term 'online fraud' refers to any type of fraud scheme that uses email, web sites, chat rooms or message boards to present fraudulent solicitations to prospective victims, to conduct fraudulent transactions or to transmit the proceeds of fraud to financial institutions or to others connected with the scheme. Online fraud is a billion dollar industry preying on naive and trusting people. SOME SIMPLE T...IPS If it sounds too good to be true, then it probably is Avoid emails that state they want to refund you money and then request details The age old saying, Don’t talk to strangers. It is a full time business worldwide to randomly connect with people, develop relationships with the end goal (that can take months or even more than a year) to extort money Avoid emails from banks, PayPal and other institutions that state they need to update details, accounts with be closed or an authorised person has accessed your account The fraudulent emails look real. They use the company’s logo and at a glimpse the email address looks real The next time you receive an email requesting personal information take a closer look at the email (Eg. info@_cba.com.au or [email protected] looks like cba.com.au or paypal.com, but there will always be a couple of symbols or letters before the name. Don’t get caught. Protect your wealth. See more

21.01.2022 FRIENDSHIPS AND VERBAL AGREEMENTS Friendships and verbal agreements entered into by the landlord directly with the tenant [without the agents knowledge] start out with the best intentions; however, from experience it can ultimately affect the relationship between all parties, if there is a dispute during the tenancy. Renting a property should be considered as a business transaction not a friendship. That is not to say that when inspecting the property you cannot be friendly a...nd appreciative of the tenant. You should avoid providing the tenant with your direct contact details to avoid the possibility of things going wrong. Communicating with the tenant on matters such as, rent reductions, payment plans, approval of pets or additional tenants, new inclusions to the property, tenant/s conducting their own maintenance or alterations at the property or regular access to the property are verbal agreements that are often governed by legislation and can be a potential risk to landlords if things go wrong. It is important that your first point of contact is to your property manager, allowing them to ensure that the agreement is in writing, and in accordance with legislation requirements. See more

19.01.2022 THE MYTH OF TWO WEEKS RENT IN ADVANCE There is a well-known joke in the property management industry that occurs quite often at the end of a tenancy where a tenant states What happened to my two weeks rent in advance that I paid when I moved into the property? It is at this point when we have to take out our calendar and explain that Yes you did pay two weeks’ in advance, but you used up this rent when you paid two weeks after moving in. As mentioned, we refer to this as... an ongoing industry joke, but the tenant paying rent on time is no joke to us. At this time of the month (when owners receive their rental statement) we can also receive telephone calls or emails asking ‘why is the tenant not two weeks in advance’? (Or a month in advance if that is the payment terms). A Tenancy Agreement does outline the terms and conditions of the tenancy and the frequency of rental payments. However, the reality is the tenant does not have to pay their rent 2 weeks or a month in advance. It doesn’t even have to be one week in advance, just up-to-date. As a managing agent when communicating with the tenant we do highlight the terms of payment in accordance with the Agreement, but the tenant is not considered in breach, until they fall behind in the rent, which is when you can issue a breach notice letter and if not remedied, a termination notice to vacate. Unfortunately, in these economic times and with the lack of affordable housing across Sydney we are also finding that some Tribunal Courts are becoming lenient with tenants allowing them to continue residing at the property with a performance order and payment plans for the outstanding rent. It is our focus and priority to ensure that the tenants’ rent is paid on time. See more

18.01.2022 SUPPLY AND DEMAND Top tips for finding high-demand, low supply areas The supply versus demand ratio of properties in an area is a key driver of price growth. If there is no more capacity to build in the suburb, but demand keeps on growing, prices will likely climb. Top tips for finding high-demand, low-supply areas: Look for areas where the rental yield is rising. This indicates that an area is popular among renters. When renters become homeowners, they also tend to buy in t...he same area they are renting in; Look at the demographics of people moving into the area. Without meaning to sound ageist, suburbs where the median age is around 35 or so tend to gentrify faster as these demographics can have better income and are therefore able to afford to buy or rent more expensive properties; Look for areas with rising population. Population in itself is not enough to push prices up, but when combined with other indicators such as rising income and low supply, this is a good indication that property prices will grow in the area. See more

18.01.2022 THINK BEFORE YOU THROW DISPOSING OF APPLIANCES More often than not a rental property will have the inclusion of appliances such as a dishwasher, microwave, fridge, dryer, air conditioning and heating units, to name a few. When they breakdown or attract large repair costs, landlords can suggest disposing of the appliance/s without replacement. When a tenant enters into a tenancy agreement, there is an outline of the inclusions in the tenancy agreement. As the appliance forms part of the tenancy, it must be included and maintained by the landlord throughout the tenancy. If it became necessary to dispose of the appliance without replacement, the tenant would have to agree and possible compensation paid to the tenant for the loss of the appliance by way of a reduction in the weekly rent.

