Elephant Property

What your house might look like if you had 19 kids!

2012-01-25T16:16:00.002+11:00

Every Monday I feature the houses from TV shows and movies. Have you seen the reality series 19 Kids & Counting? It follows the Duggar family, which has become famous for having–you guessed it–19 kids (the show was originally called “17 Kids & Counting”). They’ve had two more babies since this photo was taken in 2007 and, as Michelle Duggar says in the show’s opening, “Yes, I delivered them all myself.”

Follow this link to view the rest of the story

Most memorable holiday movie houses

2012-01-17T16:24:00.004+11:00

By Julia of Hooked on Houses

I took a (highly unscientific) poll on my blog and was astounded by the number of tweets, Facebook comments, and emails that came pouring in on the topic, too. People feel strongly about their Christmas movies!

Here's how my readers rated the movie houses. See if you agree with them.

Ralphie's house in "A Christmas Story" was filmed in Cleveland, Ohio, and has since been turned into a museum that you can visit -- and buy your own leg lamp

Follow this link to view the rest of the story.

Rental Stats from the REIT for November

2012-01-06T10:32:00.003+11:00

The REIT (Real Estate Institute of Tasmania www.reit.com.au) stats for November, have been released.

Vacancy rates rose slightly in Launceston to 1.9% and decreased in Hobart to 3.1%.

Average time for an agency to rent a property in Launceston was as follows:
Less than one week: 12.5%
1 – 2 weeks: 56.3%
Greater than 2 weeks: 31.2%

Average time to rent a property in Hobart was as follows:
Less than one week: 5.8%
1 – 2 weeks: 61.5%
Greater than 2 weeks: 32.7%

If we can help you with any of your property management needs in Launceston or Hobart - please let us know! Phone our Launceston office on 6334 6399 or Hobart on 6223 2011.

Final Luncheon of the year

2011-12-27T15:01:00.006+11:00

Rather than giving our fabulous team gifts this year before the Launceston team headed to our end of year lunch we stopped at KMart and bought presents for people in real need this year. Thanks to the staff at KMart for their help and for wrapping the gifts for us!

Elephant Property Christmas Hours

2011-12-22T11:44:00.002+11:00

Both Elephant Property offices will close at noon Friday 23rd December and re-open at 9.00am on the 3rd of January.

Kristy in our Launceston office and Ally in Hobart will be available for enquiries, viewings and urgent maintenance during this time on: 6334 6399 (Launceston) & 6223 2011 (Hobart).

Wishing you a sensational holiday break and an unforgettable 2012!

Kirsty, Megan, Bella, Pam, Karen, Carrie, Jessica, Kristy, Jamin, Ally, Catherine, Mon, Nick & Nicola.
(the ever growing Elephant Property team!)

image by Kevin Dooley

REIT stats for October rental properties across Tasmania

2011-12-20T10:02:00.000+11:00

The REIT (Real Estate Institute of Tasmania www.reit.com.au) stats for October have been released and there’s exciting news all around. Vacancy rates dropped from 2.0% to 1.8% in Launceston and rose slightly in Hobart from 3.1% to 3.2%.

Average time for an agency to rent a property in Launceston was as follows:
Less than one week: 22.2%
1 – 2 weeks: 55.6%
Greater than 2 weeks: 22.2%

Average time to rent a property in Hobart was as follows:
Less than one week: 6%
1 – 2 weeks: 48%
Greater than 2 weeks: 46%

If we can help you with any of your property management needs in Launceston or Hobart - please let us know! Phone Elephant Property today on 03 6334 6399 (Launceston) or 03 6223 2011 (Hobart).

The first Elephant wedding is afoot...

2011-12-18T20:09:00.005+11:00

A few happy snaps from our recent luncheon to celebrate Launceston team member Jamin's upcoming wedding (in just a few days)!

Our Launceston Team are Hiring!

2011-12-16T15:42:00.002+11:00

Real Estate Property Portfolio Manager

Three short years ago Elephant Property opened it's doors in Launceston. Backed by a wealth of property management and real estate experience we've expanded our trunk across the state with a second office in Hobart, clients sprinkled locally and across the world and an attitude and service level that is unforgettable (as you'd expect from an Elephant).

As our team grows, we need more like minded people and after an internal promotion to team leader in our Hobart office we are now recruiting for a property manager to join the Launceston crew.

Who is our ideal candidate... Could it be you?

- You're not afraid of hard work - we're challenged and stimulated daily and it's never not busy!

- You're organised, dependable, loyal with great computer skills (and you're a good driver too - we don't like dents in our big black elephant-mobiles)

- If you have previous property management experience that's great, but regardless, you will bring relevant life experience

- You want to work with industry leaders (we were named the REIT's 2011 Property Managers of the Year)

To apply or ask questions please email Kirsty Dunphey kirsty [at] elephantproperty.com.au

Some frequently asked questions:

- When does the position close?

When we find the right person! If you're keen, get your application in ASAP.

- Why is this position available?

We've had an internal promotion of our fabulous Kristy Arnold who will be heading up our Hobart team. While we're sad to lose her in Launceston, we know Hobart will be all the richer for it!

- What's the salary?

It's dependant upon the experience and aptitude of the candidate.

- What are the hours?

9.00am - 5.00pm Monday to Friday however we have a rotational system for after hours calls.

- Why are you called Elephant Property?

Have a read through our website www.elephantproperty.com.au to find out all about us.

- Do I have to have previous property experience?

No - it's an advantage, but we'd rather have someone with an "Elephant" mindset (customer service, great work ethic, team player) than someone with experience but without that mindset

Feel free to post any questions below, tweet me (@kirstydunphey) or email them to me - I'm only to happy to keep answering! Kirsty

Christmas Gift Idea for Mini Investors

2011-12-12T14:38:00.001+11:00

Looking for a great gift idea to get your kids thinking about their financial future now? As much as I loved Monopoly growing up – my kids will be playing Rich Dad, Poor Dad’s Cashflow.

From the very first pages of the first Rich Dad, Poor Dad book I was hooked. If I had to list one book that has most impacted upon my life – it’d be right up there.

Cashflow quadrant is basically Monopoly on red bull. Players (there’s kids and adult versions) try to get out of the rat race being tempted by all manner of doo-dads (boats, jewellery etc) all the while analyzing different investment deals form property and stocks to gold and the ever dubious loans to people.

It can take a little while to get the hang of it, but once you do, your vocabulary will change, your financial knowledge will increase and – it’s a whole lot of fun.

You can play Cashflow online - https://webgame.richdad.com/Login.aspx or buy the board game in lots of places from ebay to conventional stores. To find out more about Rich Dad, Poor Dad head to: http://www.richdad.com/

Article written by Kirsty Dunphey - Elephant Property Director

A day with Glen Coutinho

2011-12-08T16:21:00.003+11:00

Last week Elephant Property, along with Corkhill and Associates and 41 Degrees had the pleasure of spending the day with Glen Coutinho, Director, auctioneer and sales extraordinaire of Hocking Stuart in Hawthorn.

Glen chatted with us and shared tips on his sales success, how he manages such a large client database and and how he ensures that each client he has ever dealt with feels equally valued and has an exceptional customer service experience.

This is exactly the kind of service level that Elephant Property believe every client should receive and it was great to see how other agents provide unforgettable service to their clients as well.

What exactly do I own when I buy a unit?

2011-12-01T15:53:00.001+11:00

When you buy a unit it's most likely that it is purchased as a "strata titled" property.
This means you own the interior space (including balconies, courtyard, paint and garage) of the unit and share ownership of common areas within the unit block such as hallways, common walls, exterior grounds, pools, tennis courts and other facilities.
Having common ownership usually means you will have to pay a fee, normally quarterly, for the ongoing maintenance of common facilities. Before you buy a unit, make sure you understand what common area or strata levies you will have to pay.

Aritcle provided by Quartile Research

My little housie

2011-11-25T16:41:00.000+11:00

How old should the kids be before they get a place of their own? One English construction company would suggest a lot younger than you might think.

Aimed at footballers' and investment bankers' children, Surry-based Rainbow Play Systems construct luxury playhouses that may be the closest your child can get to being an emancipated minor without the legal documents. Forget the plastic sets you find at the toy store, these ones offer landscaping, a reception area, kitchen, bedroom and even electricity and underfloor heating, the UK Daily Mail reports.

Unless your child is Richie Rich they may have a hard time footing the bill, as one 12ft by 10ft Wendy house recently went on the market for around AU$85K - a sum that would fetch a 3-bedroom home in the same city Rainbow Play Systems are based.

A stable choice for her first rental

2011-11-18T15:46:00.001+11:00

Every parent wants to give their children everything they can, though it doesn't get much flashier than the way multi-billionaires do it. So a recent report in the UK Daily Mail that Bill Gates is reportedly lined up to spend AU$575,000 a month on rent for his daughter's new home should hardly come as a surprise.The richest man in America is said to have signed a six-month lease on the $12.4M home so that his 15-year-old daughter can train and participate in a nearby equestrian festival. It seems the other two houses Gates already owns were too far away for his daughter to travel with her horses to compete. The 7,352 sq ft residence offers eight bedrooms, a barn, guarded access road, as well as stables and a horse training area.

Article Provided by Quartile Research

REIT stats for September rental properties across Tasmania

2011-11-11T16:18:00.000+11:00

The REIT (Real Estate Institute of Tasmania www.reit.com.au) stats for September have just been released. Vacancy rates increased slightly in Hobart to 3.1%, with Launceston remaining the same at 2.0%.

