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Take the pain out of selling your house in Moreton

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Moreton Investor (6), Real Estate Moreton, Moreton Mortgage Broker, Property Management,

REDUCE the stress – and get the right price – when selling your biggest asset.Moreton Investor (6),  Real Estate Moreton, Moreton Mortgage Broker, Property Management,

Selling your  home in Moreton can be difficult and the costs of making a mistake are high. After years of experience in the industry selling and buying homes, here is my guide to being a smart seller.

Get the right agent
When working out who you might want to interview, choose agents who have a track record in your area and are known for selling similar homes.
Check your local newspaper’s real estate section and see which agents have the most listings online.
Check their profiles on Facebook and Twitter.
Once you have three or four on your list, try to attend their open for inspections to see them in action. Ask their opinion about your home and its value, what sales method they would use, their knowledge of the market and area and – my favourite question – what they think is wrong with your home. Then ask how they would overcome this when selling the property.

 Find out what your home is worth

What your home is worth may not be what you want to sell for. Properties that sell for more than their market value are rare.
Remember valuation is an art, not a science. Look at homes for sale near you — are they worth more or less than yours? Are they nicer or uglier than yours? Be honest.
It is a tricky process but do get a rough idea before the agents come in. And when a figure is suggested, ask why and how it was calculated.
Get your own sense or what your property is worth; look in the paper and search online for homes like yours in your area as a start.
If you are really confused, get a valuation done. It costs just a few hundred dollars but can buy you peace of mind and give you an independent benchmark.

Marketing your home
You can’t sell a secret. Every buyer possible needs to know that your home is on the market and you need to reach the broadest number of possible buyers.
Choose the print and online options most buyers are attracted to and that have proven track records.
RP Data research shows the combination of print advertising with online is the most powerful way to sell your home.
Get involved and check every picture and line of text. Demand creativity, not essays. There should be good English with no typos; you and the agent need to proof read the content.
Make sure the number of bedrooms and bathrooms is correct and that the images show your home at its best.

Know and test your motivation
Except for real boom times, which are not that often, it is sellers who stand in the way of a sale, not the property.
If you are not adequately motivated, you won’t put effort into the presentation, will skimp on the marketing and your price expectations will lead to either no sale or a long time on the market.
Motivated sellers get the job done.
They look at what is going on around them.
Ask yourself if there are any negative personal or financial repercussions if you don’t sell soon?
Will you accept that you may not get the sale price you hoped for?
Is waiting not really an option? If you are realistic about these questions, congratulations, you are a motivated vendor. A motivated vendor will be realistic about these questions.

Which sale method is best for you?
Ensure you understand the different sale methods and the rules and protocols of each.
Write a list of the pros and cons of each method for selling your home.
A quick look online or in the newspaper will tell you how most homes in your area are sold.
If you follow the successful crowd, you will give buyers the sale method most common for their market.
Auctions are a good option if most homes in your area are sold in this manner, you need a sale within a defined period or your home is unique.
Many people believe that if a home put to auction does not sell on the day, it is a disaster. But research shows most homes that fail to sell on the day do sell quickly afterwards.
The benefit of the auction process is that it gives you an intense period of market feedback so you can adjust your price expectations. Get your pricing wrong with a private treaty process and your home can languish for months or even years.

Negotiating
No matter how great your home is, how creative and successful your marketing has been or even how strong the market is, negotiation is key.
Even if your negotiator is your agent, you, too, are involved. You need to be in a position of strength. One of the tricks is to put yourself in a buyer’s mindset. Learn what the buyer’s motivation is to buy your home.
Knowledge is power and you need to keep emotions out of it. A buyer often will try a low offer, and that upsets vendors. But see it as part of the game – and in many cases you would do the same. Don’t take things personally and remember that successful negotiating is one of the key reasons you are employing an agent, so let them handle it. If you trust them – you should because you vetted them thoroughly – follow their advice.

 

Article originally published in www.couriermail.com.au  by Andrew Winter News Limited 8/5/2013

Property Management

How to attract and keep top tenants in your rental property

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top tenants

Being a landlord isn’t always easy. Dealing with tenants who are bad payers or appear to be on a mission to turn your rental property into a rubbish tip can be time consuming and stressful.

Renters currently have the upper hand in many Australian cities. Inner-city Brisbane, for example, has experienced a high volume of apartment construction in recent years and landlords have had to reduce rents and offer incentives to lock in leases.

With renters able to pick and choose, landlords need to try harder to ensure they attract –and keep – top quality tenants.

Here are some tips for achieving this:

Best face forward

The way you present and market your property will influence the type of interest you receive. If a rental property appears dirty and unkempt, prospective tenants may assume you’ll be equally lackadaisical once they’re in residence. This may be appealing to those who share your ‘relaxed’ approach to home and garden care, but it’s likely to be a turn-off for renters who keep things in proper order. The better the home looks and feels, the higher the calibre of applicants you’ll attract (and the higher the rent you can potentially command).

Extra enticements

Faced with the choice between your dwelling and another that’s broadly equivalent, tenants are likely to go for the property that offers extras that add to their comfort. Installing air conditioners in the living room and main bedroom may tip the balance in your favour, or deter good sitting tenants from considering their options during the summer sizzle. Similarly, a dishwasher in the kitchen and freestanding wardrobes in bedrooms that lack built-ins are modest investments that can make a big difference.

