Seven Steps to Being a Successful Landlord

by Jones Ballard In Uncategorized

24. November 2015 10:10

For many people, investing in property will be one of the best decisions that they make. It is an opportunity to diversify your portfolio, an easy way to earn some extra money and a great little nest egg for the future. Unfortunately, managing an investment property can also be a stressful process, especially when it comes to dealing with tenants. 

The good news is, it’s easier to be a good landlord than many people think. You just have to make sure that you follow a few steps that are sure to lead to success. 

  1. Read Up on Your Legal Rights

There are a range of rights and responsibilities that you inherit when you become a landlord. These differ from state to state but, generally, you’re responsible for making sure your property is safe. This applies not only to the structure itself but any appliances that come with the house. This makes regular maintenance an important part of a landlord’s job. 

  1. Think of Yourself as a Business Owner

The main difference between a business and a hobby is that the latter can generally fall away at any time without any real consequences. If you stop playing guitar after two weeks, it’s not the end of the world, but losing focus as a landlord can be calamitous. 

Treating your investment as a business means strong communication, documentation and organisation. 

  1. Screen Every Potential Tenant

In the rush to get a tenant into their home, landlords can fall into the trap of letting in the wrong person. In these cases, the money you thought you saved in quickly finding a tenant will go out the window when they fail to pay rent and even damage your property. 

Things to look for when interviewing tenants include recent evictions, a strong stable income and even references from old landlords. All of these things point towards a positive experience for you and them. 

  1. Care for Your Tenants (but don’t be too nice)!

Just like you want a good deal out of your rental property, so do tenants. Most of the time they just want a place to live without too many complications. Make sure your property is always looking its best and deal with any queries or complications that tenants face promptly. 

Treat your tenants with respect but always make sure they still know the rules. Being too nice to tenants can lead to them taking advantage of you in terms of rent deadlines and other situations. 

  1. Always be Transparent

When you’re a landlord you will invariably know things about a property that a potential tenant won’t. Sometimes these are good things that you should highlight as selling points but sometimes they’re not so good things – like a history of pests, past plumbing problems or something similar. 

Don’t hide anything as a landlord, but instead inform tenants of past issues and reassure them that they have been resolved and that they will be resolved again, should they reoccur. 

  1. Get Landlords Insurance

No investment is without risk and it’s important to protect your property in all circumstances. Safeguards like a bond and home and contents insurance are a good start, but landlords insurance will cover you even further. 

  1. Employ a Trusted Property Manager

For just a small percentage of your rent, you can employ a property management team to deal with every aspect of being a landlord. Property managers are generally real estate experts and they do more than just take care of potential headaches. Taking care of everything from inspections to finding tenants, a property manager can even improve the returns you’re getting on your investment.

So there you have it, seven great tips for becoming a fantastic landlord. If you are looking for a property manager in Perth, contact the team at Jones Ballard. We can find you fantastic tenants and help you to keep them too. Call 08 9474 1533 or submit our enquiry form today.


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Six Things to Do Before Buying a House

by Jones Ballard In Uncategorized

17. November 2015 10:38

Finding your dream home or ideal investment property can be an emotional time, even for the most experienced buyer. You might be excited about the places the children will play, your interior decoration plans or the potential for a lifelong investment strategy. But before you let your mind wonder – and long before you take those keys – stop to think about the things you need to do. 

To ensure that your perfect property doesn’t turn into a perfect nightmare, make sure you follow these important steps before making a purchase. 

  1. Get the Power of Pre-Approval

Money is one of the most important parts of buying property. While budgeting is important it’s your home loan that will make or break you. When searching for a home loan, try and find a financial institution that will grant you pre-approval. 

A pre-approved home loan not only makes you look more serious in the vendor’s eyes, it can also give you the confidence and flexibility to commit to a purchase. There’s nothing worse than finding the perfect home only to realise you can’t commit to it. 

  1. Find a Legal Representative

One of the most forgotten aspects of buying a home has to be the legal side of things. There are a lot of documents and legal contracts involved in property transfer, so you will need the help of a conveyancer or a solicitor. It’s best to track these people down before you’ve even started looking at houses. That way they can be there for you when it comes to reviewing contracts and settling the sale. 

  1. Talk to Everyone!

When you attend open houses and auctions make sure you get the inside word on your properties. The best way to do this is to talk to everyone involved in the process and even some people who aren’t! 

Attend practice auctions and talk to the auctioneer and have a chat to agents and vendors at open houses. While these people are usually acting for the seller, you can sometimes get some interesting information out of them. If the neighbours are around, have a chat to them too. No one knows more about a property than nosy neighbours! 

  1. Keep an Eye on the Tenants

Buying an investment property with an existing tenant can seem like a dream come true. Not only have you got the property locked away, you can also start benefiting straight away. 

Just make sure that bad tenants aren’t the reason that the seller is moving on. Check for breaches and make sure that they pay their rent on time. 

  1. Get All the Inspections

Looks can be deceiving. Just because a property looks perfect, it doesn’t mean it’s without its problems. Sometimes a seller will even cover up potential problems with a coat of paint or a quick clean. 

Building and pest inspections are an easy way to avoid hidden complications. They might cost a bit of money upfront, but they’ll be worth it for the peace of mind that costly damages aren’t hidden below the surface. 