Average time for an agency to rent a property in Launceston was as follows
Less than one week: 27.3%
1 – 2 weeks: 54.5%
Greater than 2 weeks: 8.2%

Average time to rent a property in Hobart was as follows
Less than one week: 6%
1 – 2 weeks: 40%
Greater than 2 weeks: 54%

If we can help you with any of your property management needs in Launceston or Hobart - please let us know! Phone Elephant Property today on 03 6334 6399 (Launceston) or 03 6223 2011 (Hobart).

What to look for in a rental property

2011-11-03T09:25:00.000+11:00

1. Can you afford it?
Not just right now, but what about if you had an extra child enter the household, or if one of you wasn’t working for some reason. My advice is don’t stretch yourself too thin!

2. Does the neighbourhood suit you?
If you’re used to being walking distance to the kids school or minutes away from your favourite café – how does the new neighbourhood suit?

3. How’s the size?
It’s human nature that we’ll expand to fit any size property, but does this home fit you – and will it fit you in a year (it can be expensive to move!)

4. Feature Check
How’s the heating? Does the parking suit? Are your future pets going to be able to live here (as well as any you have now)?

5. What’s the agent like?
You’d be surprised at the difference dealing with a good property manager makes. You want someone who is firm but fair and a great communicator.

REIT 2011 Annual Conference

2011-10-18T16:55:00.000+11:00

It was another fantastic year for the REIT 2011 annual conference held at the beginning of September at The Wrest Point Casino.

This year we heard from 5 guest speakers; Amber Anderson, Debbie Palmer, Torq Murray, Tommy Hafey & Amanda Lynch.

Not only was it a great day to hear from aspiring leaders, both nationally and internationally, but it is a fantastic opportunity to meet with other REIT members.

The highlight for us would definitely be the awards dinner where Elephant Property accepted, with great pride, the 2011 Property Manager of the Year Award. We are delighted that we were able to have Kristy Arnold and Jamin Hibbs from our Launceston office accept the award for us.

Elephant Property Directors featured in EA Magazine

2011-10-13T10:22:00.007+11:00

REIT stats for August rental properties across Tasmania

2011-10-12T16:43:00.001+11:00

The REIT stats for August have been released. (Real Estate Institute of Tasmania www.reit.com.au ) There is promising news for investors.

Vacancy rates dropped in Launceston to 2% and remained the same in Hobart at 2.9%.

Average time for an agency to rent a property in Launceston was as follows
Less than one week: 25%
1 – 2 weeks: 62.5%
Greater than 2 weeks: 12.25%

Average time to rent a property in Hobart was as follows
Less than one week: 10%
1 – 2 weeks: 44%
Greater than 2 weeks: 46%

If we can help you with any of your property management needs in Launceston or Hobart - please let us know! Phone Elephant Property today on 03 6334 6399 (Launceston) or 03 6223 2011 (Hobart).

Paint the Town!

2011-09-30T17:12:00.009+10:00

I’ve covered my thoughts on weatherboard houses before and that as an investor you need to factor into your long-term plan that they will one day need re-painting. So, that time has come and your trusty property manager has arranged a quote that you are happy with and then asks the tricky question – what colour/s do you want?

It’s a tough one, especially if you aren’t on hand or familiar with the house so I’ve tracked down some advice from the experts on paint colours according to some of the most popular period homes you’ll find in beautiful Launceston (and of course many other part of Australia!). And if you aren’t sure which period your weatherboard home belongs to – ask your property manager. If they have a resident architecture lover in house (like me!) they’ll be thrilled to find out for you.

So here’s the suggestions from Inspirations Paint and Colour

Victorian:
Australian houses were more elaborate during this period from around 1850-1900, with complex cast iron and plasterwork being the key features. Terraced housing became popular during the 19th century, with their ornamented plastered facades making them popular for many inner city dwellers today. The intricate details of Victorian houses offer the homeowner much scope for ‘picking out’ and highlighting architectural features or instead limiting the palette and creating a more simple frontage.

Historically, Victorian houses were painted in colours such as stone and cream, with trims finished in darker colours such as Brunswick Green and Indian Red.

This Victorian house features a scheme that enhances and celebrates the intricacy of the woodwork. The walls, door and fence are Dulux Lime White and Dulux Indian Red. The window and door trims are Dulux Jade Blue. Note the bull-nose veranda roof which was popular at the time and was sometimes painted in wide contrasting stripes of colour, derived from the remainder of the paintwork.

These Victorian terraces exhibit a more restrained approach, where two-colour schemes are used to minimise the details of the plasterwork, delivering an elegantly modern result.

Federation:
As the name suggests the Federation style began around 1900 and continued into the second decade of the 20th with a more Edwardian slant, reflecting the English cottage style. Usually made from brick, Federation houses are framed and articulated by their wooden trims and detailed fretwork and this is where the homeowner can incorporate their personal style with colour. Colours became more muted during this time. While Victorian colours such as Red Oxide were still popular, softer tones of blue, green and pink began to be incorporated.

This Federation home demonstrates the move towards the more whimsical tones of the early 20th century. Several colours are used but the look is still understated. The fascia is Dulux Purple Brown. The fretwork is Dulux Grey Green and windows and balusters are finished in Dulux Lime White. The render is Dulux Pale Vellum.

While this Edwardian home uses a simple two-colour scheme, the details of the woodwork have been ‘picked out’ to create a more elaborative effect. The walls are finished in Dulux Pale Pink, which complements the terracotta roof. The trims are Dulux Slate Blue.

Californian Bungalow:
This style became widespread in Australia between the two world wars and is recognised by its columned front, gabled roof and stained glass windows. Again, traditional colours such as Red Oxide, Indian Red and Brunswick Green continued to be used but a trend toward earthier tones developed strongly around this time. Greens became particularly popular with Grey Green and Eau-de-nil being two favourites.

This Californian Bungalow features a colour scheme inspired by stone-coloured neutrals and highlighted by a subtle use of Dulux Red Oxide on the fascia. The woodwork and render is Dulux Regency White and the windows and fence are finished in Dulux Yorkstone.

This example of the Californian Bungalow displays the move towards using a scheme based on complementary tones with a subdued contrast. Dulux Mud Pack is the main house colour while the fascia and basecourse are Dulux Ploughed Earth. The window and door trims are highlighted with Dulux Antique White. Note how the gables are not ‘picked out’, delivering a more contemporary look.

by Bella Fountain, Elephant Property director

7 reasons you (as a tenant) should be nice to your property manager…

2011-09-23T18:10:00.002+10:00

1. When you show up to look through a rental property we use everything we see and hear to convey an image of what you’re going to be like as a potential tenant to the owner of the property. Yelling at your children in the drive, butting out a cigarette on the footpath or making inappropriate comments while inspecting the house all register in a property manager’s mind when we make our recommendations.

2. That said, being courteous and respectful to your property manager shouldn’t stop after you get accepted for a property. I’ve often recommended an owner not renew a lease to a tenant even though they pay rent on time and keep the property beautifully because they are painful to deal with.

3. Property managers talk. When you’re putting us down as a reference for your next property – and that property manager calls us, most will ask the question “Would you rent to this tenant again?”

4. Having a great relationship with your property manager means they can go to bat for you when an owner asks them “Do you think they’re looking after the place? Are they the type of tenant you’d recommend we do this improvement for?”

5. Having a great relationship with your property manager means they’re more likely to go out of their way to accommodate you in the future. If a current great tenant of ours needed a larger home, or a property in a different area – they’ll always be more highly recommended to one of our others property over a tenant we’ve never dealt with. They are also more likely to be the first ones to hear about new properties becoming available.

6. Because we’re human beings and we love interacting with most of our clients. Most of us in this field are people oriented and we work in a service business. We love to get your feedback forms at our inspections and many of them are read out in the office and kept.

7. We’re more likely to take personal circumstances into consideration if you’ve done the right thing in establishing a good base relationship. Is your rent going to be 2 days late this week due to a mix-up with your pay? We’re going to be 10 times more understanding if you call us straight away to let us know and if you weren’t just speaking rudely to us about maintenance the week before.

And just finally – one reason any good property manager will always try to establish a good working relationship with their tenants: Because without tenants, we don’t have a business!

Thank you to all the amazing tenants we deal with every day. We are extremely fortunate to be able to work with such great indivduals, families and companies.

Rental Stats from the REIT for July

2011-09-13T17:10:00.001+10:00

The REIT (Real Estate Institute of Tasmania www.reit.com.au ) stats for July.

Vacancy rates rose slightly in Launceston to 2.1% and Hobart to 2.9%.

Average time for an agency to rent a property in Launceston was as follows:
Less than one week: 22.2%
1 – 2 weeks: 55.6%
Greater than 2 weeks: 22.2%

Average time to rent a property in Hobart was as follows:
Less than one week: 6.3%
1 – 2 weeks: 33.3%
Greater than 2 weeks: 60.4%

If we can help you with any of your property management needs in Launceston or Hobart - please let us know! Phone our Launceston office on 6334 6399 or Hobart on 6223 2011.

Speed up your rental applications!

2011-09-06T17:57:00.002+10:00

Is your rental application taking longer than you would like to be approved?
Here are some useful tips to help speed up the process:

1) Contact all of your references and let them know to expect a call from the agency who you are applying with, especially your current property manager or owner, this is not only courteous but it gives them time to think about what they are going to say.

2) Ensure that you have copies or originals ready to copy of all your current, relevant documents and ID.

3) Have a current credit report, no more than 2 months old, from Tasmania Collection Services if you are living in Tasmania, or Veda Advantage for people who live or have recently lived in the mainland.

4) Make sure that you have fully and correctly filled in your application forms and that all adults (18 years and over) who will be living in the property have supplied their forms at the same time.

5) Finally, where possible, view the properties that you wish to apply for before submitting the application, that way you know whether the property is suitable for your needs and the property manager knows that you're serious about renting the property.

They paid what?!

