As Landlord, now also called “Rental Provider” the most common questions and concerns, which you always like to know. We are having the most common questions and concerns based on feedback from our valuable landlords and rental provider. 

As a landlord, for Rental properties, Are there any minimum standards?

Yes, the minimum standards apply to rental agreements that started after 29 March 2021 or started before 29 March 2021 and roll over into periodic agreements on or after 29 March 2021. Minimum Standard as defined in Consumer Affair Victoria. 

For definition, updates & explanation, click here: https://www.consumer.vic.gov.au/housing/renting/repairs-alterations-safety-and-pets/minimum-standards/minimum-standards-for-rental-properties

What are mandatory safety check requirements in Victoria?

From 29th March 2021, Rental providers have responsibilities for smoke alarms, gas, and electrical safety reports that have not been compliant and can incur a fine. These reports need to be submitted to Consumer Affairs by the 29th of March 2023 as the certificate of currency needs to be updated on the portal to ensure compliance. This must be provided by you or your appointed Registered Trade Contractors to us, fail to supply this can incur a significant fine.

Smoke Alarms must be every year; Gas & Electricity Safety checks every two years from Registered & Licensed Trade Contractors as per the act.

Should I have an insurance Policy for my investment property?

As the property owner, it is your responsibility to maintain insurance over the property with a minimum of $10 million public liability and appropriate Building Insurance. Ask your insurer to provide a certificate of currency and policy documents.

We strongly recommend having a Landlord Protection Insurance Policy to protect any risk associated as an investor for a variety of tenancy-related issues.

At Goldfish, can’t recommend an insurer, but we can point you in the direction of some of the commonly used insurance companies.

When and how do I get paid?

At Goldfish, we disburse the rental payments to your nominated bank account within three to five business days of us receiving the rent unless there are expectations of any bills, maintenance invoices, etc. We deduct our fee and any bills from the rental amount and provide you with an itemized statement.

Can you pay the bills on my behalf?

Yes, we recommend setting up all your bills like Council Rates, Water Rates, Land Tax, Insurance Policy, Body Corporate Levy Charges, and Maintenance Invoices with us on your behalf. We do not charge any extra fee at this stage. This makes your end-of-year tax return so much easier at once place with our EOFY Statement.

Our team can coordinate the set-up of this on your behalf with Councils, OC, other Authorities & tradespeople, some Councils, and businesses may require you to complete a form in the first instance authorizing us to make future payments.

Do I have to provide NBN/FTA TV connection?

Yes, you need to pay for the initial set-up costs for NBN or Free to Air (FTA) TV connection to the property.

You may be required to replace the battery if required. The battery is installed by NBN as a backup to ensure ongoing access in the event of power failure.

What types of most common fees occur when leasing out the property?

There are most common fees and charges are:

• Letting Fee: Depends from agency to agency, but the most standard fee is equivalent to 1.5 – 2 weeks' rent; 

• Advertising Fee: This is a third-party cost and depends on advertising material, contents, and channels used by the agency. This can start from $550 onwards;

• Management Fee: A commission percentage of the weekly rental figure. It depends on the agency to the agency; the standard fee varies from 5% to 8% plus GST.

• Administration Fee: It depends on the agency to the agency. Which includes any posted letter to the renter, landlord, or other departments;

• Statement Fee: It depends on the agency to the agency. Can be from $2 to $4 per month.

If something goes wrong then all third parties’ expenses are on you such as Notices, VCAT applications, Orders, Possessions, and so on. 

Can I change property manager or agency during the mid of the lease?

Switching property managers may seem difficult, but as Consumer Affairs Victoria notes, the process is not strenuous. “In most cases, you can terminate your estate agent’s management of your rental property, effective immediately, by written notice to the agent,” the authority notes.

One of the most common things we hear about is people feeling that they are stuck with a property manager that doesn’t suit their needs, with no means of exiting the arrangement. Yes, by all mean you can change property manager, usually there is no fee unless mentioned prior.

There are so many questions and information which as a landlord need to ensure the return on their investment. If you like to know something else, we are just one call away, call on us at 03 9266 0270 or email at pm@goldfishre.com.au for a confidential discussion.

Disclaimer: Above information given is for general information only and does not constitute any representation on the part of the landlord or rental provider/s. All parties must do their own assessment or investigation.

Remember, first impressions always make difference. If you like to strive for the highest possible price for your valuable property. Consider, few key areas to focus on when preparing your home for sale:

1. Pay basic repairs - One of the biggest turn-offs for buyers is wear and tear such as chipped tiles, cracked windows, scuffed paintwork, stained carpets, and other obvious signs of damage. These unsightly areas instantly alert buyers there is work required, which can diminish their initial enthusiasm for your property and lower the price they are prepared to pay.

Discuss with your agent which areas you should overhaul before holding open homes. You want to ensure you are increasing appeal without overcapitalising.

