As we wave goodbye to one of the strangest years in modern history, we start to look forward to what 2021 might bring. And while we don’t know exactly how the property market will react in the next year, we’ll be focusing on keeping your property occupied.
An empty investment property is one without return
You’ll know that the vacant time between tenants could have you thousands out of pocket every month. And in an environment where career, business and working arrangements are in flux, minimising your vacancy rates could provide a welcome level of stability and certainty in 2021.
Attracting and retaining tenants
The best way to keep your property tenanted in the long term is to find high quality tenants and to make it easy for them to enjoy living in your property. While people will still move out to relocate or find new work opportunities, they’re much more unlikely to leave when they enjoy where they live and they feel heard and respected by the property manager they interact with. The other key to keeping your property tenanted is to stay competitive with rent that reflects the market rate. Sydney saw vacancy rates and dropping rents in the second half of 2020, particularly in the city and eastern suburbs. So for some owners – in some areas – there may be a balance to find between revenue and occupancy over the course of this year.
Finding the balance
We know you’ll want to find the right balance between getting a decent rental return and keeping your property tenanted. Keep rents too high, and tenants may choose to go elsewhere. Drop them too low, and you could keep a tenant but lose the full value of your return. Here’s where we can come in. Our dedicated property management services in Sydney are focused in the inner west and eastern suburbs. We’re speaking with tenants and potential tenants in these areas every day, so we have a good hold on what’s in demand, what has less competition and what might be around the corner. We proactively hold regular rent reviews to help you find the ideal balance.
Good residential property management will help you keep your investment property tenanted through a number of areas: polished and professional listings, a rental process that’s frictionless for everyone involved, robust processes around payment and property repairs, and solid advice. If you are looking to find the right provider to support you in 2021, then consider speaking with the team at Let’s Rent.
If you’ve been looking for rental properties in Balmain in Sydney, or suburbs such as Rozelle or Leichhardt, it’s definitely worth expanding your search to include Lilyfield. This understated suburb is getting attention for all the right reasons: it offers beautifully relaxed and family-oriented living, easy proximity to the city and water, and a wonderfully diverse community.
What’s Lilyfield like to live in?
Situated just 6 kilometres from the CBD, Lilyfield is home to plenty of families including multi-generational households. There are quality schools to choose from in the suburb, including Inner Sydney Montessori School and Orange Grove Primary School as well as those in surrounding areas. There are both local grocery stores and the big name supermarkets close by, as well as a local café strip at Orange Grove Plaza. The light rail stop in Lilyfield also makes for effortless commuting to the city. So what about your spare time?
Well, here’s how you might like to spend your weekends in Lilyfield:
- Strolling around the farmers markets at Orange Grove Primary School every Saturday.
- Taking it easy with a picnic overlooking the water in Hippo Park.
- Swim a few laps at Leichhardt Park Aquatic Centre.
- Joining one of the local soccer or sport teams, or playing your own game in local parklands.
- Walk, run or cycle the Bay Run circuit around Iron Bay.
- Join a course with NSW Writers at the historic Garry Owen House in Callan Park.
- Use the light rail system from Lilyfield for a quick commute to the city (typically under 15 minutes).
- Or, hop on your bike for a scenic ride to the city centre that takes around 25 minutes.
What types of rental properties are available in Lilyfield?
There’s plenty of choice when it comes to property types in Lilyfield. You could even find yourself a renovated Federation home or one of the original workers’ cottages to rent. Whether you’re after a lock-up-and-leave apartment or a home with a well-sized backyard for the kids and dog, you’re likely to find it in Lilyfield. This area offers some fantastic rental prices considering how close you are to the city and Iron Bay – put simply, it’s your chance to live in one of Sydney’s most desirable areas with a great community feel.
Let’s Rent provides property management in Sydney, and we regularly have properties listed in Lilyfield and surrounds. Why not check out our listings now?
Explore private rental properties in Sydney and Lilyfield
Most property management companies offer both real estate and property management services in Sydney. While their property management team can help you attract and retain tenants for your investment property, the sales team can help you sell your property if you choose to offload it.
On first thoughts, this might seem like a solid idea. The team already knows your investment property, which makes both leasing and selling simpler. Right?
But here’s one big question to consider:
What if the incentive to sell your property for you outweighs the incentive to manage your property well?
Providing multiple services means that there could be multiple motivations when it comes to giving you advice and support.
For example, if house prices are high could you be encouraged to make a quick sale – even though it may not be in your best interest?
Using a dedicated property manager takes all of the ambiguity out of the equation.
We’re in business for one reason and one reason only: getting you the very best rental return. That means we’re motivated to find you high quality tenants, to ensure your property stays in its optimal condition, and to show your tenants with respect with clear communication. It also means we can focus all of our attention on continually improving our team, processes and platforms.