2011-08-30T16:35:00.002+10:00

We saw this article from Quartile Research and thought it might make your next investment purchase seem a little more affordable!

They paid paradise for a parking lot
Once again, location has proven itself to be the king of all trump cards. We understand that inner city parking space is premium real estate, but it still astounds to hear that a 30x30 metre parking lot in Manhattan recently sold for over AU$20M.
Previously owned by the same family since the Civil War, the site, close to Times Square, has been snapped up by a property developer with plans to build a 300-room hotel on it, the Wall Street Journal reports.
The sale has marked a market uplift, as the site was valued at around $10M when the recession first hit.

Who are You? - The Tenant Switcheroo

2011-08-25T12:55:00.002+10:00

It happens without you even noticing. You rented your property to Steve but then a friend moved in. Steve moved out but the friend stayed. The friend’s girlfriend moved in. They broke up but the girlfriend stayed in the house. Now girlfriend has found a couple of people from work to take over the house when she moves out. And now the rent is late, the neighbours have complained or you need to access the property – who are you going to call?

It’s a common scenario, especially in university towns or areas with a high rate of seasonal workers. The downside of this is pretty clear. If you don’t know who’s living in your property and they don’t have a clear contract (lease) to be responsible for the property – it’s getting out of your control.

How can this be easily avoided? I find the key is in great tenant communication.

My steps for knowing who’s in my properties at any time are:

• When a tenant applies – get written applications from ALL people who will be residing at the property, even if they won’t be the one paying the rent.

• On your lease be specific with the full names of the tenants and specify clearly any other approved occupants (I include children here as well). It’s a great opportunity to remind your new tenants that only people named on the lease document have permission to stay at the property and if they require ANY modification to this they will need to contact us.

• If they do wish to add a tenant or occupant – a written rental application needs to be received and assessed for that person. If approved by the owner, the tenants will need to sign an amendment to the lease to reflect the addition of the new person.

• If they wish to remove a tenant, they must complete a document showing the date on which the vacating tenant stops being responsible for the rent and condition of the property and that the remaining tenants take on the full responsibility from that date. This stops the ‘but Steve did that before he left’ argument at bond time.

An extra step (but one that often gets forgotten) is having an attentive property manager. Quite often on routine inspections, a good property manager will notice that what used to be the study is now another bedroom or that there is a mattress on the floor in the living room. By getting on to the tenants as soon as we notice something like this for you we can make sure we’ve got the right people on the paperwork for you and we know what’s going on.

If you have any questions at all about managing your property or how a property manager could help you – drop us a line at contact@elephantproperty.com.au

Bella Fountain, Elephant Property Director

REIT stats for June rental properties across Tasmania

2011-08-19T11:10:00.003+10:00

The REIT (Real Estate Institute of Tasmania www.reit.com.au) stats for June have been released and there’s exciting news all around. Vacancy rates dropped from 2.2% to 2% in Launceston and also rose slightly in Hobart from 2.7% to 2.8%.

Average time for an agency to rent a property in Launceston was as follows:
Less than one week: 25%
1 – 2 weeks: 62.5%
Greater than 2 weeks: 12.5%

Average time to rent a property in Hobart was as follows:
Less than one week: 10%
1 – 2 weeks: 44%
Greater than 2 weeks: 46%

If we can help you with any of your property management needs in Launceston or Hobart - please let us know! Phone Elephant Property today on 03 6334 6399 (Launceston) or 03 6223 2011 (Hobart).

Investor tactics for tax time

2011-08-15T13:00:00.004+10:00

If you are one of over 1.69 million* Australian property investors preparing to lodge their annual tax return, are you aware of what to declare and how to make the most of your investment strategy?

If you haven't already, now is an ideal time to assess your financial position, re-examine suitable investment strategies and explore ways to better use these to benefit your tax situation and property goals, Mortgage Choice spokesperson Kristy Sheppard suggested this week.

"There can be numerous tax and other benefits associated with owning an investment property - the trick is to know what they are and how to make the most of them over the short and long term", Ms Sheppard said.

She pointed out that some investors are enticed to property for `negative gearing', where the combination of interest repayments plus any deductible expenses is higher than the rental return. The loss is offset against the investor's gross income, meaning they are taxed on the reduced amount.

Other investors prefer `positive gearing' - where rental income exceeds the deductible expenses and loan interest.

"It is an individual decision to make with care", Ms Sheppard said.

Either way, it is a good move to consult a professional tax adviser, financial adviser and mortgage broker before choosing a loan and buying property, to learn about the tax deductions available on your potential investment and what home loans are best suited to your plans.

Mortgage Choice suggests investors review the following aspects of their strategy:

Know what to claim

As an investor you may be able to claim tax deductions for your rental property on expenses such as: travel to collect rent or inspect the property, advertising to attract a tenant, property agent and/or management fees, body corporate fees, council rates, gardening, cleaning, pest control, building insurance, repairs and maintenance, water, home loan fees and loan interest. Check the Australian Taxation Office for a list of claimable rental expenses and/or consult a tax professional.

Don't forget capital gains tax

Unless there is a capital gains tax exemption when selling your property (ie. it is your principal place of residence), you pay tax on profit made above the original purchase price. Keep in mind capital losses (ie. no profit is gained upon selling it) are not deductible against your ordinary taxable income but they are used to reduce any other capital gains you make from assets during the financial year or any gains in subsequent years. Consult a tax professional for advice.

Pay your interest-in-advance

Interest-in-advance loans are similar to standard fixed-rate interest-only loans but you pre-pay the next year's interest before 30 June and claim it as a tax deduction in the current year. This means that upon lodging a tax return, eligible investors can effectively receive a portion of their interest back via a tax refund. Keep in mind individual circumstances differ so it's always clever to seek expert advice from your tax accountant and a mortgage broker.

* Number of Australians who claimed rental property deductions in 2008-2009, according to the latest figures from the Australian Taxation Office.

Article provided by Quartile Research

Depreciate and Appreciate!

2011-08-08T11:40:00.006+10:00

As many Australian property investors lodge their tax returns this year, they will be missing out on thousands of dollars in deductions.

Make sure you are claiming the maximum tax depreciation deductions you are entitled to – you’ll appreciate the extra cash flow!

What is depreciation?

As a building gets older, items wear out – they depreciate. The ATO allows property owners to claim this depreciation as a deduction. Depreciation can be obtained by any property owner who obtains income from their property.

Depreciation facts:

Obtaining a depreciation report that maximises deductions may result in your investment property returning a positive income.

Qualified under tax legislation TR97/25 to estimate construction costs for depreciation purposes, Quantity Surveyors are one of a select few professionals who specialise in providing depreciation reports. Make sure you use a depreciation specialist like BMT Tax Depreciation, to prepare your depreciation report.

100% Tax Deductible Fee

And don’t forget – even the fee associated with the preparation of a tax depreciation report is 100% tax deductible.

Article provided by BMT Tax Depreciation.
Bradley Beer (B. Con. Mgt) is a Director of BMT Tax Depreciation.
Please contact 1300 728 726 or visit www.bmtqs.com.au for an Australia wide service.

Older Properties and Depreciation

2011-08-04T14:59:00.005+10:00

Many investors remain unsure about whether it is worthwhile obtaining a depreciation report for a residential property that was built before 1985.

Current tax legislation states that any property built before 18 July 1985 (residential) and 20 July 1982 (nonresidential) can not claim the capital works allowance as a deduction. This often results in the investor not thinking to obtain a depreciation report as they believe that their property is too old. However it is worth enquiring about any property - even one that is 100 years old!

In the case of older properties, it is worth noting that a capital allowance and tax depreciation report covers not only the capital works allowance but depreciation of plant and equipment as well. This means that all properties that obtain an income by the way of rent should be eligible to claim a deduction for the plant and equipment items contained within the property.

Even if a property is too old to claim the capital works allowance for the building structure, the investor will still be eligible to claim the plant and equipment allowance.

Additionally, if extensions or renovations were completed after 1982 (non-residential) or 1985 (residential),they will attract the capital works allowance.

What types of plant and equipment items can be claimed?

Many plant and equipment items contained within a property are able to be depreciated over their effective lives. Some of these items include:

Article Provided by BMT Tax Depreciation.
Bradley Beer (B. Con. Mgt) is a Director of BMT Tax Depreciation.
Please contact 1300 728 726 or visit www.bmtqs.com.au for an Australia wide service.

The 'No Tenant' Trauma

2011-07-26T16:45:00.001+10:00

In asking friends what their biggest fear would be in purchasing an investment property, after the financial side of things (getting approval and structuring their loan properly etc) their next biggest fear is what if the property sits vacant? What if there is no money coming in? It's enough to keep many people from that first step of purchasing an investment property.

A good property manager is a fantastic resource to speak with about this fear, the actual likelihood of extended vacancies happening and what can be done to avoid them.

My advice for minimising the chance of extended vacant time for an investment property:
• Research BEFORE you purchase. Some areas are just harder to rent quickly for a huge variety of reasons from reputation of the area, to lack of amenities to a sheer lack of population. Often these properties are very reasonably priced for sale and can look tempting as an investment but I can't recommend strongly enough getting an independent property manager in for feedback on the property's likely appeal to tenants and any difficulty they can see in it renting quickly.
• Keep your investment properties in good condition - tenants will always gravitate to properties in good, clean condition first. Staying on top of small maintenance is a good way of getting in BEFORE major repairs are needed, which is always a major deterrent to good tenants.
• Think about tenants BEFORE you need them. Things like wording your contract to purchase to enable you to look for tenants and show the home for tenant inspections prior to the house settling is a simple way to minimise the chance that the first thing you experience in property investment is an extended vacant period.
• Be reasonable with your asking price. At different times of year or in different markets you may need to price your property differently to be competitive. A good property manager will keep an eye on the interest your property is receiving from advertising and suggest changes BEFORE your home has sat there over-priced without you knowing.
• Look for new tenants BEFORE you lose you existing ones. At Elephant Property, we regularly touch base with our tenants about the likelihood of them vacating at their lease end and start the process of searching for new tenants a full month before your current tenant vacates in order to do everything we can to ensure there are new tenants to move in within days.
You might notice each of my points above suggests that to avoid extended vacancies they key is to act BEFORE a vacancy starts. The best way of achieving this is to work with a systemised property management agency with procedures in place and a determination to make sure all of their properties are tenanted as soon as possible.

