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How to find a good tenant

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With a good tenant, you get what you give. In order to have an ideal tenant, you must have an attractive property while maintaining an upfront tenancy agreement.

So what kind of investment property should you consider in order to attract the right tenant? Condition and location are huge determinants of the type of tenants your property will attract. Consider the type of suburb, schools, shops, local amenities and business districts in the area to determine the type of tenant who is likely to be looking for a home in your area. When your property is located in an area renowned for its lifestyle options, schools or one that is in proximity to places of interest, you are more likely to attract more applicants and be able to pick the ideal tenant.

After finding an investment property, finding good tenants who will treat your property as if it is their own is about marketing and due diligence. Ensure that your property is well presented and desirable then market the property accordingly. Once prospective tenants begin expressing interest in your property, you should undertake background checks and screening. A normal tenancy application requires tenants to provide three references including a reference from an employer, a property manager and a personal referee. Contact past employers about the prospective tenant’s reliability at work, their employment history and financial status.

As a future landlord, select tenants who:

  • pay their rent in full, and on time
  • will look after your property, and
  • will stay in your property for the foreseeable future.

Most importantly, select a tenant who will last. The longer a tenant stays in your property, the less time and money you spend replacing them. Supporting good tenants and dealing with problems promptly can encourage tenant retention. You should only implement a rent increase if the market justifies an increase, and explain to your tenant in writing why you have decided to increase their rent, ensuring the tenant is given plenty of notice.

Fundamentally, you are ensuring you have a tenant who will provide a steady stream of income in the long term. A strong cash flow is key to making a sound investment. Furthermore, accepting the wrong tenant could result in a loss position. For example, a tenant who leaves your property in a state of disrepair will leave you a damage bill and costly maintenance bills that will overthrow your cash flow.

It sounds like hard work and it is a lengthy process; however, finding a good tenant is important to ensure your investment is safe. If you don’t have the time or the inclination to go down the independent road and still want to invest in a property, investing with Defence Housing Australia (DHA) could be the best option for you.

Investing in a property with DHA gives you peace of mind. Properties are sold to investors and leased back to supplement the housing supply for the Australian Defence Force. Your property is in good hands because DHA is backed by the Australian Government and DHA tenants are members of the Australian Defence Force or Defence civilians. DHA may well be the ‘good tenant’ that every property homeowner wants to have. Rent is guaranteed* for the term of the lease (up to 12 years), is accrued daily and paid monthly in advance directly into your bank account, even if your property isn’t occupied. The management fee is calculated as a percentage of rent income and is deducted from your monthly payments.

DHA is responsible for organising and covering the cost of non-structural repairs and maintenance work. As such, your responsibilities are significantly reduced when compared to conventional residential property investments. There are fewer phone calls concerning maintenance and repairs. DHA even arranges a licensed independent valuer to annually review your property’s market rent and then adjusts your rent based on the review. As an investor, you will know your property is being cared for without the hassle of doing it yourself.

When the lease agreement comes to an end, DHA ensures that your property is returned in good order. The property is professionally cleaned, and grounds and landscaping are maintained to a neat and tidy condition. For properties with a lease of six years or longer, the property is painted internally. If the lease term is nine years or more, the carpeting is also replaced and the property is painted inside and out. You then have the choice to move in, rent privately, or sell the property.

In essence, DHA can ensure that you invest in a property that receives the rental income it deserves without the headache of securing long-term good tenants.

Learn more about investing in Defence Housing Australia or enquire online.

 

The advice contained in this article is for general information only and should not be taken as financial advice.* Rent may be subject to abatement in limited circumstances.
* Lease term is subject to variation as specified in the lease.

 

 

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About the Blogger

DHA

Defence Housing Australia (DHA) provides quality housing and related services to Defence members and their families. To meet their Defence housing obligations, they are active in Australian residential housing markets, acquiring and developing land, and constructing and purchasing houses.

Each year, DHA sells a portion of its portfolio through a property investment and leaseback program. Revenue generated from this activity is DHA’s primary source of capital. It funds DHA’s operations and enables the continual provision of quality housing to Defence members and their families. In turn, investors benefit from DHA’s property expertise and the security of a DHA lease agreement.

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podcast

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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
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Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  ["title"]=>
  string(38) "From pirouettes to property investment"
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  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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