18.01.2022 SELLING A TENANTED PROPERTY The holiday season can be a busy time for buyers. It is a time where many take leave and have the time to look for investment properties. Families also look at this time to move home to be settled for the new school term commencement or relocation/changes to employment. If you are looking to sell your investment property, it is important to have an open communication line with the tenant/s during the sale process, as they can often feel like their... privacy and quiet enjoyment can be invaded. If you get a tenant off-side, it can cause unnecessary challenges and inhibit your ability to quickly sell the property. For this reason, it is important that your managing agent is always the first to be notified of your intention to sell the property. The managing agent will have a relationship with the tenant and be in a better position to negotiate inspections and open houses on your behalf. Just a thought If a tenant is becoming difficult with inspection times, you may want to consider offering them an incentive, such as a set dollar reward if the property is sold within a defined period of time as compensation for the disruption to their home and possibly their day-to-day activities and privacy. This may motivate the tenant to take extra care in the presentation of the property and allow more frequent inspections, as there will be a monetary reward for them. You may also want to consider reducing their weekly rent for a short period of time to compensate the tenant for the interruption, if they become difficult with inspection times as we understand that many landlords need the weekly rent income while trying to sell the property. Being a tenant in an investment property that is on the market for sale can be unsettling and we like to think that as a managing agent we take the time to care for the needs of our landlords and tenants, as without both, we have no business. See more

16.01.2022 7 MOST COMMON INVESTOR MISTAKES Buying an investment property without thoroughly looking at capital growth and rental return potential. Research is critical when buying an investment property. Most real estate institutes and real estate listing websites throughout Australia provide free online information about the long-term performance of individual suburbs in terms of capital growth, which is a good resource for investors. Buying an investment property close to home rathe...r than looking at investment opportunities throughout Australia. That could mean that they achieve below average capital growth rates and miss out on potential property hot spots in other locations. Failing to seek independent information. It is important to seek out people who own several investment properties and ask them how they managed to build their portfolio. They can provide very important tips on how to avoid simple traps and pitfalls when buying investment properties. Managing the property yourself. This puts the investor at a very high risk of selecting the wrong tenant as they cannot undertake the necessary background checks on tenants as a reliable property management company. Not undertaking a full assessment of the true cost of buying and holding the property. For example, if the property is an apartment, there are additional cost issues compared to buying a stand-alone house (such as strata fees). In addition, if the property is old, it many incur higher maintenance costs. Selecting the wrong home loan (i.e. principal and interest), which is typical for an owner occupier home. Instead investors should consider interest-only loans, which will help increase cash flow. Buying a property in a location that is not attractive to tenants i.e. not close to amenities such as shops or transport. Investors can also buy a property in an area where there is an oversupply of properties meaning rents will be low and capital growth rates limited. See more

16.01.2022 THE CONCEPT OF REASONABLE IT CAN BE DIFFERENT EVERY TIME Managing a property and the tenant is fairly straight-forward at the commencement when it comes to entering into a tenancy agreement. You outline the tenant/s, rent, term and bond details. The information is clear with no requirement for interpretation. However, as we know there is much more to managing a property than paperwork. There are countless scenarios that can arise that require interpreting the legislation o...r what we call the ‘grey areas’. The concept of reasonable is one that many landlords (including us as the managing agent) often need to take into consideration when making a decision or taking action. Legislation can state that you must provide reasonable security for the premises; or you must give reasonable notice to enter the property; or the property must be kept in a reasonably clean and tidy condition. So what is reasonable? It actually depends Reasonable is what the average citizen of sound mind would think, do, or expect in that situation. If we talk about ‘reasonable’ notice for a sale or rental inspection for instance, many would think of 24 hours. But would 24 hours be reasonable for a night shift worker versus someone who is retired and staying at home? A property to be kept in a reasonably clean and tidy condition is not required to pass the ‘white glove’ standard of cleanliness at a routine property inspection. Understanding the concept of reasonable is very important in times of dispute. If a dispute does arise, take a moment to look at the situation from all aspects. Put yourself in the other person’s shoes. If you cannot come to a resolution and the matter is taken to the Tribunal Courts you may find the ruling outcome unreasonable. As property managers, we strive to achieve the best outcomes possible within the provisions of the Act. See more

15.01.2022 WHY DO RENTS FLUCTUATE? If the rent for every property we owned covered the mortgage payment, we would probably be far more relaxed. But for the majority of investors this is generally not the reality. More investors than not, are relying on the weekly rent to meet payments and expenses and we understand the importance of achieving the highest possible rent. The achievable rent on a property is no different to the sale of a property. It is determined by the condition or pr...esentation of the property, inclusions, location and more importantly, the supply and demand of tenants at the time. When determining the rent of a property we must take into consideration the properties on the market at the time. If the property becomes available during a period of time where there is low tenant demand and a high number of vacant properties the rent achievable can go down. It is for this reason that it is important to know the market conditions and ensure that your investment property stands out over all others when trying to secure a tenant. See more

