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There are a few things to be mindful of when selling a property while you still have tenants living in it. Not only do you want a smooth transition from owner to owner, but considering the tenant in that process is something that shouldn’t be overlooked. Maintaining a good reputation with your tenant during the selling process will aid the efficiency and effectiveness of the entire process.

As a property owner, you have the right to sell your property even if it is during a fixed-term tenancy agreement. However, you must provide written notice to your tenant(s) of your intention to sell. There are a few important things to consider to ensure a fair and reasonable process for both the property owner and the tenant when selling while tenanted.

DO

1. Be flexible with inspection times wherever possible as there are always two parties involved in selling whilst tenanted.
2. Have clear and regular communication with your tenant about the process and keep them up to date as changes are being made which will ensure they have a clear understanding of their role in the selling process and can act accordingly.
3. Consider being flexible with tenant requests as compensation for the disruption of having open for inspections.

DON’T

1. You often don’t need to ask your tenant to vacate the property as some prospective buyers can be attracted to a property already tenanted.
2. Avoid scheduling inspections on weekends as tenants are more likely going to be home during that time.
3. Do not book inspections without giving the tenant adequate notice as this can result in the house not being represented in the best light because the tenant is unprepared. A good notice period is 48 hours.

If you’re interested in selling, get in touch with us for an appraisal from our team of apartment specialists.

Request an Appraisal

Property management is multi-faceted and requires excellent communication skills, organisation skills and dedication to provide you with a service that minimises risk and maintains your asset to ensure the best returns for your property.

Our property management team work closely together to ensure each step of the process is taken care of on your behalf.

Take a look at the process involved, from commencing your management to the day-to-day management of your property below:

Commence your Management

Your first point of contact will be with our Property Consultant who looks after the appraisal process and signing of the management authority.

Leasing

Once the management authority is signed and your property is ready to lease, our Leasing Manager will look after advertising your property and finding suitable tenants.

Tenant Screening

After tenants have made their applications to rent your property our Assistant Property Manager will process and screen the tenants along with other administration required to ensure the Lease is signed.

Manage your Property

Upon successful selection of a suitable tenant, your assigned Property Manager will then look after the day-to-day management of your property throughout the lease period and will be your main point of contact.

For more information please contact Deanne Almond via the below details:

Deanne Almond
Property Consultant
0408 068 158
appraisal@mproperty.com.au

After a prospective tenant has applied for your property we go through rigorous background checks to ensure their application is sound and they are a suitable tenant.

At M/Property we have a dedicated Assistant Property Manager who performs the screening of tenant’s applications, which includes checking national databases and references.

See below the questions asked when performing background checks:

Previous Property Manager / Landlord:

• What was the lease start and end date?
• How much rent did they pay per week?
• Did the tenant pay their rent on time?
• How were the inspections?
• Were there any breaches in the lease recorded?
• Would you rent to them again?

Employer:

• How long as the applicant worked at the company?
• What is their position in the company?
• Do they work full-time, part-time or casual?
• How many hours per week do they work?
• What is their annual salary?
• Would you describe them as trustworthy and reliable?

Personal Reference:

• How do you know the applicant?
• How long have you known them?
• Have you ever been to the applicants home before? How would you describe it?
• Do they smoke?
• How would you describe their overall character?
• If you had a rental property, would you rent to the applicant?

Managing rental properties professionally is what we do. Our services and expertise allow you to focus on your personal time and enjoy life without all the hassles that come with finding a suitable tenant.

Whether you are ready to talk about our management services or you are simply looking for additional resources, please contact us. We’d be happy to talk you through each option, and help you come to the decision that’s best for you.

For more information please contact Deanne Almond via the below details:

Deanne Almond
Property Consultant
0408 068 158
appraisal@mproperty.com.au

2021 reports have revealed a huge increase in Perth’s popularity with almost 50% of property investors across Australia selecting our capital city as the best location to purchase an investment property.

Our sister company, M/Property, manage 26 apartments in Mount Lawley and the statistics speak for themselves.

To download our Mount Lawley snapshot with facts about the demographics, the current investor market and our own data drill-down of M/Property’s Mount Lawley portfolio visit www.itsamatch.com.au/mount-lawley-rental-snapshot/

2021 reports have revealed a huge increase in Perth’s popularity with almost 50% of property investors across Australia selecting our capital city as the best location to purchase an investment property.