We'd love to tell you more about our suggestions for finding tenants for your property and about the systems we have in place to relieve the no-tenant trauma! Feel free to contact us with any questions you have.

Bella Fountain, Elephant Property Director

Whether to Weatherboard?

2011-07-19T08:35:00.001+10:00

Brick or weatherboard? When I began investing personally, I commonly heard investors boldly state that they would never buy a weatherboard investment property, preferring only brick or concrete render properties instead.

I certainly understand the appeal. Brick homes never need repainting, are a tough and durable material and theoretically should last forever. Combine this with aluminium window frames and you hope to be looking at an investment property with minimal demands for maintenance on it's external surfaces.

However, I've had investors ask me if that means never considering weatherboard properties. And my thoughts are as follows:

In many places, the price difference between a weatherboard and a brick home in the same areas is very considerable. Choosing a weatherboard property may enable you to make your first step into property investment when you are on a limited budget, or be a comfortable step at expanding your portfolio without over spending.

The key is to purchase wisely. Whenever you are considering a weatherboard property either as your own home or an investment, I urge you to consider the following:
• A property that is freshly or recently painted is a real bonus as it will save you up to 10 years before the cost of repainting needs to be considered.
• Quality tenants are looking for clean, warm, well maintained, well presented homes. If your investment property delivers on these criteria, the difference between brick and weatherboard properties is minimal.
• Always have a full and comprehensive building and pest inspection prior to purchasing. Things to be especially vigilant about are wet rot, dry rot and any pests (especially important if the property is in an area with the potential for termites.)
• It is best not to purchase a weatherboard home with exterior boards already in disrepair. While the costs of up-keeping and maintaining boards are reasonable, repairs and replacement of weatherboards is becoming an increasingly expensive exercise.
• Investigate the cost of external repainting in the area of the property you are considering. With good quality paints, an external paint job should last you at least 10 years - but it's always good to be aware of the costs to factor these in to your initial investment.
I've heard it said that a well maintained weatherboard home will outlast a shoddily built brick home and the many federation homes still going strong in Australia are testament to this. The key, as with all investment properties, is doing your homework.

If you are considering an investment property and would like the opinion of the Elephant Property team, don't hesitate to contact us.

Bella Fountain, Elephant Property Director

Kirsty's Top Three Secret Investor Tips

2011-07-11T17:15:00.002+10:00

To follow are my three "lesser known" tips for investors looking to buy:

Buy in an area with great schools. If you're looking to hold a property long term and want long term tenants then a great target market are families and there will always be stronger demand if the area has a school with a great reputation.

If you really want to know what a certain street is like door knock the houses 3 either side and 6 on the opposite side of the road of a potential investment. Let the neighbour know you're thinking of buying a property in the street and were wondering what the neighbourhood is like. You'll find out all sorts of information from the conversation and from your observations of the neighbours.

Don't just consider your current repayment capabilities. I always like to look to a worst case scenario. What if I was out of work for 2 months, what if my partner's income dropped significantly, what if the property were vacant for a longer period of time, what if the hot water cylinder needed replacing. Consider the "what if"s, not just the "what is now"s.

And remember - if you would like us to let you know market rental and our thoughts on suitability for an investment - get in touch with us!

REIT stats for May rental properties across Tasmania

2011-07-05T09:58:00.006+10:00

The REIT (Real Estate Institute of Tasmania www.reit.com.au) stats for May have just been released and there’s interesting news all around.Vacancy rates increased to 2.2% in Launceston and also rose slightly in Hobart to 2.7%.

Average time for an agency to rent a property in Launceston was as follows
Less than one week: 25%
1 – 2 weeks: 62.5%
Greater than 2 weeks: 12.25%

Average time to rent a property in Hobart was as follows
Less than one week: 7.7%
1 – 2 weeks: 40.4%
Greater than 2 weeks: 51.9%

If we can help you with any of your property management needs in Launceston or Hobart - please let us know! Phone Elephant Property today on 03 6334 6399 (Launceston) or 03 6223 2011 (Hobart).

Rents rise while home values fall by 2.7 per cent in 2011

2011-07-01T10:31:00.001+10:00

Capital city dwelling values declined by 0.3 per cent (seasonally adjusted - s.a.) in May, and are down 1.2 per cent (s.a.) over last 3 months. Rest of State house values were also weak in May (-0.1 per cent s.a.) and are off -0.9 per cent (s.a.) over last 3 months. Gross rental yields for Aussie apartments are now 5.0 per cent.

Based on more than 110,000 home sales nationally in 2011, the market-leading RP Data-Rismark Home Value Index for Australia’s capital cities declined by -0.3 per cent (s.a.) in the month of May (or by -0.5 per cent in raw terms). Capital city home values have now fallen for the last five consecutive months with by far the worst seasonally-adjusted result coming in the month of January (-1.2 per cent), which accounts for 45 per cent of the 2011 decline.

The softening in Australian home values is delivering a valuation dividend with Australia’s dwelling price-to-disposable income ratio falling to 4.2 times, which is its lowest level since June 2003 according to Rismark’s analysis.

Article Provided by rpdata.com
To read the full article visit: http://www.rpdata.com/research/rents_rise_while_home_values_fall_by_2.7_per_cent_in_2011.html

Water usage vs water service charges

2011-06-29T17:37:00.000+10:00

Query from a tenant with a private owner managing their property:

Am I responsible for paying both the water usage and water service charges from Ben Lomond / Southern water?

Answer from Elephant property director Kirsty:

Tenants are responsible for paying the water usage charges for the period they've been in the property. Water service charges are an owner's responsibility and used to be included in the owner's rates bills.

When the water usage bills come in there will be a second page which shows the time frame that the usage is for and tenants are responsible to pay that portion for which they've been in the property.

Hard Wired Smoke Alarms - Compulsory?

2011-06-20T10:57:00.001+10:00

We've received an update from the Real Estate Institute of Tasmania (REIT: www.reit.com.au) confirming that they will be making a push for hard wired smoke alarms to become compulsory in Tasmanian rental properties as they are in most other states. Many of our owners are opting to install their hard wired smoke alarms now, from both a safety perspective and to potentially gain a cost advantage prior to the initiative being made compulsory.

Contact your property manager today to find out more information.

by Kirsty Dunphey

Corporate Elephants!

2011-06-17T13:33:00.000+10:00

Elephant Property's own Carrie Hesketh after a very successful women in business networking event with Corporate Chicks.

Are you the owner of an investment property?

2011-06-15T11:47:00.005+10:00

Are you maximising the tax depreciation and capital allowance
benefits available?

All types of income producing properties have substantial taxation benefits available to be claimed as a tax credit. Many property investors are missing out on literally thousands of dollars in lost tax depreciation deductions.

Both new and old properties will attract some depreciation benefit that the owner is able to claim as a tax credit. A common myth is that older properties will attract no claim. Therefore it is worth making an enquiry about any property.

When a property owner has not been claiming deductions for tax depreciation, previous financial years tax returns can be amended. The Australian Taxation Office (ATO) allows for up to the previous two year returns to be amended, in some instances the ATO may have to pay you money back!

The depreciation benefit available depends greatly on the type of building, its age, use and fitout. Based on the Diminishing Value method of depreciation, the following scenarios are provided as an appropriate guide:

The maximisation of a depreciation claim on any building requires a combination of construction costing skills and an excellent knowledge of Tax Legislation. This rare combination of skills has resulted in a select number of quantity surveying firms specialising in property depreciation.

Quantity surveyors are recognised by the Australian Taxation Office to be appropriately qualified to estimate building costs for the purpose of depreciation. Your accountant should recommend a specialist to complete such a report, to maximise the depreciation benefits from your property.

Article Provided by BMT Tax Depreciation.
Bradley Beer (B. Con. Mgt) is a Director of BMT Tax Depreciation.
Please contact 1300 728 726 or visit www.bmtqs.com.au for an Australia wide service.

Exciting news!! The REIT stats for April have just been released. (Real Estate Institute of Tasmania www.reit.com.au)

2011-06-07T12:03:00.000+10:00

Vacancy rates dropped to 1.9% in Launceston and remained the same for Hobart at 2.6%.

Average time for an agency to rent a property in Launceston was as follows:
Less than one week: 20.8%
1 – 2 weeks: 58.4%
Greater than 2 weeks: 20.8%

Average time to rent a property in Hobart was as follows:
Less than one week: 16.7%
1 – 2 weeks: 44.4%
Greater than 2 weeks: 38.9%

At the moment we're finding most of our Elephant Property rentals are renting in that 1-2 week zone - however, many of our owners are experiencing zero days actually vacant due to us marketing homes 4 weeks out from availability.

If we can help you with any of your property management needs in Launceston or Hobart - please let us know! Phone Elephant Property today on 03 6334 6399 (Launceston) or 03 6223 2011 (Hobart).

What happens when you make your home a rental?

2011-05-30T11:06:00.001+10:00

What happens when you make your home a rental?

Turning your home into an income producing property creates a different scenario for the owner's tax situation.

More Australians are choosing to change their principal place of residence (PPOR) into an investment in many different circumstances, notes BMT Tax Depreciation director Brad Beer.

