Posted by admin on 15 June 2011
Over the past couple of weeks we’ve surveyed tenants living in Brisbane’s inner city, asking them to rate the importance of 22 features of rental homes. Tenants were reminded that extra features in a home do cost them more in rent, so the survey responses are a collective ‘shopping list’ – the items they’d like to have as their budget affords. It gives landlords a better insight into buying and improving their investment properties.
The most important item in a rental home:
Outdoor living space. Even with a dose of cold weather during the survey tenants say they want an area to get outside. Balconies, decks and courtyards are a bit hard to retro-fit in your rental property but it’s food for thought when you’re buying your next one. And it follows that improvements you make to those outdoor areas, for example adding a roof over a deck or even some simple privacy screening, would be welcomed by your tenants.
Clean and modern:
You’d expect tenants to want a modern home and they do. Three of the top 7 features they seek relate to the condition of the home with “a modern home or one in great condition” scoring a close 2nd on their overall list. Tenants are prepared to put their hand in their pocket to have modern fittings. We regularly hear tenant feedback that rental homes need fresh paint, new carpets and other simple updates. As a landlord it can be hard to keep an eye on these things but they have a clear impact on your rental return.
And the features tenants won’t pay to have:
The wooden spoon goes to gymnasiums, closely followed by swimming pools. Those of you forking over big body corp fees to maintain these items might be feeling a little frustrated with this finding but it didn’t surprise us. We’ve been surveying tenants since the late 1990’s and both items consistently rate amongst the least important in a rental home. Buyers and re-sale interest in them might be another story.
If you’d like a copy of our full report for landlords just email info@beesnees.com.au and we’ll forward it on. How tenants choose their rental home’s location and plenty more info is included. Keep in mind the surveyed tenants mostly live in apartments in suburbs within a 5 kilometer radius of the CBD so the findings should be read in that context.
Tags: Brisbane property manager, Brisbane rentals, home renovations Brisbane, property management Brisbane, tenant marketing Brisbane, tenants Brisbane
Posted in Brisbane landlords, Brisbane's rental market, architecture and renovation, real estate marketing | No Comments »
Posted by admin on 13 April 2011
Who gives you advice on property investment? It’s one of Australia’s biggest asset classes yet the purchase of residential property is usually made from a real estate agent. We’re a talented bunch, modest too, and we can help with info on local trends and plenty of on-the-ground resources. But are we best-placed to help you decide on investment strategy?
The law makers don’t think so, and some years ago legislated to prevent us, and others without a Financial Services licence, from making any comment on the investment potential of a property. We can tell you about its history but can’t offer advice or give predictions on future performance. We don’t have training or skills in assessing an investor’s position and working out what’s best for them. So fair enough.
But with more than a third of Australia’s population relying on investors to provide them with a home, you’d hope someone out there is helping Australian landlords invest in property. Many accountants, solicitors and other professional advisers are ‘pro-property’ and some financial planners do support it as the best fit for their clients. But unfortunately many planners simply don’t have sufficient financial incentive to suggest that their clients consider property. There’s a huge gap in the investment industry between the info available and attention given to residential property, as there is for other asset classes.
Financial planners currently receive fees for selling their clients into various offerings from financial institutions, and usually don’t get a penny for suggesting you buy a house. (Some are paid high commissions by property developers, largely made possible by the time and marketing costs the developers can save by using this sales channel. But the number of sales made this way is a drop in the bucket).
So the government’s current shake-up of the financial planning industry might be interesting to watch. The proposal is for planners to charge clients a fee for advice and not receive commissions. We understand the Financial Planning Association’s supporting the move away from commissions for investments to “ensure perceptions of conflict are removed.” Whether their clients will be prepared to pay enough for advice remains the greatest concern.
How might this key change the popularity of property investment? Will planners start digesting property stats and watching market trends. We’ll watch with interest.
We’d love to hear your comments.
Tags: Brisbane rental properties, Brisbane rentals, Brisbane rents, financial planning, investment property, investor enquiry Brisbane, property advice
Posted in Brisbane landlords, Brisbane's rental market, real estate marketing | 1 Comment »
Posted by admin on 13 August 2010
With the rental market so much more unstable than a year or so ago, vacancy rates are up and so there is a smorgeousboard of available properties for tenants to choose from. Across the inner city it’s not unusual for an apartment to sit vacant for over a month if the leasing agents don’t keep their ears open for market feedback on the asking rent.
So what can a landlord do to attract more tenants and keep the good ones? Presentation and maintenance upkeep of the home is critical. Allowing pets is a biggie – lots of people have their surrogate child/lap warmer and aren’t allowed to bring them to their rental home. And there’s a list on our website of other items tenants always look for.
One idea that landlords often forget is the offer of a long term lease. Tenants don’t enjoy moving (help me carry the fridge down the stairs anyone!) and if they’ve been there for a term, they like it, you’re happy with their payment history and regard for the home, why not offer them an extended lease of 2 years?
Bees Nees head of Property Management Annie von Rudzinski says the stability of a long lease can be a big attraction to tenants.
“If they are happy with the property a longer lease might just be the reason they need to put down their roots. A home is a personal thing to all of us and some landlords probably overlook the connection a tenant can make with the property. Offering a long lease means they can enjoy a greater sense of security and pride in their home and that is a positive thing for all parties.”
Annie says annual or bi-annual rent increases can be agreed in advance. “In this quieter market they might not agree to big jumps in the future but an investor can consider that against the costs of turnover of tenants.”
Tags: Brisbane rentals, Rent negotiation Brisbane, renting to pets Brisbane, Residential Tenancies and Rooming Accommodation Act, rules of renting, tenancy agreement Queensland
Posted in Brisbane landlords, Brisbane's rental market | No Comments »
Posted by Rob Honeycombe on 15 March 2010
So how do you spend your Sundays when your dad works in real estate? Putting up ‘for rent’ signs! Sophie was pretty excited about the ‘leased’ sticker!
Tags: Brisbane rentals, leases
Posted in Brisbane landlords, just for fun! | No Comments »
Posted by admin on 5 October 2009
Property Managers often can’t find a simple line of communication with Resident Unit Managers.
You’re right, we are in competition against one another for the sales and management of property within the building, but why can’t there be a healthy rivalry and a friendly relationship between these two professionals like there is between two different Real Estate offices?
Many tenants and owners don’t know the boundary lines; where does the Resident Managers’ job end and the Property Managers’ job begin?
This is usually the cause of conflict between parties. It is up to us as professionals to inform our tenants and owners of what they need to know and who they need to go to.
The responsibility to our clients is fairly black and white but the best way to ensure we all get along is to communicate.
In 99% of cases, you need to call your Property Manager regarding your query and we’ll contact the Resident Manager if required.
The line is clear; and if you don’t know, please ask us!
Tags: Brisbane property manager, Brisbane rentals, resident apartment managers
Posted in Brisbane landlords | No Comments »
Over the past couple of weeks we’ve surveyed tenants living in Brisbane’s inner city, asking them to rate the importance of 22 features of rental homes. Tenants were reminded that extra features in a home do cost them more in rent, so the survey responses are a collective ‘shopping list’ – the items they’d like to have as their budget affords. It gives landlords a better insight into buying and improving their investment properties.