  1. Ensure You’re Looking in Growth Areas

Whether it’s an investment property or a place to live, you want your bricks and mortar to go up in value. Location is one of the main factors that determines this, so make sure you’re looking in an area that is trending towards growth. 

If you’re looking to buy property in Perth, get the inside word from an expert real estate team. Jones Ballard can point you in the right direction, whether you’re looking for an investment or a place to call home. Call our team on 08 9474 1533 or complete our online enquiry form.


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Six Essential Steps to Buying Property

by Jones Ballard In Uncategorized

12. November 2015 10:10

For first home buyers and experienced professionals alike, buying property is an important and exciting decision. It might represent your first family home or maybe it’s the key to your investment success. Whatever you’re buying a property for, there are a range of steps that you need to take to ensure success. This starts before you’ve even found the home of your dreams and doesn’t end until after you’ve signed on those dotted lines. Here are 6 essential steps to buying a property. 

  1. Organise Your Finances

Organising your finances is one of the most essential steps in buying a property. This is something that you should take care of once you’ve decided to buy, but before you’ve found a specific property. 

You’ll want to organise a home loan with your bank or financial institution. Make sure you shop around to get the best deal for you and if you can, secure a pre-approved loan. This will show sellers that you mean business. 

  1. Find the Perfect Property

There are a number of ways to find your dream home, and the best way to track it down will depend on what you need it for. 

Searching property listings, both online and in newspapers is a great place to start but it’s also a good idea to attend auctions, open houses and other similar events. Be sure to look for the factors that are most important to you and also keep an eye out for the general condition of any property you’re looking at. 

  1. Engage Legal Assistance

Once you’ve started looking for a home, it’s a good idea to start talking to solicitors and conveyancers. These property experts can take care of all the legal aspects involved in your purchase and ensure that contracts are written in a fair and reasonable way. Depending on the way you buy, you will have more or less time to examine a contract so it’s important to have your legal representatives ready to act. 

  1. Professional Inspections

You can have a property checked for a wide variety of details, from its overall structure to the electrical work and plumbing. It’s always important to organise inspections before a sale is finalised. When you buy at an auction, for example, the settlement is finalised on the same day and there is no time for any of these checks. 

  1. Making the Purchase

Once you’ve found that perfect property you can make an offer. Depending on how the property is being sold, there are various ways to go about this. 

At an auction you have to outbid other potential buyers on the day while written offers can be made directly to the vendor in the case of private sales. 

After you have been successful, you will have to pay the deposit (usually around 10 percent of the price) and you may or may not be entitled to a cooling off period where you can withdraw your offer. 

  1. Settlement

After all the contracts are signed, there is a period of around eight weeks where all the legal documents are checked. Your solicitor or conveyancer will guide you through this process. After settlement has been finalised you are the legal owner of the property and you will have three months to pay your stamp duty. 

If you’re looking to buy property in Perth, the real estate experts at Jones Ballard can help you find the perfect home. Call our team on 08 9474 1533 or complete our online enquiry form.


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Four Ways to Sell a Home that You Need to Know

by Jones Ballard In Uncategorized

4. November 2015 10:07

So you’ve decided to sell your house – congratulations! Deciding to sell can be a great financial decision let alone a strong life decision. Selling gives you the freedom to upgrade or downgrade and move into an exciting new phase in your life. 

There’s more than one way to sell a home and some methods will be more appropriate for you than others. Fortunately, making this decision doesn’t have to be stressful. We’ve compiled a list of four major ways to sell your home and some reasons why you might want to consider them. 

  1. Sale by Private Treaty

Sale by private treaty is the method of sale when you put up that “for sale” sign and you invite offers from prospective purchasers. Sale by private treaty remains one of the most popular ways to put your home on the market. 

Generally speaking, sale by private treaty gives the seller the time and flexibility to consider a wide range of offers. While your home is on the market you can vary its price and you are given time to examine each offer from potential purchasers. Your real estate team can be of great benefit to you here, providing advice and assisting you with amending details of your sale.  

  1. Price Range Selling

Price range selling is more or less what it sounds like – a method of sale where a range is offered instead of a set price. This allows you to examine the market value of your property and set a range that is just below that price at the low end and above it at the high end. 

Price range selling can create activity and interest in your property, with potential buyers interested in the attractive lower end price. The theory is that this activity will prompt purchasers to buy at the higher range to ward off potential competition. 

  1. Sale by Auction

One of the most well-known ways to sell your property, an auction’s aim is to create a sense of urgency in buyers that drives up the price and creates success for sellers. After advertising the event, an auctioneer runs the day, pitting potential purchasers against each other. 

Auctions are ideal for sellers who want quicker settlements but they are also protected by the reserve price – a minimum price that your property needs to reach before you will sell. 

  1. The Expressions of Interest or “BestBID” System

This marketing system was designed and is used exclusively by the real estate experts at Jones Ballard Property Group. This hybrid approach combines the benefits of private treaty and auction-style sales to achieve the best result for the seller. 

While the BestBID system gives potential buyers plenty of time to view the property – there are up to eight Home Opens during a 21 day period – it also encourages a sense of urgency in buyers by creating a time limit that encourages them to act quickly. If you want to learn more about the benefits of this system, explore the BestBID page on the Jones Ballard website. 

So there you have it, four great ways to sell your home. If you’re looking to sell in Perth, our real estate team at Jones Ballard can guide you in your decision, and even take care of the marketing that promotes sales success. Call us now on 08 9474 1533 or complete our online enquiry form.


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