Dowling Real Estate January 2014


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This newsletter has been designed to keep you updated on what is happening within the industry and our real estate office

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Dowling Real Estate January 2014

  1. 1. LICK HERE to insert your office logo and contact details JANUARY 2014 PROPERTY INVESTOR NEWSLETTER 02 4997 0634 This newsletter has been designed to keep you updated on what is happening within the industry and our real estate office FROM OUR PROPERTY MANAGEMENT TEAM HAPPY NEW YEAR TENANTS BREAKING THEIR AGREEMENTS ARE ON THE RISE… During the past 12 months we have noticed a change in the number of tenants wanting to break their Tenancy Agreement. 1. If a tenant requests to break their agreement there are responsibilities and obligations that must be fulfilled by the tenant. This is predominately due to the economy. Some reasons that tenants are requesting to break their Agreement are due to: The tenant is responsible for: • • New Year is the time to visit our relatives and friends Wishing you a New Year with fun and party With relatives and friends Happy New Year Tenants being relocated for employment Loss of employment placing the tenant in financial hardship • Personal or family issues Just to a name a few When a tenant signs an Agreement it is binding (in most circumstances) for the term of the agreement i.e. 6-12 months. However, legislation does provide a tenant with the option to break their Agreement by stating that “A landlord cannot unreasonably refuse a tenant to break their Agreement”. • The payment of rent until another tenant is found • The payment of reasonable letting costs in securing a new tenant • The payment of marketing and advertising costs in securing a new tenant • Any other compensation required for breaking their agreement Once we are notified of the tenant request it is important for our agency to carefully manage the process to avoid potential risk situations of the property becoming vacant with no tenant. It needs to be clearly stated in writing to the current tenant that their request to break the Agreement …CONTINUED OVER > IN THIS ISSUE IMPORTANT: This is not advice. Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not constitute or convey advice per se. Every effort is made to ensure the contents are accurate at the time of publication. Clients should seek their own independent professional advice before making any decision or taking action. We take no responsibility for any subsequent action that may arise from the use of this newsletter. Published by THE PPM GROUP - • Tenants breaking their agreements are on the rise • Rent arrears update • Q & A Land tax • Empty houses hard to sell • Properties recently rented & sold
  2. 2. will not be authorised or their obligation under the Agreement released until the new incoming tenant/s have signed an enforceable Agreement and paid ALL monies (rent and bond) in advance and in cleared funds. There have been situations in the past where a current tenant has been released from their Agreement and the new incoming tenant has changed their mind with no bond security paid. When managing every process of the tenancy our focus is always to protect your investment, maximise your income and optimise capital growth. If a tenant does request to break their Agreement our property management team will discuss this promptly with you. RENT ARREARS UPDATE Q & A – LAND TAX Q. Can you claim land tax as a tax deduction and are there any good strategies for property investors to minimise land tax? A. Provided the property is producing income you can claim the land tax as a tax deduction. It is a State tax, therefore can be minimised by holding your investment properties in various States. 1 Penn Drive, Tea Gardens $329,000 CONNECT WTH US Just search Dowling Real Estate Tea Gardens / Hawks Nest Properties Recently Rented! Keeping you updated on the local rental market HOUSES 3 Coolabah Close, Tea Gardens 40 Moira Parade, Hawks Nest It is that time of the year again when we find some tenants in a rent arrears ‘catch up’ period after the holidays and Christmas time. As much as we try to educate the tenants to pay a little in advance leading up to the holidays and Christmas period there are still tenants who fail to budget adequately over this time. If you have received your rental statement and noticed the tenants behind, please note that we are following our normal arrears process of issuing notices and being proactive in following up the tenant to rectify the situation as soon as possible. FOR SALE 42-44 Myall Street, Pindimar $1,499,000 TOWNHOUSES/DUPLEXS 1/11 Coorilla Street, Hawks Nest 2/197 Myall Street, Tea Gardens 10/13 Jacob Street, Tea Gardens Properties Recently SOLD! Keeping you updated on the local sales market 12 Pier Place, Bundabah $565,000 6 Boondlebah Road, Tea Gardens 14&15 Witt Street, Tea Gardens 1/21 Coorilla Street, Hawks Nest NEWS Heather, Kim & Lisa wish you and your families a wonderful safe and happy 2014. We look forward to catching up with you all in the New Year. 31 Ibis Avenue, Hawks Nest $375,000 WE ARE FOCUSED ON MAXIMISING YOUR RENTAL INCOME AND OPTIMISING YOUR CAPITAL GROWTH 2