Gardening made easy

Not everyone has a green thumb. Ensuring garden maintenance is as easy as possible can make your house or townhouse appealing to renters who may be good payers, but don’t have the time or inclination to mow and prune. Consider providing a green bin, include a monthly or quarterly yard clean-up in the rent and plant shrubs and trees that require minimal TLC.

Lock it up

If you want tenants to take good care of your property, it pays to demonstrate that you’re committed to looking after their personal property too. Installing security that’s appropriate to the home and the neighbourhood can provide peace of mind and make it cheaper and easier for tenants to obtain contents insurance.

Attend to maintenance

Having to ask repeatedly for something to be fixed is irritating, particularly if the request is reasonable. Attending to repairs as soon as possible tells good tenants you respect them and value the relationship. Conversely, making them wait weeks for maintenance requests to be actioned may result in them looking elsewhere for a landlord who can keep up their end of the bargain.

Reasonable rent rises

The market will determine the rent you can charge. If what you’re asking isn’t on par with equivalent dwellings in the same area, renters will assess their options. Should a lease be due to expire and you’re happy with the tenant, it’s wise to be realistic about rent rises – or open to the possibility of a reduction if the market has dropped. Keeping a good tenant is usually easier than finding a replacement

Related article: How to attract and keep top tenants in your rental property

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Property Management

Mon Komo Redcliffe Records Strong Occupancy Rate

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Property developer Kyko Group has released performance figures for investment properties at its $150 million Mon Komo development in the bayside Brisbane suburb of Redcliffe.

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Property Management

7 Common GST Mistakes On Property

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It’s great to see the property market in South-East Queensland going in the right direction. With that comes an upswing in volume of transactions and GST consequences to consider.

GST and property has always been a touchy area and the Australian Taxation Office have remained active and vigilant in identifying problem transactions.

With the market now moving in the right direction we thought it a good time to set out the most common mistakes we see in the market by developers and professionals. So, here are 7 Common GST Mistakes on Property:

#1. CHARGING GST ON PRE-EXISTING RESIDENTIAL PREMISES.

For some reason this continues to happen almost 15 years after GST was introduced. If a developer sells pre-existing residential premises there will be no GST effect [they are input taxed supplies]. This is despite the fact that the developer is GST registered and selling to another GST registered developer. To be clear this only applies to pre-existing houses, units, apartments, etc … not land that may happen to be in a residential area.

#2. FORGETTING TO AGREE THE MARGIN SCHEME IN THE CONTRACT.

While most developers are aware that selling under the margin scheme can save GST on sale it is still often left out of the contract in error. The only way to fix this problem is to go to the purchaser after settlement to agree the margin scheme was used. You then still have an additional step in asking the ATO to waive the normal requirement to have this agreed prior to settlement. If this doesn’t occur you have lost the full 1/11th in GST on sale.

[Tip – make sure you can use the margin scheme in the first place]

#3. CLAIMING GST ON A RESIDENTIAL PROPERTY BEING BUILT WHERE YOU INTEND TO HOLD THE PROPERTY.

No GST can be claimed where you intend to rent out a property for residential rent. This is the case even if you intend to sell the property as new residential premises within 5 years of construction.

[Tip – make sure you have considered the cash-flow effect of not being able to claim back GST on construction costs]

#4. FIRST TIME OR PRIVATE DEVELOPERS REGISTERING AUTOMATICALLY FOR GST TO CLAIM CREDITS BACK.

When you undertake a development you need to consider whether or not you should register or if you are required to be registered for GST for your specific development. If you are subdividing land that you have held for a long term for a capital purpose such as rental, then you might not need to register for GST. If you choose to register for GST when you’re not required to by law you could be giving a lot of profit away by unnecessarily paying GST on the sale of the development property.

[Tip – do the maths and seek advice on your personal circumstances]

#5. IF A PROPERTY IS USED COMMERCIALLY THEN IT WILL AUTOMATICALLY ATTRACT GST ON SALE.

This is another common misconception. Traditionally with GST the type of property tends to determine the GST treatment. In other words you should look at the property and understand what its normal form and function is. Don’t just look at how the property is used. This will mean many properties used in a commercial way may not actually be subject to GST.

[Tip – you normally shouldn’t be charging GST to a commercial tenant in this circumstance or claiming back GST credits]

#6. IF YOU HAVE CHARGED OR PAID GST WHERE YOU SHOULDN’T HAVE IS IT DIFFICULT TO DO ANYTHING ABOUT IT?

We have dealt with numerous circumstances on both sides of the fence where we have been able to get a much better GST result. In some cases the ATO has been actively engaged with to ensure a good outcome.

[Tip – it’s still easier and less costly to get it right up front prior to settlement]

#7. IT’S TOO HARD TO GO TO THE ATO TO GET A PRIVATE RULING ON GST.
This is not the case. GST and property tend to be one of the more common rulings the ATO are asked for. They also tend to be quick to resolve where you know what information is required to be provided up front. This is one way to deal with contentious GST matters under contract.

We see these types of mistakes happening all the time [along with many others]. But now over to you, leave your comments below and tell us what other GST mistakes you have experienced on property.

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