Tips for Moving from one Rental to the Next Rental

moving to your next rental home?  Here are some tips to help you.

1. Choose a removalist based on personal recommendation and interview them thoroughly.

2. Anticipate that things will not go to plan on your move day. Emergencies come up, sometimes the removalist doesn't show or turns up with a smaller truck than is needed, or it's raining and so the move takes longer, or a whole raft of other issues than can crop up. Anticipate that things may not go to plan and build in flexibility wherever possible.

3. Don't plan to collect the keys and move into your home on the same day. Collect the keys and plan to move in a couple of days later. Occasionally there are mishaps and the home you ought to be able to move into is not ready, or the keys aren't there on time, or the agent thought you were coming in on a different day. Anticipate this and plan to move in a couple of days after you are meant to collect the keys.

4. Remember that you'll need to leave your old home spick and span. This means a thorough clean and ensuring that everything is in the state that you found it in, fair wear and tear excepted. I recommend first cleaning your new home, then moving into your new home, and then returning to your old home to clean it (or engaging a professional cleaning service).

5. Unpack the things you'll need, first. When you're packing, consider what things you'll need first and pack them at the top or in their own box. Label your boxes so that you know which box/es you need to unpack first.

Three Tips when you're Setting out on your Rental Search

You need a new rental home, but where to start?

Here are my top three tips for tenants who are setting out to find their new home.

Know what you want and don't want, and why

Knowing what you want / don't want will allow you to easily recognise when the right home comes up.  This is important because the best rental homes can lease within 24-48 hours of hitting the market.

Knowing WHY you want / don't want certain features will help you to become more flexible and build in options that may expand your search.

Act Fast

Be ready to act quickly and decisively when the right homes comes up.  If you don't, someone else might.

Have your finance all ready

This means the equivalent of four weeks' rent for the bond and the first two weeks of rent to be paid up-front.

If you need a hand with your rental search, or if you need to outsource it to a property professional, Find My Rental Property is here to help.

An Agent Representing Tenants?

In so many aspects of our lives, we engage professionals to represent our interests.  Those professionals range from accountants to financial planners, solicitors, conveyancers, financial advisors, and so forth.  In fact, for most people, it's a no-brainer to seek out a professional to advocate for us, advise us and guide us.

Time and time again, I find tenants' needs disregarded, their rights trampled on, and their value minimised.  I believe tenants deserve only the utmost respect and consideration: we are paying someone else's mortgage and looking after their property, after-all.

Renting a home usually represents the single largest expenditure for a tenant.  It is one of the biggest expenses we usually incur, and considering most leases are for 12 months, it is a decision that is binding for a good length of time.  Yet time and time again, tenants rent their homes without professional representation in both choosing the right home and in the months and years that follow.

I've often been curious that most landlords engage agents to select tenants for them and manage their properties, yet when a tenant leases a home, although there are two parties coming together, only one is represented. 

The information that is publicly available about the property is usually minimal, and tenants are provided a mere 15 minutes to inspect the property and decide on it.  So in effect, tenants are genuinely going in blind. 

To make matters worse, tenants are then required to pay a holding deposit to secure the property, without even reading the terms of the lease, as that is not prepared until after the holding deposit is paid.

Consider the process to purchase a home: interested buyers obtain the contract for sale/purchase before they pay a deposit and they seek legal advice on the contract.  Their conveyancer / property lawyer may request amendments to the terms and conditions, which may or may not be accepted by the vendor.  But no deposit is paid until the contract has been viewed and terms and conditions agreed.  Yet when tenants rent, they pay their deposit and then view the contract.

Unfortunately, tenants are up against property managers and agents who rent out homes all day, every day.  They know exactly what to say - and what not to say - to secure a tenant.  These agents rent out homes every day, whereas a tenant usually only rents one home every two or three years, and so this creates a very imbalanced situation, especially given the agent's access to public, private and inside information about the property, whereas the tenant is only able to access scant, publicly-available information.

Most tenants don’t have access to rich, complete and detailed private information about rental properties.  This information is only available to real estate professionals on paid subscriptions.  My service accesses this information for clients to even-out the playing field so that my clients are not going in blind.  Landlords have agents to research their tenants for them - and we all know just how lengthy those property applications are.  But who is researching the property, landlord and agent for the tenant?  This is where Find My Rental Property comes in.

Renting a home in Sydney is tough at most times of the year.  Good homes are leased so fast that there's almost no time to consider them.  I find homes all day, every day: it's my full-time job.  When a home comes up, I know about it and can easily and quickly research the home and everything there is to know about it.  Engaging my service helps to address the significant imbalance that exists between landlords and tenants.  My service represents tenants and ensures their interests are represented, both in finding and securing a home, and throughout the lease. 

Good news for Agents and Property Managers

My experience is that agents and property managers love dealing with my service.  Why?  They know I have a client who is going to love their home, who has been screened and qualified, whose application is in tip-top form (no need for the agent to request additional documents or go through lengthy discussion to get the information they need to process the application).  Agents understand what I bring to the table, which is a fantastic client who is ready to look after the home, pay the rent on time and be responsible, communicative and reliable.  In short, every landlord's dream.

