The fact of the matter is you can't have a successful property portfolio without tenants, but too many investors forget that.
Without tenants in your investment properties paying rent, you have no cash flow, and your ability to cover the mortgage repayments will eventually dry up.
So, given they're so important, how can you be a good landlord to your tenants?
Firstly, never be a slum-lord. What I mean by that is you must complete repairs and maintenance, which is part and parcel of owning a property, but you must also be able to determine between necessary repairs and tenant 'wants' that are usually purely cosmetic.
The name of the game is to attract and keep a good long-term tenant so you need to be consistent in your dealings with them, including maintenance and repair requests.
Of course, anything that is dangerous – such as plumbing, electricity, trip hazards, decking or railing, and smoke alarms – must be remedied as soon as possible.
As a landlord you don't want to spend money for the heck of it and you're not there to make a tenant happy all the time, but there must be a middle ground and that's why consistency is so important because it also means consistency of cash flow.
Good landlords are also fair with rent increases and don't try to hike rents up over and above the market – which makes you a bad landlord as well as it being a poor business decision.
Sometimes, if you have a good tenant who is no trouble and who always pays their rent on time, you might want to leave the rent a little below the market because a good tenant is worth money.
Also, remember that tenants don't usually like to move often either, so if you're reasonable and fair with them, they're likely to stay longer.
Good landlords also make sure they have adequate insurances so that if there are any major repairs they can be fixed quickly with minimum disruption to their tenants.
Also, don't ever be one of those landlords who's emotionally attached to the property and who flies into a rage when they see the lawn one centimetre above the "perfect" length! You must be emotionally and mostly physically removed from your property.
You should also be aware of conditions in your local market because you don't want to try to ramp up the rent if there's an oversupply in your area, which might motivate the tenants to shift somewhere cheaper.
I'm a fan of pets in rental properties but, of course, there are rules and regulations around that as well as common sense so you don't end up with a German Shepherd in a two-bedroom unit!
About 70 per cent of tenants have pets so if you're one of those landlords that doesn't allow pets, you're cutting out a huge proportion of your potential tenant market.
Depending on the location of your investment property, you should also have ceiling fans, air con or heating installed, because it just makes sense and attracts tenants for a relatively small financial outlay.
The number one tip to being a good landlord, however, is to always use a professional property manager.
The first reason why you should use a professional is you want that disconnect between your tenant and yourself, which also helps to remove any lingering emotional attachment that you may have with the property.
The second reason is a lot of insurance companies won't insure you if you haven't got a professional property manager in place so make sure you check the PDS of your policies.
But the final, and most important, reason is that managing property is not easy.
In fact, I think it's the world's hardest job and investors should never try to manage their own properties.
There's a host of rules and regulations (that seem to change quite regularly, too) which protect the rights and responsibilities of both tenants and landlords.
That's why good landlords leave the management of their properties to the professionals every single time.
From a funky granny flat in a suburban back yard and architect-designed homes, to a sand bypass system, and a dam that stores the region's drinking water, the Gold Coast Open House 2017, which starts on 4 November, has something for everyone.
The Gold Coast Open House will open 40 buildings to the general public, including heritage treasures and Commonwealth Games-ready sports venues.
The region is well known for its interwar and post-war development boom and recreational industries, and the buildings and places in this year's events reflect these influences. The program provide a snapshot of the evolution of architecture on the Gold Coast. Some buildings date as far back as the late 1800s, and the program also includes cutting-edge design by some of the Gold Coast’s top architects.
Gold Coast Open House is a free event and suitable for all ages.
This article was found in The Real Estate Conversation - https://www.therealestateconversation.com.au/2017/10/10/gold-coast-open-house-2017-40-houses-buildin...
It was the little house on a small block that country music singer Adam Brand jokingly referred to as “The Shack”.
The tiny two-bedroom house was riddled with asbestos and in desperate need of some TLC when Adam found it – and it was exactly what he was looking for.
As a touring artist, Adam is on the road a lot. But in between gigs he found himself with quite a bit of downtime and a strong desire to ﬁnd a property project to work on.
“Many years ago, I bought a couple of rental properties, did some very basic renovations where I ripped up carpets, repainted and cleaned up the yards,” Adam explains.
“I found that I loved the whole process of ﬁnding something rundown that’s dirty and neglected that everyone drives past and looks at the place and thinks they wouldn’t go near it.
I enjoyed pouring love into it, and having people go ‘Wow!’ at the end result.”
He hadn’t yet tackled a major renovation, but with a little time on his hands between tours, “I just needed a good project to sink my teeth into,” he says.
So he bought a house to renovate in his hometown on the Gold Coast.
“It was located in Palm Beach, a beachside suburb, on a very small 408sqm block. It was really a tiny little shack with two bedrooms and one bathroom that was built in the
’50s,” he says.
“It’s on the other side of the highway, something that will make sense to people who know the area – so it’s not on the real fancy side overlooking the beach. But the ﬁrst dozen avenues in the suburb are basically five minutes’ walk from the cafes in Fifth, Sixth, Seventh and Eighth [Avenues], and it’s so close to the water you’re literally a few minutes’ walk away.”