But there are a number of tax benefits and implications to be aware of in that situation, he says.

Beer points out that expenses in holding the property such as interest costs, rates and management fees will become tax deductible, making owning the property more affordable. The rent also becomes assessable income, he notes.

"Another tax deduction available for the owner while the property is income producing is depreciation on the fixtures and fittings and the capital allowance on the structure of the property - if it was built within qualifying dates," he says.

Beer also points out that while a PPOR will be exempt from capital gains tax (CGT), when a home is turned into an investment property some CGT may be triggered if the property is eventually sold.

There are a number of scenarios that will reduce or create a CGT exemption, he says, and each scenario is different depending on the property's first use, how long it was lived in, how long it is income producing and if the owner purchased another PPOR.

Read more at: http://www.apimagazine.com.au/api-online/newsletter/11/05/what-happens-when-you-make-your-home-a-rental

Why wouldn’t I just manage my property myself?

2011-05-23T12:34:00.004+10:00

Why wouldn’t I just manage my property myself?

As an investor you’ve got a wealth of choice when it comes to how to look after your property. The first big choice for most is – manage it yourself, or engage a professional.
A mentor of mine often used to say that you’re able to perform dentistry on yourself, but just because you can doesn't necessarily mean you should!
Here are just a few reasons you might look to employ a professional property manager instead of managing your property yourself:

1. Time
You’d never see a property management company only looking after 1 or even a small handful of properties. The efficiency in renewing a lease or trying to organize maintenance for that one property just isn’t there, let alone the inefficiency that comes with trying to find new tenants for a property when you’ve got no active database of tenant to look through and no ability to list on www.realestate.com.au Your time is precious and while it may seem like a cost saver to do it yourself, the cost saving doesn’t equate to the time it takes you.

2. Stress
Hot water cylinder goes at 2.00am – do you want to get that call? Tenant behind in their rent AGAIN, how many times will you call them and what will you do next? Having a property manager means we take on any stress and you get to sleep through the night!

3. Tax deductible
All property management fees are tax deducible. Simple as that.

4. Legislation
As an owner manager, you’re unlikely to be up to date on the current legislation, the changes to the way bonds are handled and what to do in the unfortunate circumstance that you have a tenant who does the wrong thing.

5. Tenants doing the wrong thing
It’s a sad truth that bad tenants will, more often that not, try to rent privately because they know that most private owners won’t scrutinize an application, references and credit check as much as a property manager.

6. Condition reports
It takes us on average around 3-5 hours, 8 typed pages and hundreds of photographs to adequately protect a property with a full condition report and photography. Sadly most private owners either do no condition report, do a substandard one, or do one that wouldn’t hold up if it were challenged on a bond refund.

7. Experience
After this many years in the industry (for me it’s 17!) there are not too many problems that crop up that we haven’t seen before. Use a property manager’s experience

- by Elephant Property director Kirsty Dunphey

Want to know what it's like to work with Elephant Property?

2011-05-16T09:49:00.006+10:00

Want to know what it's like to work with Elephant Property? It's simple - read what our clients have to say:

Working with our Hobart office is J. Kilburn based in the United Arab Emirates

What’s the service like at Elephant?
Efficient with very good communication channels.

What’s the most memorable thing about dealing with Elephant?
The promptness in leasing out our property.

What do you enjoy about dealing with Elephant?
Elephant Property is professional, reliable and super efficient. Highly recommended.

Working with our Launceston office is S. Smith, based in Victoria

What’s the service like at Elephant?
Excellent! We could not be happier with the service we have had so far from the team at Elephant Property.

What’s the most memorable thing about dealing with Elephant?
Just how quickly the team at Elephant put us at ease that they were looking after every single detail at our property. We just don't need to think about it or worry about it.

What do you enjoy about dealing with Elephant?
We could not be happier with the service provided by the team at Elephant Property. We have paid slightly more, so our expectations were high, but we have not been disappointed. We just do not have to think about or worry about our property at all, as we have complete confidence that Megan and the team have everything under control. We wish the girls would open up a branch in Melbourne so we could transfer our other property over to them to manage!

Read more of what our clients have to say here
- Hobart clients
- Launceston clients

Depending on Depreciation?

2011-05-09T09:27:00.006+10:00

Depreciation on fixtures and fittings and even the building (depending on the purchase date) can be a lovely addition to any investor's tax return.

The important year to remember when it comes to building depreciation is 1985. If the investment you're purchasing was built before then, you won't be able to claim any building depreciation. If it was built after then the rates of depreciation for residential buildings used for rental purposes are:

• Where construction commences after 18 July, 1985 and before 16 September, 1987 - 4% p.a.

• After 15 September 1987 - 2.5% p.a

As always, chat to your accountant to see whether a potential investment (or one you already own) may offer building depreciation benefits.

Every investor however should have a good understanding of the depreciation they can claim on chattels (curtains, stove, carpets etc) within the property.

Our handy little calculator here provides a great estimate for your initial purposes.

To get a more accurate estimate you may want to have a quantity surveyor provide you with a depreciation schedule. Let us know if you'd like us to put you in contact with an organisation like BMT Tax Depreciation who can assist.

REIT stats for March rental properties across Tasmania

2011-05-04T14:53:00.003+10:00

The REIT (Real Estate Institute of Tasmania www.reit.com.au ) stats for March have just been released and there’s interesting news all around.

Vacancy rates rose in Launceston (to 2.0%) and in Hobart (to 2.6%).

Average time for an agency to rent a property in Launceston was as follows:
Less than one week: Nil
1 – 2 weeks: 75%
Greater than 2 weeks: 25%

Average time to rent a property in Hobart was as follows:
Less than one week: 7.4%
1 – 2 weeks: 64.8%
Greater than 2 weeks: 27.8%

At the moment we're finding most of our Elephant Property rentals are renting in that 1-2 week zone - however, many of our owners are experiencing zero days actually vacant due to us marketing homes 4 weeks out from availability.

If we can help you with any of your property management needs in Launceston or Hobart - please let us know! Phone Elephant Property today on 03 6334 6399 (Launceston) or 03 6223 2011 (Hobart).

Has Winter hit early?

2011-04-21T13:08:00.001+10:00

Over the last couple of weeks there has been a decrease in enquiry on properties that are currently vacant or becoming vacant in both Launceston and Hobart. With Easter and school holidays coming up we may not see enquiry pick up until the first week of May and then, unfortunately the rate of enquiry is lower over the colder months.

To ensure your property finds a great new tenant you'll want to:

- list it on realestate.com.au with fabulous photos and text that really sells it

- list it with an agency like Elephant Property who keep an active database of tenants and corporate clients

- make sure your property presents well

- make sure your property manager follows up all potential tenants

- get your pricing right on the money, when tenants have more choice you need to be even more careful to price to attract the best tenants (and a good return)

I'm buying an investment property - what should I consider?

2011-04-14T14:10:00.000+10:00

by Kirsty Dunphey

In brief - here's what we recommend you consider as a starting point:

- Do I have my deposit / equity sorted? Speak to your bank or mortgage broker and find out what they think you can afford (and then make sure you think it's affordable even under difficult circumstances). Remember - that if you have a deposit / equity greater than 20% you'll be able to avoid paying mortgage insurance.

- What am I looking for? Are you buying for cash return or yield, capital growth, taxation benefits. Talk to your accountant, a good property manager and if possible a successful property investor to get the right advice here. Consider as well some reading material such as Jan Somer's books. From there, start your research online with open homes or preferably both.

- Is it a good buy? Do your research, find out what other similar properties have sold for and most importantly get a reliable property manager (not a sales consultant) to give you an accurate and realistic rental estimate. Remember, projected return isn't everything if it means the property will attract the wrong type of tenants or sit vacant for extended periods of time.

- Time to sign. Engage a great solicitor to look over a contract and act in your best interests and sign when you feel it's the right property that you'll be able to afford and that will tenant well.

If we can help you through this process, please - let us know!

Query from facebook: Week by Week vs 6 months

2011-03-29T20:25:00.000+11:00

Query from facebook; I recently didn't want to renew at the end of a 12 mth lease (I'm in NSW) and wanted to go week to week. The owner didn't want that so gave me a termination notice (after initially agreeing). I asked if it was because I wasn't signing an agreement was told yes, so I signed for another 6 months - surely this can't be right?!?

Answer from Elephant Property director Kirsty Dunphey:

Lara, thanks for your question. In Tassie our preference as property managers at Elephant is to have all our tenants on fixed term leases (usually 12 months) and down here we wouldn't encourage an owner to accept a week by week lease. Typically (and it's probably not what you want to hear sadly!) most of our owners would probably elect to do the same thing as your property owner (after our recommendation), hold hard to the fact that they're keen to have a longer lease and if you weren't keen to sign most likely look to find a new tenant.

Query from Facebook: No date on lease

2011-03-29T19:54:00.002+11:00

Query from our facebook page: I've just signed a lease without an actual date on it, verbally I told my real estate that wanted to stay for another 6 months or less, will I lose my bond if I leave early?

Answer from Elephant Property director Kirsty Dunphey:

Naomi - great question. For your lease to be valid it must have a start and end date, without it you'd default to a no fixed term tenancy where you could terminate with limited notice. Even if you did have a valid lease and were to leave early (breaking your lease) you wouldn't (in Tasmania) be penalised your whole bond automatically - you'd simply be responsible for re-letting costs and would need to discuss with your agent how these are calculated.

Query from Facebook: Point not working

2011-03-29T19:51:00.003+11:00

Query from our facebook page:

Recently helped a mate move into a rental property and the TV jack wasnt working (wasn't picking up tv signal). It was evident that the jack was broken/loose and hence why we couldnt watch tv. The real estate agent took days to get back to us, and replied with "you can fix it but its at your own cost". Surely this would be an owner cost, am I right?