14.01.2022 WHAT IS GENTRIFICATION? ... The next hot spot Gentrification is the movement of affluent residents into an area and the changes that occur due to the influx of wealth. Most investors know that if they purchase a property right before a shift begins in a suburb, then they can capitalise greatly from the opportunity. The challenge is, knowing how to identify one before it happens. The signs of gentrification usually include the construction of modern infrastructure, greater emp...loyment opportunities, population growth and government or businesses willing to spend sizeable money into the area, such as a shopping centre and/or local amenities being developed or updated. The areas can also be run-down with lower socio-economic housing where there is a ripple effect outwards from wealthy suburbs that cannot sustain the population growth for the area. Keeping up-to-date on developments and local planning through the council or utilising online resources such as property information websites can assist in being able to identify if an area is changing. You can also research if incomes are increasing, unemployment is decreasing or the level of education among residents is improving. While an area may seem undesirable now, the astute property investor will look a few years into the future. See more

13.01.2022 ARE YOU COVERED? We had a recent scenario where a landlord went to claim under their insurance policy to find out that it had lapsed as they had forgotten to renew. This is a reminder for all landlords to double check that you have up-to-date insurance cover. Landlord Protection Insurance Building Insurance... Contents Insurance Public Liability Insurance Income Protection & Life Insurance, etc. NB Some of the above insurance covers may be combined together under one policy

09.01.2022 THE RENTING LAWS ARE SERIOUS We are seeing more and more media headlines of private landlords being sued in the Courts for not abiding by the law. This is a friendly reminder that as your managing agent we must act in accordance with the law. It is our role to protect you on all levels. Contracting outside of the law can result in fines to the landlord and agent. We cannot discriminate against a type of tenant when choosing the best possible tenant for you; we cannot request that the tenant give greater notice to vacate than what is stipulated in legislation; we cannot access the property without first giving notice; we cannot increase rents without giving the correct notice; we cannot ask tenants to attend to their own maintenance and we cannot avoid replacing appliances included in the tenancy if they breakdown, just to name a few

08.01.2022 BE SAFE LANDLORD PROTECTION INSURANCE IS A MUST Do you have it? We often mention the importance of Landlord Protection Insurance as it provides peace of mind in the event of the unexpected. This insurance covers for loss of rent, property damage and lots more. Each insurance provider has different policies and terms, as well as different levels of cover for different circumstances. It is important to know what your insurance policy covers you for. Often the insurance that banks offer do not have the same cover as specialised Landlord Protection Insurance providers so don’t get caught.

07.01.2022 WHEN PREVIOUSLY GOOD TENANTS CAN TURN BAD It is one of the greatest fears for a landlord having a bad tenant in the property potentially resulting in lost rent, property damage and delayed periods of time to gain vacant possession of the property. We see it often in the news and media ‘The tenant from hell’. Appointing an agent is a wise choice in owning an investment as the ‘bad tenants’ pray on the private landlords who are not skilled in the selection process, reference... checking and have no access to national tenant databases to determine if a tenant has defaulted in previous tenancies. While we conduct the most thorough reference checking, there are times when previously good tenants can turn bad, that can sometimes cause undue stress for landlords. Examples of tenant changes in circumstances: Loss of employment Sickness, stress, pressure or mental illness Change in partners or friends New addictions or involvement in illegal activities These changes can take place at any time. As your managing agent we are constantly working towards minimising your risk with regular inspections and constant rental payment follow-up when required. However, if a good tenant turns bad, you need to ensure that you are covered. Landlord protection insurance is there to ‘protect’ you when unexpected things go wrong. The reality is that renting a property is never a guarantee of ongoing good tenants as circumstances can change. See more

02.01.2022 MILLIONS OF DOLLARS IN UNCLAIMED TAX FIVE WAYS YOU CAN IMPROVE YOUR INVESTMENT PROFITS 1. Not claiming enough As an investor it is important to be thorough with your returns. Items such as smoke alarms, security systems, swimming pools and even garbage bins are often overlooked, but hold valuable tax savings. Fixtures and fittings with a depreciable value less than $300 can be immediately claimed in the first financial year. A garbage bin valued at $250 and smoke alarms val...ued at $145 are just two examples of items, which are eligible and can generate immediate tax savings. 2. Believing your property is too old The age of a property does not necessarily rule out all deductions. In order to claim the capital works allowance for structural elements of a rental property such as walls, floors and ceilings, your property must have been constructed after 1987. However, owners of older properties can still claim deductions for renovations carried out after the relevant date, even if these were completed by a previous owner. Plant and equipment assets within the property such as carpets, hot water systems, blinds and stoves are also eligible deductions. 3. Missing deductions after renovations Items that are scrapped and replaced during renovations can be eligible for deductions. Ideally, a property should be assessed before renovating to determine the value for scrapped assets, such as tiles or appliances like dishwashers and refrigerators, then after renovating to account for new additions. 4. Believing that once a return is gone, it should be forgotten Just because an investment was purchased some time ago, or you have already lodged your return and not included something deductible on it, does not mean you have to miss out. The ATO allows two previous tax returns to be adjusted so investors would be wise to examine whether they have missed anything and if so, speak to their relevant adviser to have their tax return amended. 5. DIY deductions Investors are always seeking to maximise their profit on their property portfolio, but as in other areas this doesn’t mean doing your own taxes is the best path to take. Not only is using a professional tax deductible, you’re also more likely to get a bigger return than you would doing your taxes alone. BMT Tax Depreciation See more