2. Clean and declutter - Study other houses currently on the market and you will see they have been decluttered, cleaned thoroughly, and may even have been styled to look modern and pristine.

Removing lots of clutter makes the prospective buyer able to see the room properly while more importantly, making the room appear larger.

Cleaning the house, even hidden areas such as under the sink, makes the house look well-cared for. This gives the buyer a subliminal impression that the house has been well-maintained and there should be no hidden problems.

3. Stagging your home – Stagging or styling is another instant facelift that can give your property a fresh look which appeals to buyers. You can hire a stylist to take care of this for you or hire furniture and accessories and do it yourself.

How to fix up a home before putting it on the market.

If you’re handy and have good DIY skills, you can undertake many of the small jobs around the house yourself, bringing it to peak condition and ready for sale. If not, you can hire a local handyman to help you.

Walk through the house with a notepad and create a list of all the areas which need improvement.

Let’s start your own initial assessment to check:

• Front fence - Is it in good condition? Does it need vines pulled away, a paint job or repairs?
• Front lawn - Is it lush and tidy?
• Pathway - Are there cracks that need to be fixed? Would paving paint give it a nice facelift?
• Front door -Is a new door required, or does it need to be painted?
• Windows - Are they clean and do the surrounds need filling or painting?
• Facade - Does it need to be pressure-washed or repainted?
• Interior walls - Are they all looking pristine or freshly painted in neutral tones?
• Architraves - Are they chipped, dented, or need new paintwork?
• Flooring - Are the carpets clean and in good condition? Are there floorboards underneath which can be polished?
• Kitchen - Are the cabinets in good condition? Would painting them improve and modernise the space? Would replacing the benchtop make it look contemporary? Does the splashback need to be replaced?
• Bathrooms - Are the tiles in good shape? Does the grouting need to be cleaned or replaced? If the tiles are dated, would they be better painted with tile paint?
• Laundry - Is there ample storage and useful counter space?
• Back yard - Are the plants trimmed and garden beds weeded? Would planting some flowers and pots of colour add some wow factor?
• Pool - Is it clean, properly fenced, and surrounding areas furnished with an inviting setting?

These are some of the areas to consider revamping to create a positive impression of a well looked after house. Talk to your agent about any areas needing improvement, but make sure you don’t overcapitalise.

Consider value adding UPGRADES

Not all renovations will increase your profit margin when you come to sell your property. Some projects will cost more than they will ever return. So, what are the most lucrative projects to add value to your home and give you the best outcome?

1. Exterior - Buyers get the first impression of your home from the exterior. Grab their attention with fresh-looking cladding materials or colours on the facade. Make the home more visually appealing by painting the trims, gutters, fascia and bargeboards. Replacing the front door with a modern door can add a wow factor while painting the existing door adds a pop of colour. Simple landscaping can also make your home look more appealing. Ensure the front garden is tidy, lawns mowed, and flower beds weeded and mulched. Modernise, repair or paint fences, awnings, porticos, and porch details, and consider adding a new house number and letterbox to update the exterior. If there’s no fence, consider adding one along the front boundary to add definition.

2. Kitchen - The kitchen, being the heart of the home, is important to buyers. Giving a good impression here could make the difference in a great sale price. You don’t need to replace the entire kitchen, as this can be expensive, and you may risk overcapitalising. Instead, look for ways to bring your kitchen up to date. This could include painting timber and laminate cabinetry, changing the tapware and adding on-trend lighting to modernise the space. Ensure your appliances are in good working order and are clean.

3. Bathroom - Buyers prefer bathrooms to be modern with clean and stylish fixtures and fittings. Although it is easy to overcapitalise here, easy facelifts can make the difference. Replacing the taps and shower head with modern, good quality tapware is an easy update. If the tiles are dated, they can be painted with tile paint for an instant revamp at little cost.

4. Repainting - A fresh coat of paint always gives a home an instant lift, so choose neutral but modern colours. Have consistent colour shades throughout the house to create a modern flow-through effect, as opposed to jarring colours in every other room.

5. Outdoor area - Buyers love indoor-outdoor living as an extension of the house. Creating a well-designed all-weather area can help buyers can imagine themselves living here and enjoying the lifestyle it offers.

6. Neat and tidy backyard

A backyard should be well-maintained and ideally have an entertaining area.

Should you stage or style your house before the sale?

Having a home that does not present well could end up costing you in the long term, so target the styling to showcase your property’s selling points.

An empty house or apartment looks cold and uninviting while a poorly furnished one is a turn-off too. But you can alter the perceptions of your property easily with staging.

Home staging involves bringing furniture and homewares in to create a space that appeals to a broader market. Styled houses not only look more appealing, but they also photograph better – a bonus in today’s competitive market.

You can hire a professional home stager, or if you have an eye for design, you can do it yourself. You must take the emotion out of the equation and look at your home as a prospective buyer would. Fresh, modern, clean, and bright should be your aim. Let's talk to ensure you are getting the best outcome.