Looking deeper, we can see Fremantle specifically has had an increase of up to $100 per week from 2020-2021 and with this steady improvement we are seeing investors take advantage of the current market. Even more so, they’re benefitting from purchasing apartments during the construction stage with tenants ready and waiting to move in upon completion.

Our sister company, M/Property, manage over 50 apartments in Fremantle and the statistics speak for themselves.

To download our Fremantle snapshot with facts about the demographics, the current investor market and our own data drill-down of M/Property’s Fremantle portfolio visit www.itsamatch.com.au/fremantle-rental-snapshot

When it comes to door locks, windows and external lighting there is a minimum level of security that landlords must adhere to.

Main entry doors must have either a deadlock or a key lockable security screen door. Other external doors must have a deadlock, patio bolt lock or a key lockable security screen door.

Windows should be fitted with a lock and window latches and closers should be kept in working order to reduce the risk of a window being forced open from the outside.

As well as this, there are certain requirements for lighting which need to also be met.

Some requirements may be different within apartment complexes and you should refer to the strata by-laws for more information. You can read the official security regulations in more detail here.

Rental properties must meet specific guidelines when it comes to RCDs and smoke alarms to ensure that the premises and occupants are protected.

In some cases, fines of up to $20,000 may apply to landlords that are found to be non-compliant.

Landlords are required to have a minimum of two RCDs installed on the switchboard at their rental premises before a tenancy agreement is signed. As well as this, it is mandatory for the landlord to ensure smoke alarms are fitted in the correct location, are no more than 10 years old, are in good working order and are permanently connected to consumer mains power.

Read the official regulations in more detail here.

Owning an investment property can be profitable. However, renting out your property comes with risks. Without putting landlord insurance in place, your profitable investment can quickly become a financial nightmare.

A landlord insurance policy is designed to protect your investment from the risks it could face.

Taking out a specialist landlord insurance policy could cover you from the following:

• Cover against loss of rent, you cannot control a tenant’s job loss, relationship breakdown, health or if they are to leave unexpectedly
• Cover against damage caused by weather events such as storms, hail, floods, cyclones and bushfires
• Cover against legal liability, if you are found to be legally liable for an incident e.g. tenant injury
• Cover against legal expenses such as court costs and tribunal fees
• Cover against denial of access, should a tenant refuse to leave your property and a court order is required to gain back possession
• Cover against tenant damage, should a tenant cause damage to your property
• Cover against pet damage, should your property be damaged by a tenant’s pet kept at the property
• Cover against water and fire damage

Please note: M/Property are not insurance advisors; we recommend you shop around for the policy and insurer that best suits your needs.

We want to provide you as much value as possible, which is why with our vast experience and knowledge in the apartment sector it makes M/Property the natural choice over self-management.

The feeling that you can keep an eye on your property and save money by managing it yourself is often overshadowed by considering the true cost of management, the responsibilities and skill involved in the job, and if it’s worth your while financially.

Bear in mind that management fees are a tax deductable cost plus the cost of your time. That seems a very slow way to make money and is a gross underestimation of the value of your time. Add to that the fact that you aren’t trained with a Property Management License and that you don’t have access to a national database of information about tenants and their histories and so are at risk of unwittingly choosing the wrong tenant.

The benefits of managing your property personally include:

• Cost savings as no management fees will be deducted from your rent
• It won’t take too much time if you only have one property to manage – as long as you have a good tenant who pays their rent on time

However, the drawbacks include: 

• Once you start to accumulate more properties, you may not have the time to manage all of them
• You may lack full understanding of the laws applying to landlords and tenants including inspections, acceptable communication timeframes, tribunal disputes, emergency repair timeframes and documentation
• The savings in costs are usually not worth the cost of your time
• Interviewing tenants and uncovering their financial and rental histories may be difficult
• The requirement to appear in court if a tenant defaults on rent or requires to be evicted
• Relationship boundaries with tenants

The costs of professional management may be a small price to pay when you place a true value on the time you may spend yourself and your peace of mind.

Managing rental properties professionally is what we do. Our services and expertise allow you to focus on your personal time and enjoy life without all the hassles that come with rental property self-management. Talk to other rental property owners who have done it, and get an idea of whether you are ready to take on the challenge of self-management.

Whether you are ready to talk about our management services or you are simply looking for additional resources, please contact us. We’d be happy to talk you through each option, and help you come to the decision that’s best for you.

For more information please contact Deanne Almond via the below details:

Deanne Almond
Property Consultant
0408 068 158        
appraisal@mproperty.com.au