At Lent’s Rent, for example:
- We dedicate time to fully training our property managers – something which is surprisingly rare in the industry.
- We’re highly focused on answering phone calls and emails.
- We’ve put time into finding the right software package so we can deliver the best service.
- We have the time to conduct detailed property inspections and to communicate clearly with tenants.
- We provide advice around rental rates and property improvements that are focused solely on getting you the best rental yield.
- We’ve also developed our policy that all rent is to be received via direct debit, which identifies any issues early on and allows us to maintain a very low rate of arrears – typically less than 1% of all properties.
These reasons all contribute to why almost 88% of all our new business still comes from referrals: a rate which has been quite consistent since 2005.
By choosing property management in Sydney without a sales team attached, you get 100% focused service. And if you ever do decide you want to sell your investment property, you can be confident it’s not because a sales team has been in your ear.
So when it comes to choosing from property management companies, consider choosing one that only offers property management services like Let’s Rent.
You don’t want to be messing around when it comes to finding the best property management agent to manage your rental property in Sydney. While the right property manager will bring you reliable rental return and tenants who are happy to renew the lease, the wrong one could bring you nothing but trouble.
Based on our experience within the industry, here’s how to find the right professionals.
This is universal advice, whether your investment property is located in Sydney or anywhere else in the world. It pays to use a property manager who works in that particular area and understands the local market and demographics. This is because we can provide realistic guidance when it comes to reviewing your rental rates each year, and setting your property apart in the market when finding a new tenant. This is exactly why our property managers focus specifically on the inner west and eastern suburbs of Sydney.
Ask questions (lots of them!)
We’ve covered all of the must-ask questions for your new property manager in a previous blog post, but here are three of the key ones:
- How do you make sure my tenant pays on time?
- How do you find and screen tenants?
- What percentage of tenants with you are currently in arrears?
If a property manager can answer your questions clearly and without excuses, there’s a good chance they know what they’re doing.
Assess their communication
Responsive communication is one of the single most important qualities you can look for in residential property management companies. Not only is it important that you and your tenants get your questions answered, but it’s also a legal requirement that any urgent repairs or maintenance will be attended to quickly. So if a potential property manager is hard to get hold of, give them the flick and look elsewhere.
Consider word of mouth recommendations and referrals
While Google shouldn’t be the deciding factor when it comes to finding the right rental tenancy agency, it can really help to read through reviews and recommendations for a property management agency. The odd bad review might not be much to worry about, but a consistently low rating should tell you to steer clear. We see a personal recommendation as the ultimate proof of performance, and we’re happy to report that almost 88% of all our new business comes from someone referring their friends or family to us.
Evaluate how proactive they are
Property management is one area where complacency is unfortunately very common, and it can absolutely lead to problems for you and your tenant. The Let’s Rent team is very aware of the problems that complacency can bring in this industry, which is why we’re continually assessing and improving our processes. We’re proactive about improving the way things are done.
We focus on developing positive tenant relationships. We choose to use direct debit rental payments, which means our arrears are consistently less than 1% of all properties we manage. And, we conduct regular rental reviews to ensure you’re getting the best possible return on your investment.
If you are in the midst of finding a new property manager in Sydney’s inner west and eastern suburbs, get in touch and we’d be happy to answer any and all of your questions.
Owners – we get it. You don’t want excuses and you don’t want delays – you just want the damn rent paid on time! It’s not too much to ask, but how do you ensure it happens?
As residential property managers in Sydney, we started really thinking about this issue almost a decade ago. Today, 99% of our tenants actually pay in advance on average. Here’s how we manage it.
Setting up direct debit payments for rent
The one single change that makes a huge difference at Let’s Rent is requiring tenants to pay their rent on a fortnightly or monthly basis via direct debit. This minimises the chance that someone will forget to pay their rent, and allows us to pinpoint any issues quickly. Many tenants actually prefer the convenience of direct debit, so it works for everyone.
Setting the expectation for zero arrears
At Let’s Rent we’re proud that our arrears are consistently less than 1% of all properties we manage. How do we manage such an impressive rate? We make it clear from the start that we have an expectation of zero arrears, which ensures everyone is on the same page. If for any reason a payment doesn’t go through, we let you know and actively work with the tenant to get balances back to normal.
Finding the right tenants
Of course, some tenants are more reliable th
an others. One of the most important elements is to find the right tenant in the first place, who has a history of reliable payments and a solid employment history. We know how crucial this is to rental reliability, which is why we dedicate extra time and effort into our pre-tenancy reference checks including picking up the phone. You should expect nothing less from professional real estate investment property management in Sydney.
Maintaining respectful relationships with tenants
There can be horror stories about the fraught relationships between landlord and tenants – but we believe this tension can be completely avoided with mutual respect. We build strong and respectful relationships with tenants, and respond to maintenance and repair requests without delay. Tenants are much more likely to respect tenancy conditions and pay regularly when they’re satisfied with the arrangements and feel valued.