I've been thrilled to have helped so many tenants find and secure their perfect home and to provide ongoing support through their lease.  My wish for all tenants is that they are able to go into their next lease with their eyes wide open and lease the right property at the right price, so that the rental period is satisfying and rewarding for both the tenant and the landlord.  Happy tenant = happy landlord!

Need a Hand to Find your Next Rental Home?

Most of my clients haven't rented for a while, are time-poor or, due to life's circumstances, are unable to find their own home.  For others, the mere thought of scrambling for parking on a wet Saturday morning, fronting up to open homes along with dozens of other would-be renters and submitting applications with unease prompts them to engage an expert.

Three advantages:

1. I am a licensed real estate agent - a buyer's agent actually, so I'm perfectly positioned to help you as a tenant. I search, research, inspect and secure rental homes (as well as properties for purchase) every day.

2. I have access to BOTH of the most credible, comprehensive and renowned property data portals around: CoreLogic RP Data and APM PriceFinder. This means you're certain that if information about your property of interest is out there, I can find it for you. You'll avoid renting a dud, feel confident that you're not paying too much rent and appreciate the home's strengths and weaknesses with no surprises after you move in.

3. My service is unlimited. I don't cap the number of hours I'll work for you before additional fees are incurred and I don't limit the number of inspections I'll do for you.

I offer a range of services to meet your budget and your needs.  If you need a hand to find your next rental home, get in touch today!

Renting with a Pet ... in Sydney

Renting with a pet can be a real challenge!  Most people who are searching for a new rental home who have a pet experience real difficulty securing a nice, well-priced home.  It can often be the case that older homes in poorer states of repair, or over-priced homes, are all that is available to people who rent with pets.

Another challenge can be access to certain types of properties. Generally, it is really difficult to rent a unit with a pet, but far easier to rent a house with a pet.  In between, we have the villas, townhouses and semis where it can be less challenging.

As an all-out animal lover, I empathise with people who live with pets, and I believe renters should not be less able to live with their pets than their owner-occupier friends.  It is unreasonable that pets are re-housed with strangers, or worse ... euthanased ... so that people can have a roof over their heads.

Why is it so very hard to find a suitable property to rent with a pet?

There are many reasons for this:

1. In unit blocks, the body corporate needs to allow pets in their by-laws. Even if pets are allowed, it can sometimes be the case that only certain types of pets are allowed, eg you can have a bird or cat or small dog, but no other pets.

2. In unit blocks, not only does the body corporate need to allow pets, the landlord also needs to allow pets. Again, some landlords will be ok with say a cat, but perhaps not a dog.

3. The appropriateness of the property for the pet is also considered, eg it might be fine to have a small dog in a unit, but not a big one; it might be fine to have a dog in a garden unit / unit with a balcony / courtyard, but not a unit with no external area on title.

4. Sometimes, property managers are so very busy - and rental demand is so high - that it is easier to say no to a pet, than to approach the landlord and ask permission - and some agencies simply don't allow pets.

Why is this?

The vast majority of pets are well-behaved, much-loved, carefully looked-after, and will cause no problems whatsoever.  But the minority .....  well, they cause huge problems.  Cats weeing on wooden floorboards (can almost never get the smell out). Cats weeing on carpets (also hard to get the smell out). Dog claws or scratches leaving engravings in wooden floorboards.  Animals becoming unwell and having loose bowel movements that splatter (sorry for the gross description ... you get the idea though).  Cats bringing mice inside ... owner not noticing .... months go by .... you get the idea.  Fleas.  The smell of dog .... which the next tenant might be very sensitive to.  Perhaps the next tenant is allergic to cat or dog fur.  Dogs scratching doors, cats clawing carpet.  The list is endless. 

The landlord's ability to claim the cost of repairs for damage caused by pets is limited. Damage to a rental property caused by a pet that is housed at the property is not always covered under landlord insurance policies.  For some landlords, the only recourse is to claim against the 4 weeks' bond that has been paid, but on say a $600 pw property, this is only $2,400 which does not go very far to repair the cost of the damage.

Combine this with the high rental demand for certain property types in certain locations, and you can understand why a landlord may be reluctant to rent a property to someone with a pet, especially when someone else has applied and they do not have a pet.

What can I do to maximise my chance of renting a home with a pet?

There's a few things renters can do to maximise their chances of successfully renting.

1. Get a reference for your pet: something from an independent person that says your pet is well-behaved and has not caused any damage to previous homes.

2. Get insurance for your pet to cover damage to properties caused by your pet

3. Some tenants offer to pay more rent

4. Some tenants offer to pay several months' rent in advance

5. Bring a photo of your pet with you to show the agent: this shows that your pet is well-groomed and gives a visual picture of the pet to the property manager, who may be unfamiliar with your breed of pet

6. Engage Find My Rental Property to give you a hand. We can do all of the searches and inspections for you, saving you oodles of time, because finding a home to rent with a pet is a time-consuming and frustrating process for most renters. We can do all of the leg work for you, presenting you with properties that are known to be pet-friendly, have been inspected already and meet your requirements.

