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.
elders real estate agent kings langley taking names

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.

Property Investors rental income stopped after villa burnt down

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.

CTTT Landlords should avoid the tribunal where possible

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 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.

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