Reviewing rent regularly
Rental reviews are a must to ensure you’re receiving reliable and appropriate return on your investment property. We review rents every year for every property, providing a market review on whether a rental increase is recommended or not. Experience can make all the difference between getting maximum rental yield for your property and risking a property vacancy – we’ll help you get that balance right.
Let’s Rent is the go-to solution when you’re looking for investment property managers in Sydney or agents to help find rentals. You can learn more about why owners love to rent with us, or contact us today to get started.
Perhaps your current property manager hasn’t conducted thorough reference checks when your tenant was chosen, or perhaps private property management hasn’t gone as planned. Either way, if the current tenant in your rental property is causing problems there are a number of reasons you might consider evicting them or choosing not to renew their lease.
These reasons include:
- Failure to pay rent
- Regularly late payment of rent
- Malicious damage to your property
- Breaching the tenancy agreement
- Conducting illegal activities at the property, such as dealing illicit drugs or other criminal activity.
In most cases in New South Wales, you’ll need to provide at least 14 days’ written notice if you wish to end a tenancy due to wrongdoing on the tenants’ part.
However, the best way to deal with these tenancy issues is to avoid them in the first place.
If you’re experiencing problems such as the above with your tenants, it’s a sign that your current rental property management may not be up to scratch. These problems can be all but eliminated by using the right agent to manage your rental property. Why is this the case?
An experienced and thorough property manager will:
- Have the processes in place to meticulously check a potential tenant’s references to ensure they are reliable and responsible, and
- Have proven systems in place to ensure rent is paid on time.
Here at Let’s Rent, we choose to address these two aspects with extra detail.
- Finding the right tenant
When it comes to reference checks, we like to speak with potential tenants at property visits to get a feel for whether they’ll be a right fit for your property. Upon application we check employment, tenancy and personal references, as well as the tenancy database for any outstanding matters. For this step we like to pick up the phone and conduct reference checks with a conversation, because we believe that this gives us a much clearer context. It sounds simple, but we find this really helps to match the ideal tenant to each property.
- Having the right systems in place
Some years ago we decided we could improve our payment system, and implemented a direct debit system for all rental properties that we manage. Again – it sounds simple, but having this system in place sets a clear understanding for tenants. On average, 99% of our tenants are paying in advance. We also maintain good relationships and mutual respect with tenants, conducting detailed property inspections to ensure everything is looking as it should be on an ongoing basis.
With these factors, you can significantly minimise the risk of having tenants that need to be evicted, and save yourself a lot of hassle in the process. If you’re looking for honest, proactive and practical property management services in Sydney, then get in touch.
You’ll want a steady, reliable and competitive return from your investment property – so how do you find the right choice when you’re choosing between property management companies? These 10 questions will help you separate the best from the rest.
1. What percentage of tenants on your books are currently in arrears?
This is perhaps the single most important question because it cuts right through to the heart of the matter. If a small fraction of tenants are in arrears, it’s a strong sign that the property manager is actively doing their job.
2. How do you make sure that my tenant pays their rent on time?
Methods matter. As one example, at Let’s Rent, we place a strong and clear emphasis on having tenants pay by direct debit. By automating this process we’ve been able to reduce our arrears to less than 0.5% of our portfolio on average. At Let’s Rent, we have been able to ensure that 99% of our tenants pay their rent in advance, so you have peace of mind.
3. How do you manage and maintain your systems?
Let’s just say it – in 2020, your property manager should not be relying on post-it notes and paper forms for everyday processes. Things like paperless condition reports and electronic leases can make a world of difference for owners and tenants.
4. How up-to-date on legislation are you?
You’ll want peace of mind that your property is being managed by someone who’s across the latest legislation. If a property management agency is providing regular updates and news as they relate to your property, it indicates that they’re keeping up-to-date.
5. Are you solely focused on managing properties – or do you sell them too?
A property manager has less incentive to manage your property well if you can also use their services to sell your property. It’s worth checking that any prospective property management service is focused on property management alone.
6. How do you advertise or find new tenants?
You’ll want the right potential tenant seeing your property. At Let’s Rent, for example, we’ve been achieving strong results with realestate.com.au and domain.com.au listings for the suburbs of Annandale, Darlinghurst, Maroubra, Birchgrove and Petersham.
7. How do you screen tenants?
You’d be surprised (and horrified) by how often property management services don’t conduct a truly thorough screening for new tenants. Be sure to check that yours really follows through with employment and previous tenancy checks. At Let’s Rent, we like to do this over the phone to gain a true impression and we make sure to maintain the paperwork required to back it up.
8. How do you estimate rental rates?
Rental rates can fluctuate, but what’s most important is working with a property management provider who will give you the facts – and the choice – when finding the right balance between keeping your property rented and ensuring a healthy rental return.