The answer from Elephant Property director Megan Hampton:

Current legislation states that everything in a property must be in working order. In the case you mention with the TV aerial point not working this would be the owners responsibility to repair. If there were no TV aerial or point and the tenant wanted one the owner would have the choice as to whether to have it installed or not. In this case the owner may advise the tenant they could have an aerial installed at their own cost. If there is an aerial and point installed in the property then the owner must maintain them in a working order.

The Benefits of a Real Estate Scholarship

2011-03-18T09:10:00.001+11:00

The Real Estate Scholarship Board award real estate scholarships to individuals who are self-motivated, driven and aspire to be one of the future leaders of the real estate industry. The scholarship is a three year programme, with those who are successful being invited to complete a fourth year in a Diploma of Property Services.

Scholarship holders are introduced into the real estate industry through a Host Agency in an administrative role and move into property management, and property sales through the second and third years of the programme. As well as a successful workplace training programme, scholarship holders attend regular training with the Real Estate Institute of Tasmania and are educated by both local and interstate trainers that are well respected members of the real estate community.

The Scholarship benefits a vast number of people. The real estate industry and local community are both advantaged by having a group of quality educated and community focused real estate professionals that are highly skilled, educated and motivated. Scholarship holders, at the conclusion of their Diploma in Property Services will have learnt how to efficiently manage, and work in a real estate office from the ‘ground up’ with the highest of quality and standards.

Where are the property owners headed?

2011-02-16T13:23:00.001+11:00

The length of tenure, or a property's 'hold period' is a very under utilised property statistic.

The hold period is a calculation which measures the time period between sales expressed in years. The hold period calculation at a suburb level is expressed as an average across all sales during the last 12 months. On average, across the combined Australian capital cities, the hold period for a house is 7.5 years and 6.5 years for a unit.

The hold period calculation is not widely utilised but is a very valuable tool for property market professionals and investors. As a real estate agent, if you know the average hold period within your area it can help you to target those property owners which are most likely to be selling during the coming years. If you are a mortgage broker or bank and you are aware of the hold period it can assist to indicate the level of equity owners are likely to have in their property and may be a good trigger for them to look at reinvesting some of that equity.

Read more here: http://www.smartcompany.com.au/property/20100830-where-are-residents-upwardly-mobile-and-where-are-they-staying-put.html

What to look for in an investment property: House or Unit?

2011-02-11T10:34:00.001+11:00

So you’re looking at buying an investment property and are wondering whether to go with a house or a unit. Let’s talk about the pros and cons of a unit vs a house from a property management point of view:

Unit Pros

- Potential for lower maintenance given fewer people living in the property
- Potential to purchase into an established sinking fund (through the body corporate)
- The body corporate should hand insurance, gardens, external maintenance
- The cost base to buy a unit is typically lower than a house

Unit Cons

- If the body corporate doesn’t exist there is potential for liability when it comes to improper insurance / common property
- The body corporate may exist but may not be well run or may be difficult to communicate with. If possible try to find out as much about a body corporate as you can prior to purchasing a unit
- Demand for units can be lower overall than houses and, in general, unit tenants don’t tend to stay in properties on average as long as tenants in houses
- Units often attract singles or couples, whereas houses can tend to attract families

In general – especially at present – the demand for neat and tidy 3 bedroom homes that rent in the bracket of $260 - $340 per week far outweighs that for units and for larger 5+ bedroom homes. The added advantage of having a house is that in many cases you can attract longer term tenants who stay past their initial lease term meaning lower costs for you and less wear and tear on your home.

At any rate – whether you’re thinking of buying a unit or house – consult a property manager prior to signing on the dotted line. Get their feedback on potential rent and the demand for the property.

REIT stats December 2010

2011-01-24T16:39:00.001+11:00

REIT stats for December rentals

The REIT (Real Estate Institute of Tasmania www.reit.com.au ) stats for December have just been released and here is the news for investors.

3 bedroom houses in Launceston are now renting for an average of $275 per week, with 2 bedroom units now renting on average for $218 per week.

The vacancy rate for Launceston has slightly increased to 1.8%. This is the first time in nearly 12 months that Launceston’s vacancy rate as increased, however it is still interesting to note that vacancy rates for Launceston are the lowest in the State with Hobart at 2.2% and Devonport, Burnie and Ulverstone all at 3.2%.

Average time to rent properties in Launceston is as follows:

0 – 1 weeks: 18.2%
1-2 weeks: 63.6%
2 + weeks: 18.2%

Enquiry on rental properties in general have been low across the first two weeks of January, however as we have hit the last week in January and moving into February enquiry is increasing each day and we look forward to a busy renting month of February!

If you would like to know a further breakdown on areas or if you’d like an obligation free rental prediction on your property- please let us know!

2011-01-13T15:42:00.003+11:00

The following article is from the Smart Company posted on Thursday 13th January 2011: The Nation's 65 Cold Spots

While it's natural that property investors always start out by looking for the best suburbs to buy in, it's equally important to know which suburbs to avoid.
But picking property coldspots isn't easy – after all, today's underperformer might be tomorrow's rising star.

However, RP Data's national research director Tim Lawless has come up with a solid strategy. He's looked across every state and territory in Australia to locate 65 areas where properties aren't exactly flying off the real estate agent's books.

The strategy is simple – Lawless looks at the size of the discount the vendor has had to accept on their original asking price (the bigger the discount, the worse the ranking) and the length of time the property has remained on the market (the higher the number of days, the worse the ranking).

The common theme across the states is that it the inner city areas account for a high number of poor performers.

"This may be due to the strong capital gains seen in many of the inner city and coastal markets over the last year which have sent prices to record highs," Lawless says.

When we look at the median prices of Lawless' worst performers, we can see another pattern.

"Looking at median prices, the markets where selling time and vendor discounting is the highest mostly tend to be priced above the citywide median," he says.

But a word of warning from Lawless before you scratch these suburbs off your list of target suburbs – there is likely to be a few great buying propositions on these lists.

"For desirable suburbs, these areas potentially represent some of the best opportunities for buyers as they have more potential for negotiation on price and less time pressure due to the longer selling times recorded in these areas."
Adelaide

Perhaps it's not surprising that in the city that Don Bradman called home we should get a suburb where homes average more than a century of days on the market – in Glen Osmond, home owners could expect to wait a whopping 107.2 days to sell, and accept a 12% discount to boot. Another blue-chip suburb, North Adelaide, also features prominently, with an average discount of 11.9% and average time on market of 65.3 days.

In terms of units, the discounts are smaller but the wait can be particularly long, especially if you live in Glenelg North and West Beach.

Brisbane
The suburb of New Farm in inner Brisbane is considered one of the city's best places to live. But according to Tim Lawless' research, it's not one of the easiest places to sell a house. Homes in the area took an average of 74.4 days to sell, and buyers were forced to accept an average discount of 10.1%. It's a similar story in other inner city suburbs like Paddington and Herston, where discounts were above 10%.

Turning to units, we see a similar pattern. Four of the five worst performing suburbs are within three kilometres of the city and units in most took more than two months to sell. Discounts were generally well under 10%, except for South Brisbane where vendors saw discounts of 10.4%.

Canberra
Vendors in the suburb of Casey have required a lot of patience in recent times – as Tim Lawless' list of underperforming Canberra suburbs, homes in the area have taken an average of almost three months to sell. However, at least Casey vendors could expect a discount of only 2.9%. Sellers in the outer Canberra suburb of Gordon, where media prices are around $480,000, were forced to settle for a discount of a whopping 14.6%.

Darwin
Darwin's worst performing suburb is also one of its more expensive. According to Lawless' research, homes in Parap stayed on the market for an average of 75.2 days, with a small discount of 3.2%.

Indeed, discounts were under 4% for all of the bottom five suburbs, which suggests Darwin prices have held up well.

Hobart
Patience is clearly required in some Hobart suburbs – Lawless' research shows two suburbs have average selling days over 100 days (Lauderdale and Geliston Bay) while another (West Hobart) is just under this mark. However, it is worth pointing out that even in these worst performing suburbs, vendor discounts stayed under 10%.

Melbourne
Lawless' list of Melbourne's worst performing suburbs is dominated by two top-notch names from Melbourne's least east – Kew and Balwyn, where million dollar price tags could not hide the fact that vendors were waiting almost 70 days for a sale and could expect a discount of about 10%. However, it was vendors in the outer suburb of Lalor that face the biggest discount – an average of 16.3% below original asking price.

When we turn to units, we see eastern suburbs also dominate, with Kew again making the list. However, even inner city unit vendors can face a long wait – in West Melbourne, the average time on market was 73.7 days.

Perth
The Perth property market has gone a touch backwards over the last three months, led by some of the more expensive suburbs. Coolibina (median price of $1 million) and Applecross (median of $1.67 million) were among the worst performers on Lawless' list

When we look at units, it's a similar story – expensive areas such as Crawly, Bicton and Perth, relatively close to the city and selling periods of up to two months. Vendors could expect to be forced to accept the biggest discount in Perth, where average discounts of up to 13.6% on original selling prices were seen.

Sydney
It's the big numbers that hit you on Lawless' list of the worst performing suburbs in Sydney – the worst performers are all in blue-chip suburbs such as Paddington, Mosman and Manly, where prices are well over $1 million (and well over $2 million in the case of exclusive Mosman) but discounts are well over 10%, and days to sale are over 70. Things are a little better in the outer suburbs of Terrey Hills and Oatlands, but not much – homes still took an average of almost two months to sell.

In terms of units, it's a similar story. Inner city suburbs such as The Rocks and Alexandria were the worst performers, while it was even difficult to sell homes in reasonably-priced areas like Ultimo and Lakemba.

