Tips for a smooth bond refund process
The Refund of rental bond form should be completed and sent to the Residential Tenancies Authority (RTA) when the tenancy has ended. Disagreement over how a bond will be paid out is the most common form of dispute the RTA receives, accounting for more than half of all disputes. Listed below is important information and vital tips to help make the process straightforward for everyone involved.
Communicate early and often
The quickest and easiest way to make the bond refund process run smoothly for everyone is for the tenant and property manager/owner to reach agreement about how the bond will be paid out. Property managers/owners and tenants should communicate early and often to reach consensus.
Early discussions may be around cleaning of the property, whether any repairs are required, and other paperwork and processes required by the property manager/owner. This can help reduce the risk of surprises or disputes when the time comes to refund the bond.
Share information, photos and invoices to facilitate agreement. Refer to the entry condition report and any other relevant documentation such as invoices to support your conversations.
Ensure up-to-date contact and banking details are provided
The bond refund form should include current contact and banking details for all parties. It’s important to note that refunds are paid into Australian bank accounts only. By providing
the RTA with an email address on the bond refund form, you will receive updates on the progress of the bond refund. On average, the bond will be refunded within 5 days of the RTA receiving an agreed form.
Disputed or non-agreed refunds occur when there is no agreement on how the bond should be paid, or when the bond refund application is not signed by all parties to the bond. A Refund of rental bond only requires the signature of one person named on the bond record to begin the bond refund process, however the RTA recommends all parties communicate and try to reach agreement before making a claim on the bond.
In this situation, the RTA:
• releases any undisputed amounts
• holds any disputed amount/s
• sends a Notice of claim to the person/people who did not sign
the refund form, and they have 14 days to dispute the bond
• may assist with dispute resolution if a dispute resolution
request is received within 14 days.
Either party can make a claim on the rental bond if agreement
is not reached.
If making a partial claim, it is best practice to release the undisputed amount to the party who is owed the money. In addition, any claim on the bond should be substantiated with details of the claim (e.g. the reasons for making the claim) and the amount.
It is an offence under Queensland tenancy law to knowingly give false or misleading information to the RTA.
Watch the RTA’s instructional video for more tips about making the rental bond refund process quick and easy.
More information about the bond refund process can be found on the RTA’s website, https://www.rta.qld.gov.au/Renting/Ending-a-tenancy/Bond-refunds
Article from the REIQ PMSS Newsletter June 2019
We all love our furry friends. If you're someone who is home on your own a lot, a pet can be an especially great companion. Owning a pet, however, can make it harder to find a rental property and keep your current property in excellent condition. While it can be challenging, having a pet doesn't need to ruin your experience of finding a rental property or renting a home. You just need to be diligent about looking after your pet and the condition of your place. Here are our tips for renting with pets.
Be upfront and honest
When you're first searching for a rental property, make sure you're upfront and honest if you need to include pets on your application. Most property listings will detail if a property is pet-friendly. If the property isn't pet-friendly and it has outdoor space, you could call the property manager to see if the owner will consider an outdoor pet. This will be up to the owner's discretion; however, if you live in Victoria new laws have made it easier to rent a property if you have a pet.
Consider the size of the pet compared to the size of the property
When you're looking for properties, make sure you compare the size of your pet to the size of the properties you're viewing. If you have a large dog, you may prefer a townhouse or detached house over a small inner-city apartment. This step is all about understanding your pet's behaviour and what kind of environment it needs to behave and live a happy, healthy life.
Put together a pet resume
While there's a section of your application to list the basic details of your pet, putting together a pet resume can show your potential property manager or landlord that your pet is loved and well- behaved. The resume doesn't need to be long. You could simply include a photo, some brief details about your pet's temperament, details of vaccinations and any references you think would help.
Monitor bathroom breaks
This one is particularly important if you live in an apartment. Make sure you know when your pet needs to have a bathroom break. If you have an outdoor area that doesn't have grass, you could purchase an artificial grass patch to train your pet to use. Alternatively, you'll have to be mindful of how often your furry friend needs to be taken outside for a bathroom break.
Be mindful of porous surfaces
Once you've been approved for a property, be mindful of porous surfaces such as carpet. These surfaces can be easily damaged, even by humans, so make sure you train your pet to stay away from these areas if you're worried about property damage.
Renting with a pet can be stressful but keeping the above steps in mind in your property search, and once you've been approved for a property, can keep you, your furry friend and your property manager happy.
As Cyclone Oma approaches Queensland's southern coast as a CAT 1 your safety is first priority, and we encourage you to stay in touch with local authorities and heed all safety warnings and instructions.