9. How do you handle urgent and emergency repairs?
Not only do you deserve effective maintenance services for your investment property, but tenants also deserve a proactive and responsive service when it comes to urgent issues.
10. What are your residential property management rates?
Of course, value is vital when it comes to maximising your return from your rental property. Any provider should be upfront about costs. Focus on finding real value rather than just the lowest price, because the last thing you need is a property manager who will cut corners.
We get that you want peace of mind when you rent out your property. That’s why our services are built around providing thorough, transparent, and focused property management services in Sydney. Give us a call on 02 9555 4886 and we’ll be happy to answer all these questions and any others you might have.
Balmain has a special place in the heart of many Sydneysiders. This suburb is located on a peninsula just west of the Sydney Harbour Bridge, and therefore it’s perfectly placed for transport, lifestyle and some pretty spectacular harbour views. Its history as an industrial area means that the area is dotted with restored workers’ cottages and terrace homes, providing streets that are filled with character.
So what should you be looking for in Balmain rental properties?
If you’re smart about it, you’ll find yourself an apartment or house that puts you within easy reach of Balmain’s best features. Darling Street is considered Balmain’s social hub, filled with cafés, pubs and boutiques nestled in a long line of historically diverse buildings. Darling Street is also home to the Balmain Markets, which offers a selection of art and craft, organic goodies, clothing and antiques every Saturday. There are many times when you can walk down the street or sit and sip your coffee with the Sydney Harbour Bridge in your sights.
But throw a pin at a map of Balmain and you simply can’t go wrong wherever it lands, because it’s all close to the city and the waterfront. We love the little side streets and lanes here because they offer a quiet and village-like atmosphere that’s minutes away from everything you need.
Transport in Balmain is easy with its several ferry wharves. It’s certainly not a hardship to commute to Circular Quay on the boat every morning or to jump on one of the regular bus services. These ferries open up your weekend options too, with a whole river of destinations to explore.
Your second choice is in regards to which architectural style will fit your personal taste. In this area, you might have the choice of a historical weatherboard house complete with white picket fence, a freshly renovated terrace home with original features, or a sleek modern dwelling with all the mod cons. If you’re looking for dog friendly rental properties in Sydney, it’s hard to beat a place that’s close to the waterfront walking paths of Ballast Point and Mort Bay Parks. Perhaps it’s this range of homes that make the area so diverse in terms of residents. You’ll come across young families, city professionals, empty nesters, and just about everyone in between in Balmain, making your morning ventures to your local café a friendly and interesting one.
Let’s Rent looks after many properties in Balmain and the surrounding suburbs of Rozelle, Birchgrove, and Lilyfield. You can view available Balmain properties to rent here. Or if you’re looking for a real estate rental agency to look after your Balmain property, our team offers a standard of service that provides total peace of mind for owners. Contact us today for property management that’s honest, thorough, and reliable.
Oh yes – the stakes can certainly be high when it comes to finding a tenant for your rental property. The right tenant means reliable payments and minimal maintenance. The wrong tenant can lead to missed payments, or even your property being trashed. It’s simply not a process you want to get wrong. That’s why our residential property managers in Sydney have a defined process for finding the right tenant. Here’s how we go about it.
Advertise the property in the right places.
The first step is to get the right eyes on your property listing. We achieve good results with listings on realestate.com.au, DOMAIN and our website. A listing should include a clear and enticing description, together with professional, well-lit photos that give a true sense of each living space. Outlining the features and lease terms in the listing helps to develop a suitable tenant pool at this early stage. At Let’s Rent, we use virtual furniture if a property is vacant which gives a sense of size and identifies each room.
Maintain clear communication with potential tenants.
Everyone deserves to be kept in the loop while a property is being rented. We require all potential tenants to register before they see the property, so we can keep them updated throughout the process. This also gives us the chance to update you on the level and quality of interest for your property, and where it fits in the market for rental properties in Sydney.
Engage and speak with potential tenants.
We find that one of the best ways to determine whether a tenant will be right for your property is to engage with them, both at the viewing and over the phone. This can provide a wealth of information that might not be outlined on their application.
Really, truly conduct reference checks (we mean really).
It’s both surprising and disturbing how many investment property managers in Sydney will skip through the reference check process for the sake of efficiency or from pure laziness – but it’s such a crucial step. We check with the national tenancy database for any outstanding matters against the applicant, and we actually pick up the phone to check employment tenancy and personal references. Once more, an actual conversation reveals far more context than an email can.
Make an informed decision.
If you’re renting your property out with our team, here’s where we provide you with the details so you can sign off on your new tenant. We’ll provide you with a summary of the potential tenant’s background and provide our observations. Armed with this information, you can make a fully informed decision and sign on your new tenant with confidence.