White Goods – Yes or No?

2011-01-05T15:24:00.004+11:00

We often get asked by owners should they leave their fridge/washing machine/dryer at the property for tenants to use?

Our answer to this question would depend on the type of property. However we always make owners aware that leaving white goods may increase repair costs as any items left at the property are the owners responsibility to maintain.

If the property was a family home we would advise owners not to leave white goods as most families move with everything they need for their household.
Some investment properties particularly those aimed at students or share houses may benefit from having white goods left in the property. Owners should keep in mind however that leaving white goods does not amount to much of an increase in the weekly rental amount.

Of course the stove and range hood would always stay at the property and in most cases the dish washer would remain also.

Elephant Launceston VIP Drinks

2010-12-20T11:29:00.001+11:00

Thanks to all those who turned up for our little Christmas VIP drinks here in the Launceston office - it's always nice to be able to see some our valued clients, customers, suppliers, tradies and friends in real estate in person!

Wishing everyone a very happy holiday season!

the Elephant Property team

REIT stats for November rentals

2010-12-20T09:04:00.000+11:00

The REIT (Real Estate Institute of Tasmania www.reit.com.au ) stats for November have just been released and here is the news for investors.

3 bedroom houses in Launceston are now renting for an average of $280 per week, with 2 bedroom units now renting on average for $225 per week.

The vacancy rate for Launceston has slightly decreased to 1.6%. It is still interesting to note that vacancy rates for Launceston are the lowest in the State with Hobart at 2.1% and Devonport, Burnie and Ulverstone all at 3.4%.

Average time to rent properties in Launceston is as follows:

0 – 1 weeks: 20.8%
1-2 weeks: 45.8%
2 + weeks: 33.4%

As we head into the week of Christmas, rental properties are in high demand and this will only increase as we approach one of the busiest months of January– more good news for investors!

If you would like to know a further breakdown on areas or if you’d like an obligation free rental prediction on your property- please let us know!

We're Hiring!

2010-12-16T16:15:00.001+11:00

Elephant Property, Tasmania's only specialist property managers based in Launceston & Hobart, are looking for some fantastic new additions to our team.

The new team members will:

- be organised, methodical & love a system
- be ethical & honest
- have great computer skills
- be able to work under pressure & with sensational composure
- be focussed on providing unforgettable service

Our front of house position is ideal for someone in the early stages of their career who is looking for a challenge and a traineeship opportunity.

We will also have an upcoming position for a more experienced person to fill a property management role - this position is flexible and may suit someone wanting 3 days to full time work. Our main priority is getting someone with the right attitude, so don't let a lack of property experience stop you from applying.

Email Kirsty Dunphey kirsty [at] elephantproperty.com.au with your resume and a covering letter/application that shows us both your personality and that you're the awesome team member we're looking for!

www.elephantproperty.com.au
22 Cameron Street, Launceston, TAS, 7250

Examples of Tradespeople Facebook Pages

2010-12-10T13:30:00.001+11:00

A great post from our friend and social media guru Lara Solmon on facebook pages for tradespeople.

Click here to read all about it.

Elephant Property Supports Movember

2010-12-06T09:34:00.002+11:00

Ahh Movember... not only a fantastic time warp into the fashions of yesteryear but also an awesome fundraiser.

This year Elephant Property were delighted to support Nick Corkhill (our Elephant Property Hobart mo-licensee) and Stuart Alexander (our fabulously mo-ed up insurance whiz) in their quests for the best moustaches in Launceston and Hobart respectively.

Elephant Property Director Bella Fountain - Listed as one of Australia Top 3 "Real Estate Renegades" Anthill Magazine

2010-12-01T08:26:00.003+11:00

Congratulations to Elephant Property director Bella Fountain!

In this year's Anthill magazine list of the Top 30 Entrepreneurs under 30, Bella's been listed in a new specialist category - Australia's top 3 real estate renegades.

At just 28, Bella has the following to say about Elephant Property's journey so far: “We are a constantly evolving beast, designed to work around family commitments, travel and life in general. I still get to make systems better every day, thrill clients and control my own earnings, but I never have to sacrifice my family or sanity to do so.”

Read all about it here: on Anthill's site.

My tenant wants to break their lease what do I do?

2010-11-29T15:03:00.001+11:00

By law a tenant can break their lease and vacate a property at any time during their lease. In this situation the tenant is responsible for rent payments until a new tenant is found and some re-letting costs are also paid by the tenant. There are lots of reasons tenants have to break their lease for example, work relocation, change of family circumstances and family illness.

At Elephant Property when a tenant wants to break their lease we ask them to sign a lease break agreement immediately detailing and accepting all the costs involved. We also ask the tenants to pay the cost for internet advertising upfront and encourage tenants to do their own newspaper advertising to help find a new tenant as quickly as possible.

There are also some instances where a tenant can be let out of their lease without having to pay any reletting costs or rent for example: defence force service, domestic violence cases involving restraining orders and some mental health circumstances.

Here at Elephant Property we do everything we can to ensure our owners are out of pocket as little as possible in a lease break situation and we develop relationships with our tenants so they feel they can come to us in these situations and we can work out the best solution for everyone.

What Not To Do - Home Repairs

2010-11-24T09:06:00.013+11:00

Giving your property a splash of paint, or laying down some new carpet can be a great way to freshen up a house, especially if you're getting it "rental ready". Following are a couple of ideas of what not to do....

If you have any questions regarding improvements to your property, or to find out more about Elephant Property - Launceston & Hobart property managers head to: www.elephantproperty.com.au

Rental markets (across Australia) show slight recovery in Sept qtr

2010-11-15T07:25:00.000+11:00

Rental markets across Australia have shown signs of tentative recovery, with rents nudging slightly higher in selected areas after below average growth over the past 12 months.

RP Data's Rent Review Report for the September quarter shows average prices rose 2.8 per cent in capital cities and 2.9 per cent in regional areas in the twelve months to September 30, with the strongest quarterly growth seen in Canberra, at 10 per cent, and Adelaide at 6.7 per cent.

Meanwhile, rental prices for houses remained steady for the quarter, with flat growth in all capital cities except Melbourne, which saw rental rates lift by 1.4 per cent and Canberra, which recorded a 3.1 per cent rise.

But rental price growth for houses was flat in Adelaide, Perth and Darwin, while falling 1.4 per cent in Brisbane and 2.4 per cent in Canberra.

In contrast, units typically saw some growth in advertised rents over the year, the report said, with Brisbane the only city in where unit rents were flat. The greatest increases in unit rental rates were recorded in Hobart, at 4.7 per cent and Melbourne at 4.5 per cent.

The data gave some evidence to suggest that landlords are already beginning to lift weekly rents, RP Data analyst Cameron Kusher said.

“Growth rates across house and unit rental markets are still well below the average annual level of rental growth recorded at seven per cent and 7.3 per cent respectively," he said. "In recent times unit rental markets have been outperforming houses.”

This reflected the growth in demand for units, as lifestyle preferences change and affordability pressures increase, Mr Kusher said.

Over the last five years the weekly rent on units increased above that of houses, both nationally and in capital cities.

Meanwhile, Darwin recorded the most expensive capital city rent prices, at average advertised weekly rent of $520, followed by Canberra, at $495 per week and Sydney at $450 per week.

Adelaide was the most affordable capital city, with an average advertised weekly rent of $320, followed by Hobart, at $325.

In regional areas, Western Australia's Pilbara region was the most expensive place to rent, at an average weekly advertised price of $1,500 per week.

Source: http://www.businessspectator.com.au/bs.nsf/Article/RP-Data-rental-markets-pd20101007-9Z5H8?OpenDocument

Sandy Bay leading the way in Hobart

2010-11-10T14:11:00.001+11:00

Data released yesterday showed Sandy Bay was the Tasmanian suburb to record the greatest value of home sales last financial year.

Its median price is $660,000, according to rpdata.com. The company's analysis showed 177 Sandy Bay homes sold in 2009-10 with a total value of $129 million.

Assuming an average agent's commission of 2.5 per cent, rpdata.com said that equated to more than $3.2 million worth of commissions.

The company says Devonport is the most affordable city in Australia with a median price of just $250,000.

Just over 240 Devonport homes sold last financial year for a total value of $63 million.

Newly elected Tasmanian Real Estate Institute president Adrian Kelly has high hopes for the future of Tasmanian real estate.

"The demand for Tasmanian property is definitely up, but there's a bit of an undersupply at the moment," Mr Kelly said.

"We still have strong interest from investors from the mainland and our rental market is solid.

"Housing affordability is a major factor and we need to ensure that we retain that interest."

Mr Kelly believes the shortage of properties for sale is to be expected as property owners have become more cautious with their investments.

"People have become a lot smarter when dealing with their properties and are making sure they are in the right position to sell," he said.

Mr Kelly said changes to legislation would be the key for Tasmania to move forward, particularly in vendor disclosure and planning.

"There is currently no legislation for vendor disclosure in Tasmania, which leaves liability with real estate agencies for problems with property," he said.
Mr Kelly also said a smarter planning scheme was required to ensure consistency for property developers.

by BRIAN WARD

Buy an ad or build a relationship?

2010-11-05T13:41:00.001+11:00

Unintentionally I set a rather controversial strategy for marketing of our real estate agency Elephant Property when we started in January of ’09: an advertising budget of almost nil.

We rarely purchase advertising instead preferring to focus on building relationships and providing exceptional “unforgettable” service to our current clients that makes them want to talk about us. Now, don’t mistake me, we market our properties for rent so that we have a recurring days vacant of almost nil, but, what I’m talking about is actually marketing the business.