Just when you thought this one was "The One"

You've found this amazing home on the Internet - everything seems perfect!  It's open for inspection tomorrow - you go and see it, and it is indeed perfect.

What sorts of things can you look out for to be sure that the perfect home really is perfect?

Developments planned in the area - or the property itself! 

Check if there are any developments planned for your immediate area - or your property itself.  What may seem peaceful might become a short-term unlivable situation.  If your property has been advertised with views - ensure that the new developments are not going to interfere with the views.

Noisy neighbours

This can be difficult to assess on an initial inspection.  If possible, inspect the property three times: Saturday night, a weekday evening and a weekday during the day.  Have a read of the strata committee meetings if they're available - it'll give you an idea of the problems in the building.

Parking issues

If you have an open-air allocated parking space, is anyone parking in it when you go to inspect?  Parking can often be an issue: visitors may park in your spot from time-to-time, and other residents may park there, too.  It can be tricky to resolve this issue.

Transport "right outside the door"

This might be a good thing, but if the bus stops literally right outside your bedroom window, consider if this is going to be ok for you.

Noisy plumbing

When I inspect properties for my clients, I make it a habit to always check the taps.  Hot and cold.  In many apartment blocks, loose pipes and plumbing make the pipes shudder and thump when taps are turned off, called water hammer.  When it is very loud, you my find yourself being kept awake at night / woken up.  Difficult to fix! 

Dampness and mould

Mould does not go well in our lungs.  If the home smells mouldy, it is.  Please move on to the next home. 

This is not an exhaustive list, but it gives you an idea of some of the things I'll always look for when I inspect homes for my clients. 

Melissa Maimann is a licensed real estate agent (renter’s agent and buyer's agent) in Sydney. She saves renters valuable time and frustration offering an affordable service that finds and secures the best rental properties quickly, easily and effortlessly. If you need a Licensed Real Estate Agent to find your next rental home for you, don't hesitate to make contact.

Rentvesting?

Rentvesting is a whole new option probably not known to our parents' generation.  Today, many tenants are also landlords.  They simply choose to buy within their budget and live where they want to live. 

Rentvesting does, however, revolutionise people's buying, living and renting strategies.  Buying tends to be more investor-driven in terms of the property being purchased needing to be an A-Grade investment property that is for long-term hold; living tends to be flexible and meeting here-and-now needs; and renting needs to be the "right" property because it is for the long-term, not a short-term stop-gap measure.

Why rentvest?

The Sydney property market is expensive, and some people struggle to afford the right type of home where they live.  However, rents are usually lower than the combined annual costs of holding property, so it makes better financial sense for people to rent where they want to live, tax-deducting all of the costs of holding a property while it increases in capital growth.

The unfortunate reality is that the longer you take to buy a property, the more the market goes up, and the more difficult it may be to ever get into the market.  A better idea is to buy something that you can afford now, and rent.

Are there any benefits rentvesting?

The main benefit of rentvesting is that people can enter the property market much earlier.  Let's say someone buys a $400,000 property today in Sydney at age 25.  In 10 years, that property may be worth around $700,000 - $800,000 - but all of the mortgage interest, water, council and strata fees would have been tax deductible.  In 10 years, that same person is potentially in a better financial situation that what they were in at age 25: partly because of the increased capital growth of their property, and partly because they would have had more years in the workforce and be better established.  They are now in a position to:

• Buy another investment property; or

• Buy a home to live in

Put simply, the sooner a person can get into the property market, the sooner their property can generate capital growth, and the sooner they can start to build real wealth.  There are very few asset classes that offer the same risk/benefit profile as property.  Well-purchased property makes excellent capital gains at low risk.

Research is the key

The key to a successful rentvesting strategy is to buy well.  That's not necessarily a property that you love.  It is an A-Grade Investment Property.  Careful and thorough research and analysis are needed.  If you are a tenantwho is seeking to buy an investment property, get in touch today - I'd love to help you!

TIPS TO SECURE A RENTAL PROPERTY

Here are some helpful tips to consider when you're next applying for a rental property. 

Essentially, it all comes down to making a good impression with the property manager and landlord.

• Submit a neat and complete application. When agents receive multiple applications for the same property, the ones that are complete (with all supporting documents) and neatly presented tend to go to the top of the pile.

• Complete all the information required in the application - this includes providing all of the supporting documents. Also remember that each adult who is going to live at the property needs to submit their own application. Ensure all the contacts and references are contactable.

• Be thorough as you can be, and provide as much information as possible. Make your application stand out by submitting a cover letter that outlines why you're a great tenant.

• If you have a pet, include a photo of your pet and a reference from your current agent.

• Turn up to the open home neatly attired. If the agent can see you look after yourself, they'll believe you'll look after the property, too. Treat the property with respect when you inspect it.

• Be available to pay the holding deposit once you’re accepted and be in a position to pay your bond and an additional weeks' rent before you start the lease.