Toongabbie Area Rental Market Update
The rental market this month has been similar to recent months no major changes, just still inconsistent with some properties getting good turn outs at open homes and others not. Our team have achieved 17 new lettings this month.
Villa burnt down earlier this month
One of our Property Investors and their tenants were given a harsh reality check about the importance of insurance and understanding exactly what is and isn’t covered under their policies when their villa burnt down earlier this month.
The tenants lease had to be immediately terminated (as a frustrated lease) as the property was uninhabitable – meaning obviously the Property Investors rental income stopped. For this reason alone all Property Investors should ensure they have an insurance policy which covers their rental income on their property should something untoward happen as well as coverage for fixtures, fittings and contents as these items can be very expensive to replace when they are rendered completely useless but something such as a fire. In this matter the building is covered by Strata insurance but as we have advised before many of the other items are not including public liability within you property and standard fixtures and fittings (even paint and carpet).
This matter remains ongoing as the insurance companies and assessors work towards a resolution.
Landlords should avoid the tribunal where possible
There is plenty of evidence around that Landlords should avoid the tribunal where possible, negotiation is the key. It seems that settling matters outside of the tribunal is providing better results for Landlords with some perplexing decisions being reported from NCAT and similar tribunals around the country – it is showing that disagreements between Landlords & Tenants are often settled in the tenants favour. The exception to this is rent arrears where the legislation is clear and will often be found in favour of the Landlord.
Whilst a matter may seem clear cut to you as a Landlord, in the tribunal many factors come into play including but not limited to, length of residency, differing levels of cleanliness, the age and previous condition of broken or damaged items and especially different perspectives on issues. Whilst we as Agents understand what a Landlord wants and expects the reality of Residential Tenancy Laws and particularly tribunal matters often means those expectations are not met.
NSW Fair Trading to address the inconsistencies
We also wish to advise that we are attending a forum during November which has been arranged with the Minister and NSW Fair Trading to address the inconsistencies in some of the legislation and in particular some of the decisions through NCAT. We will be there to represent the interests of our Property Investors and hope this type of thing makes a difference when legislation changes are made.
About Jhai Mitchell
Jhai is an award winning Internet Marketing Real Estate Agent for Elders Toongabbie and Kings Langley. After running his own internet marketing business he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to market themselves online. Jhai is now fixed on one goal. To teach real estate agents that they can market online so much better than they currently are.
Since then he has been consistently quoted in the Sydney Morning Herald and Real Estate Business online. He is a regular guest blogger on TheHomePage.com.au, sharing his expertise of marketing aspects for the Real Estate Industry. His biggest passions are his wife, martial arts, dogs and most of all property.