VZ REAL ESTATE

On occasion tenants may be late with paying their rent. There may be genuine reasons for this delay, however when you begin your tenancy you are signing a legally binding contract in the form of a General Tenancy Agreement Form 18a. This agreement will incorporate weekly rental amount and when payable ie “on due date” – failure to meet this obligation may result in a Notice To Remedy Breach being issued. Renting is very competitive in today’s market. Rarely does an agency only receive one application for a property. When they receive multiple applications, the payment history is high on their list and the owners, when deciding which tenant to choose. Legislation has changed and repeat offenders of late rental payments may be served with an eviction notice. Even if the tenant remedies the breach by the said date, an Agency/Owner can give a Notice To Leave with the appropriate notice periods. Another circumstance which tenants may not be aware of is; often owners use the rent to pay part...

  What are the key economic fundamentals that drive our property market?     1)       Population growth Australia has one of the fastest population growths in the western world. Based on conservative assumptions, Economists BIS Shrapnel estimate Australia’s population will increase by 5.3 million within the next 13 years. With an average of 2.5 people per household this translates to a need for an additional 2.1 million new homes. 2)       Construction of new housing According to many analysts, Australia has a shortage of new housing.   This is not true of all areas. For example there are pockets of oversupply such as apartments in the inner city of Melbourne and house and land packages in some new subdivisions in the outer suburbs.   However, there is a constant shortage of housing in the popular inner to middle suburbs. 3)         Employment ...

A good agent can make a stressful situation tolerable, even enjoyable. By Peter O'Malley     As a seller and a buyer Knowing what constitutes a good agent, as both a vendor and purchaser, will assist you in achieving the best outcome for your sale or purchase of real estate in a stress free manner. Make no mistake; the wrong agent can turn a stressful situation into a downright dreadful situation. But a good agent can make a stressful situation tolerable and sometimes even enjoyable. What constitutes a good agent for a seller may not necessarily mean that they would be a good agent for a buyer and vice versa. For example, if an agent is incapable of achieving a buyer’s highest price for a property, the seller’s loss becomes the buyer’s gain. It is therefore very worthwhile identifying separately, what makes a good agent for a seller and what makes a good agent for a buyer. From a seller’s point of view  A good agent will always tell you what you need to...

How to avoid the worst and select the best When it comes to investing in real estate, the greatest fear after buying the wrong property is selecting the wrong agent to manage the property. Many investors have found that it is better and safer to actually self-manage their property. However, this is not always a practical solution for investors and therefore finding the right agent is imperative. The success of an investment property is largely dependent on the property manager. The market conditions may rise whilst you own the property, but if the tenants are constantly in arrears and flee with rent owing whilst the condition of the property deteriorates due to neglect, the success of the investment will be diminished. A pleasant gain is turned into a painful lesson. To select the right property manager for your asset, it's important to work toward a set criteria. Salesperson vs Property Manager Selling a service and managing a property are completely different skill sets. It...

        Negotiation skills are essential for success in real estate Incredibly, almost unbelievably – most real estate sales people have never studied negotiation. Research shows us that less than 5% of real estate sales people have read a book on negotiation.  This is disgraceful! Throughout the world, home sellers are losing millions of dollars due to the lack of skill in the crucial role of negotiation. We believe it’s unethical to be an estate agent and not make every effort to become a skilled negotiator.  If an agent sells a property for anything less than the buyer could have, would have or should have paid then the agent has failed the client.  Negotiation is a part of day to day life, politics, world issues, at work, with our kids etc. Anyone selling a property can put an advertisement on the internet or arrange a sign board to attract buyers, but the area most people struggle with is the negotiation. Unless you...

First home buyer aspirants often save for a home without knowing how much deposit they actually need. Learn how you can cash in your chips for your first home. How much deposit do I need to buy my first home? As a rule of thumb, you’ll need at least a 10% of the purchase price of your future home as a deposit to qualify for a 95%  Loan to Value Ratio  loan. This allows for the often overlooked upfront costs of  Lenders Mortgage Insurance , a once-off payment which allows you to borrow more than 80%, and stamp duty, a state government tax on property purchases, to be capitalised on to the principal of your loan.    On a house price of $300,000, a minimum deposit to get by is $30,000. There are two exceptions to this, firstly as QLD, NT and WA don’t have stamp duty, which reduces upfront costs. Secondly, everywhere but QLD and NSW have first home buyer grants for established properties, which provide a handy deposit cash injection to the budding fir...

Home owners and landlords will have to pay for asbestos certificates before selling, leasing or renovating properties, under a federal government proposal to be negotiated with the states. Workplace Relations Minister Bill Shorten gave his personal backing to the asbestos-alert strategy. ... He said one in every three homes built between 1945 and the mid-80s contain asbestos, a mineral fibre that can cause the lethal lung cancer mesothelioma. “If I was purchasing a home, I would want to know if it contained asbestos or not,” he told News Limited. “Obviously I am conscious of the additional cost implications associated with mandating such measures.” Mr Shorten said the government would work with state and territory governments, the Australian Institute of Architects’ Architecture service, and consumer group Choice. His department’s Office of Asbestos Safety is seeking public comment on a proposal to require an “asbestos content report” from a licensed assessor before properties ar...