Tropical Cyclone Oma is expected to move slowly southwest over the Coral Sea during the next couple of days. Abnormally high tides, dangerous surf, heightened sea state and strengthening winds are expected along the southern Queensland coast ahead of Oma.
Conditions can change quickly and we recommend you keep up to date on the latest forecast for your area on the Bureau of Meteorology's website.
We would like to take this opportunity to remind you of some of the ways that may help you prepare your family and property for the weather conditions ahead.
If you have time and it is safe, please take necessary precautions including, but not limited to the following:
REMEMBER - RAINFALL IS NOT EXPECT TO BE EXTREME HOWEVER THE GAIL FORCE WINDS ARE LIKELY TO BRING DOWN POWERLINES
Electrical - Rylec Qld Mob: 0437 435 411
Plumbing - Boss Plumbing Mob: 0415 272 227
Gas - Shawn Mob: 0408 775 285
Negotiating skills are essential to have in many situations particularly when you're navigating the purchase of large items or assets. With the high value that property transactions attract, knowing how to navigate the negotiation process is crucial. Not only can strong negotiation skills help you in other areas of your life, but it can save you thousands of dollars. Here are a few things to remember when you're negotiating your next property transaction.
It's got to feel win-win
The negotiation process needs to feel like a win for both parties in a transaction. If you negotiate too hard with a seller, they may not take you seriously, and the sale won't proceed. Similarly, if the seller negotiates too hard, you may be inclined to walk away. The key here is finding the middle ground for both parties to be happy with proceeding.
It's not all about dollars
While negotiating price is a big part of the property purchasing process, there are other terms and conditions that you shouldn't forget either. For example, as you negotiate on price, you can negotiate other terms and conditions too such as included fixtures and furnishings, finance terms, and building and pest terms. If you're buying a new property, you may have additional non- financial items you could negotiate as well including discounts on certain finishes and upgrades.
Knowledge is power
Entering a negotiation without adequate knowledge will diminish your chances of getting what you want out of the transaction. When you're purchasing a property, make sure you invest the time in building your knowledge base about the local property market, relevant property sale comparisons, and rental yields for the area. At this point, it may be worth paying for information if it will save you time and help you determine whether to proceed with the transaction in the first place.
Keep your options open
You never want to enter a negotiation appearing like this is your only option. Make sure the other party is convinced that you're looking at other properties and you have other options. Simply mention that you're looking at other options as you lay out the facts and figures in the negotiation process.
Have an expert help you
If you're new to negotiating, or the thought of negotiating a big transaction intimidates you, invest in getting some coaching to help you through the process. You could even engage someone to help in the property purchase process directly. Q State Properties can assist with our Buyers Agent Service.
If you would like to know on how we can help you with your next property transaction please do not hesitate to give us a call on 1300 778 283 or email firstname.lastname@example.org
The holiday season a perfect time to catch up on reading. If you're typically a nonfiction reader, your reading time can be put to good use by learning more about property investment in Australia. Here's our list of property investment books that will help you learn while you recharge for 2019.
From 0 to 130 properties in 3.5 years - Steve McKnight
Steve McKnight's From 0 to 130 Properties in 3.5 Yearsis an inspiring read that shows readers how McKnight and his business partner built their portfolio. The book includes details about the individual properties that make up their portfolio and an outline of the numbers on each property. If you're aiming to build a cash flow positive portfolio, this book will help you understand the numbers and Australia's property market, while sharing details about how to effectively manage your finances.
How to Create an Income for Life - Margaret Lomas
Margaret Lomas has written several books about property investment, particularly positive cash flow properties. In How to Create an Income for Life, Lomas discusses not only how to build a cash flow positive portfolio, but she also touches on how to achieve financial freedom.
Rich Dad's Guide to Investing - Robert Kiyosaki
No investment reading list would be completed without Robert Kiyosaki's books! Covering investing in general, Kiyosaki's Rich Dad's Guide to Investing provides an insight into share trading and how to approach your property investing with a business-focused mindset. Following on from his first two books, Rich Dad, Poor Dad and The Cash Flow Quadrant, Kiyosaki's books will help you understand investment principles that stand the test of time across all asset classes.
Your Property Success with Renovation - Jane Slack-Smith
If you're keen to get your hands dirty, finding renovators can be an excellent way to enter the property investment market. In Your Property Success with Renovation, Jane Slack-Smith details the foundational principles of effective investing. Slack-Smith then covers how you can build a profitable portfolio by renovating properties.