Pounding the pavement in search of property
Adam approached his renovation project in a strategic manner by planning what he wanted to achieve well before he began browsing the classifieds
You want to do everything you can to help your home sell for a high price, right? Well, you can put the demolition tools down and take a step back from the bathroom remodel.
Mozo has surveyed over 1,000 Aussies to find out what’s most likely to stop them buying a property, and it turns out small fixes can mean a big difference when it comes to selling your home for a good price.
But it’s not always easy to know where to start - so here are the top 10 things that might turnoff a prospective buyer and some tips on how you can fix them in your home
These are the hottest renovation projects in the country this year, and they also have some of the hottest kitchens.
Seven homes, including two from Queensland, made the National Architecture Awards shortlist for Residential Architecture — Houses (Alterations & Additions), with competition described by the jury as being at “its most fierce” this year
Building our city
The 'Building our city' project is a long term research and reporting project being undertaken in conjunction with Griffith University’s Urban Research Program that measures how specific parts of the Gold Coast are changing over time. The project will track the benefits of investment in certain areas by the City, the Commonwealth and State Governments, and provide input into public policy decision making as future reports are published.
The methodology is simple. Specific locations are selected; indicators (economic, urban planning, social and environmental) are identified, measured and mapped to establish a baseline. The indicators are then measured again every two years and the results are compared to identify changes. The key to the project is the simplicity and clarity of the presentation of the data in a highly visual report with the aim of making the data accessible for a wide range of stakeholders.
The overall aim is to track the impact of infrastructure planning and investment in these specific locations over time, and to utilise this data to inform future public policy development and decision making, as well as allowing for successes to be measured and communicated.
For further information please contact our Office of City Architect on 07 5582 8875.
Light Rail Corridor - Parkwood to Broadbeach
The Gold Coast light rail project is one of the biggest public transport projects in the country, and the biggest transport infrastructure project ever undertaken on the Gold Coast. As Queensland’s first ever light rail system, it represents a major step forward in transforming the city into a modern, accessible destination. Fast, frequent trams now connect 16 light rail stations along a 13 kilometre route from Broadbeach to Gold Coast University Hospital.
Read the Light Rail Corridor 2013 Baseline Report to see the statistics prior to the operation of the light rail.
Read the Light Rail Corridor 2015 Status Report to see what’s changed since 2013.
The 'Building our city – Light Rail Corridor 2017 Status Report' will be due for publication in early-mid 2018.
Southport was declared a Priority Development Area (PDA) in October 2013 with the Southport PDA Development Scheme being approved by the State Government in September 2014, marking a major milestone in planning for the Gold Coast CBD and significantly boosting the City’s plans to revitalise Southport.
Read the Southport PDA 2015 Baseline Report to find out more about the benefits of this project.
The 'Building our city – Southport PDA 2017 Status Report' will be due for publication in early-mid 2018.
Gold Coast Health and Knowledge Precinct (GCHKP)
The Gold Coast Health and Knowledge Precinct is a vibrant community where people live, learn and work. The 200 hectare health and knowledge precinct, located at Parklands in Southport, is rapidly growing and includes the state-of-the-art Gold Coast University Hospital, Gold Coast Private Hospital, and Griffith University.
Works have begun for the development of the 29 hectare Commonwealth Games Village (adjacent to Griffith University), which will accommodate 6500 athletes and team officials in the lead up and during the Gold Coast 2018 Commonwealth Games™ .
Read the Gold Coast Health and Knowledge Precinct 2016 Baseline Report to find out more about the benefits of this project.
Li ght Rail Corridor - Broadbeach to Coolangatta
The Southern Light Rail Corridor will extend the existing route from Broadbeach South station to Coolangatta. Extending the light rail will make it easier to get around the city, reduce congestion on the roads and improve commute times. Connections to residential areas, workplaces and the airport will see continued economic growth, jobs and opportunities. Residents and tourists will benefit from improved access to beaches, parks, dining and entertainment.
The development of the ‘Building our city – Southern Light Rail Corridor 2017 Baseline Report’ is currently under development and is due for publication in early to mid 2018.
A syndicate that includes former Crocodile Dundee star, Paul Hogan, is set to pay $21 million for Brisbane's Queen's Arms Hotel, on trendy James Street in Brisbane's Fortitude Valley.
It is understood the syndicate is headed up by Sydney publican and former Lewis Hotels’ head, Peter Ashelford, and Nick Politis.
The new fund is believed to be worth $100m, and recently purchased Tree Tops in Burleigh, and bought the Robert Frazer-Scott’s Boat House Tavern, Coomera, from receivers.
The vendor of the Queen's Arms is Chris Condon.
Condon, who has owned and operated the Queen's Arms Hotel for eight years, recently refurbished the pub to the tune of $5 million, taking particular care to modernise the building, but preserve its history.
It is understood Tony Bargwanna, director hotels Savills Australia, negotiated the sale on behalf of the syndicate, but he declined to comment.
The sale is expected to settle in September.