The Advanced Guide to Real Estate Investing by Ken McElroy
Ken McElroy's, The Advanced Guide to Real Estate Investing is a helpful book for seasoned property investors. In this book, McElroy shows readers how to think and operate like a property mogul. He covers things like identifying profitable deals, effective tax structures, and how multi-family housing can help you build your portfolio.
As a property investor, there's a lot you need to manage every day. We as your property manager take care of most of the everyday administration of the property, there are a few key things you need to do for your portfolio to be set up for long-term growth. Here are 4 things you need to do to stay focused and avoid financial pitfalls in your portfolio.
Be diligent with maintenance
It may be tempting to hold off on replacing the old oven or dishwasher that continually breaks to save money, but it could turn into a costly problem later. When you purchase an investment property, it is advisable to set up a regular maintenance schedule with your property manager and/or accountant. Having a regular maintenance schedule for your included fixtures and furnishings, routine inspections and exterior property maintenance will keep your property in good condition; We can assist with this forward planning of the maintenance by withholding weekly amounts of your weekly rental disbursement, for example, $10 per week. Keeping your property in good condition is also crucial for attracting quality tenants who pay their rent on time.
Decide between self-managed or professionally managed
Fancy managing your portfolio yourself? When you're making this decision, weigh up how much time and energy you're likely to spend on managing your portfolio and if this is something best left for a professional. Sure, if you have the time in your week self-managing your property may work for you but if this is something you know you won't be diligent about, the property management fees will outweigh problems as a result of pitfalls found whilst self managing your properties.
Focus on your portfolio's individual needs
When the recent mining boom happened in Queensland, some investors entered this market at the height of the boom. Unfortunately, at this point, there was only one-way property prices in these regions were going. When particular regions or cities are growing rapidly, make sure you seek the advice of an experienced professional, conduct your own due diligence reports - analyse and objectively weigh up if the investment will be reflective of your long-term investment goals.
Play the long game
This builds on the last point. When you set out building your portfolio, we all know property is a long-game. Yes, we've seen people make astronomical returns in Melbourne and Sydney in recent years but buying in the hope to flip the property for a profit in a few years could be futile unless you have a specific and tested strategy. Property investing, in general, is something that requires a long-term focus. Make sure you determine your long-term goals with a trusted advisor when you first establishing your portfolio. With a long-term strategy in place from the outset, this will give you something to guide your decision-making for future investments.
Property investing is an excellent vehicle for building long-term wealth. Make sure you're making decisions for the benefit of your individual portfolio and surround yourself with experts who you trust.
Call us at anytime to discuss in depth your property requirements and how we can assist you in building your successful property portfolio.
Q STATE PROPERTIES
Ph: 1300 Q STATE
We all know the basic premise of value growth in most industries is supply and demand. For the property market, demand is a property investor's best friend. To understand the state of supply and demand across markets in Australia, there are specific indicators to keep an eye on as you research. Here's our list of some of the indicators that you can monitor to get a detailed idea of supply and demand in a market.
Days on market (DOM)
The number of days that a property is on the market indicates how quickly properties are moving. As demand exceeds supply, the DOM will decrease, indicating a potential growth and in-demand suburb.
Discount to the sale price
Monitoring the sold price of properties and comparing it to its listing price will indicate the discount price on each property. As suburbs become more popular, the discount price will decrease.
Auction clearance rates (ACRs)
Auction clearance rates (ACRs) are a good indicator of the popularity of an area. When ACRs are high in an area, it's likely that many bidders are competing to purchase a property in the area. Higher ACRs are common in strong investment markets.
Proportion of renters vs owner-occupiers
The proportion of renters in an area indicates the number of renters in an area compared to the overall population of the area. The higher the proportion of renters, the more landlords you may need to compete with when you list your property for rent.
Vacancy rates will be low in areas that are in high demand for renters. In contrast, vacancy rates can be higher in less popular areas. Keeping track of vacancy rates compared to other factors such as rental prices, location, and demographics, is another good way to identify growth suburbs.
It's important to remember that there's no perfect suburb, but you can find a suburb that closely meets your desired price and growth projections and individual investing goals by taking these indicators into account.
Once you've found a specific market or property to monitor, make sure you're proactive about due diligence and talk to a trusted legal and financial advisor. This will help in identifying and mitigating risks as you change and grow your property portfolio. Remember, everyone has their own individual goals with their property portfolios so don't get distracted by the "next big thing." Instead, stick to your long-term goals and make sure any changes to your portfolio are aligned with these goals.