This strategy always meant that fewer people looking for a property manager in our market place were going to know about us than the top advertisers in our field. However, when people do hear about us, they typically hear it from a trusted friend or adviser.

In our field – residential property management – we typically deal with three main groups of people. Our clients – property owner, our customers – tenants and our suppliers – tradespeople.

I’m sad to say, but in many real estate agencies only the first group – property owners are seen as being worth of first class service. Tenants are often treated with contempt or as a necessary means to an end and tradespeople are rarely lauded for the amazing work they do which makes our lives and jobs so much easier.
I’m proud to say a lot of our business comes from our tradies referring clients to us. Many of them deal with multiple agencies and there really is no greater compliment than knowing they choose to refer our services because they have a in depth knowledge of how many real estate agencies operate.

A rarity in our field however is to have tenants recommend your services. A fine line has to be walked between being overly friendly with the tenants to the point where it’s a disservice to your clients (the property owners) and being unfairly unjust with tenants and treating them like second class citizens.

About 10 months ago a tenant of ours in Launceston, met a lady in Hobart. They got chatting with the Hobart lady mentioning that her child was having trouble renting a property of theirs nearby to the Launceston tenant. Thankfully we’d developed the relationship with our tenant where they felt comfortable saying – you should talk to Elephant Property.

Cut to the present day and that one conversation that would have never happened if we treated tenants in a typical fashion lead to us gaining that one property to rent. Furthermore those clients referred us on to a friend, and bought a second property and the original woman in Hobart is about to bring over the fourth property in this line of relationships to us.

Each time we’ve pitched for the business without going up against competition and with the knowledge that the person we’re talking to has been given an honest, heartfelt testimonial by someone who knows and appreciates our service.
Let me tell you, that initial meeting is a completely different one to a meeting generated by an advertisement. There’s already an in-built connection, an existing level of trust and the foundation has already been laid for a great ongoing relationship.

A billboard, or an advertisement can speak your message – but to me, having a strategy in addition to any marketing that fosters a desire in people to personally tell other people about your business creates stronger leads for ongoing business.

REIT stats for September rentals

2010-10-25T17:08:00.000+11:00

The REIT (Real Estate Institute of Tasmania) stats for September have just been released and here is more news for investors.

3 bedroom houses in Launceston are now renting for an average of $373 per week, with 2 bedroom units now renting on average for $230 per week.

The vacancy rate for Launceston has slightly decreased to 1.5%. It is still interesting to note that vacancy rates for Launceston are the lowest in the State with Hobart at 2.1% and Devonport, Burnie and Ulverstone all at 3.5%.

Average time to rent properties in Launceston is as follows:

0 – 1 weeks: 14.8%
1-2 weeks: 67.6%
2 + weeks: 17.6%

With the weather becoming finer each week, and as we head closer to Summer, we should see an increase in demand for rental properties – more good news for investors!

If you would like to know a further breakdown on areas or if you’d like an obligation free rental prediction on your property- please let us know!

What improvements are right for my property? 5 things to consider.

2010-10-18T12:45:00.001+11:00

Whether you’re thinking of doing some improvements to claim at tax time, to keep a tenant happy or to attract a new tenant to follow is a list of things to consider.

1. Improve parking Add a car space, add a carport or even enclose a carport to make a garage.

2. Improve heating If your property is becoming vacant in Winter you can bet that this will be high on a tenant’s wish list. Keep in mind efficiency of running as well as the power of the heat. A sweltering hot room that costs tenant’s a packet isn’t the ideal solution to keep tenants in a property long term.

3. General freshen up It’s amazing what a difference a fresh neutral coat of paint, some white tiles, crisp new venetian blinds, fresh laminex or lino (again in neutral colours) or some durable neutral carpet can make.

4. Enclose a yard Making your property more suitable to children or pets.

5. Cupboard space Built-ins can be costly (get quotes first!) but can be really appealing for tenants and can add a feeling of space / size to your room as opposed to bulky free standing wardrobe alternatives. If you can’t afford to do the whole house – consider just doing the master bedroom.

Most of all – ask your property manager what they would recommend. They’ll know your property best and can tell you what is going to earn you more money or help your retain a tenant as opposed to what won’t.

Relocating?

2010-10-15T16:19:00.002+11:00

The LifeStyle Channel in partnership with Domain.com.au is looking for bright, outgoing people to take part in the Australian version of the hit show Relocation Relocation.

If you're looking to buy two properties - maybe a country retreat or beach house, and a crash pad in the city - let us take the pain out of your property search.

The Relocation, Relocation team of researchers and real estate experts will scour the market on your behalf seeking out properties both on and off the market.

You'll have your own personal property advisors with inside knowledge of the market to help close the deal on your property dreams.

Find out more here.

Success with Attitude - raising funds for the Amy Gillett Foundation

2010-10-14T14:04:00.003+11:00

We were delighted to again be part of Success with Attitude this year which raised funds for the Amy Gillett foundation.

Kirsty Dunphey talks on how to choose a property manager

2010-10-14T13:30:00.004+11:00

A new video blog - and quite a lengthy one from Elephant Property's chatty director Kirsty Dunphey. You can download the form Kirsty talks about here.

A healthy reward!

2010-10-11T16:28:00.002+11:00

Thanks to one of our fabulous owners for dropping around two fantastic Hilbarn (www.hilbarn.com) boxes of healthy goodies for his tenants - and a box to thank the team at Elephant! We're feeling healthier already!

Monique Welsh - Intro Video!

2010-10-08T17:01:00.001+11:00

100% Tenanted

2010-10-04T13:45:00.001+11:00

What a month it's been for the team at Elephant Property! We're 100% tenanted in our Launceston office after an insanely busy letting month with properties rented in Newnham, East Launceston, Legana, Central, Norwood, West Launceston, Perth, Kings Meadows, Trevallyn, Prospect and more!

Our Hobart office has been established and we couldn't be happier with our new partners and team members (check out the website to see what they're up to - www.elephantproperty.com.au) and congratulations to the Hobart office on setting a new State record in the prestige market this month - fantastic!

If we can be of assistance to you or anyone you know with property to rent, we are the only specialist property managers with a presence in Hobart and Launceston and we'd love to help! Call Launceston on: 6334 6399 or Hobart: 6223 2011.

Routine Inspections

2010-09-28T13:51:00.001+10:00

Something many of our property owners ask is how often do you conduct routine inspections?

At Elephant Property we inspect each of our properties under management every four months. If a new tenant has just moved in we like to conduct the first inspection within eight weeks.

At these routine inspections we look for the following:
• Tenant cleanliness and general presentation
• Gardens are well maintained
• That any pets at the property are approved and not causing any damage
• That all occupants of the property are approved
• Any maintenance requests that the tenants have made
• Any preventative maintenance that we can suggest to the owner
• Seasonal issues such as mould in winter, overgrown trees and full gutters in spring etc
• Check on any recent completed maintenance

Once these routine inspections are completed a written report detailing any maintenance or concerns about the tenant is sent to the owner, including photographs if necessary. These reports are then filed as an ongoing record of the condition of the property.

Any concerns we have about the tenant’s presentation, pets, gardening etc are addressed directly with them. If a breach of the lease has been made the tenants are given 14 days to rectify this and a second inspection is conducted at the end of this period to ensure the tenants have rectified the issue.

By Megan Hampton

We love when our clients say thank you with edibles!

2010-09-24T09:32:00.003+10:00

Thanks to our lovely property owners Mel, Janelle and Dave who all surprised us with lovely thank you gifts in September. We'll need to be careful though or we'll end up looking like real elephants!

Rates Remain On Hold - An update from the Quartile Research News Bulletin

2010-09-13T08:56:00.002+10:00

Interest rates will remain on hold for another month, after the Reserve Bank of Australia met this week.

This is now the fourth month in a row that the Official Cash rate has been at 4.5 per cent, after a decision that economists say is possibly due to recent official figures showing economic growth has not forced an increase in inflation.

In his statement announcing the Bank's decision, Governor Glenn Stevens said that while the effects of earlier expansionary policy measures have been diminishing, income and demand for labour have picked up, credit outstanding for housing has slowed a little over recent months, and the upward pressure on dwelling prices appears to have abated.

"With growth in the near term likely to be close to trend, inflation close to target and with the global outlook remaining somewhat uncertain, the Board judged this setting of monetary policy to be appropriate for the time being", he concluded.

http://nb.quartileresearch.com.au/index.cfm?newsletterClientid=cli719081090edoras&screen=archive&newsletterPeriodArtLinkid=npa127061174minas

Don't we have the best tenants here at Elephant Property!

2010-09-03T16:42:00.002+10:00

This is what one of our lovely tenants brought into our office earlier in the week for expecting Elephant Kirsty! We would like to thank these kind tenants once again, as we feel very fortunate to have such great tenants!

REIT stats for August rentals

2010-09-02T15:25:00.002+10:00

The Real Estate Institute of Tasmania stats for August have just been released and here is more news for investors.

3 bedroom houses in Launceston are now renting for an average of $260 per week, with 2 bedroom units now renting on average for $200 per week.

The vacancy rate for Launceston has slightly decreased to 1.8%. It is still interesting to note that vacancy rates for Launceston are the lowest in the State with Hobart at 2.5% and Devonport, Burnie and Ulverstone all at 3.1%.

Average time to rent properties in Launceston is as follows:

0 – 1 weeks: 12.5%
1-2 weeks: 83.3%
2 + weeks: 4.2%

With the weather becoming finer each week, and as we head closer to Summer, we should see an increase in demand for rental properties – more good news for investors!

If you would like to know a further breakdown on areas or if you’d like an obligation free rental prediction on your property- please let us know!

Here's what some of our lovely clients have said about us recently...

2010-08-26T11:38:00.002+10:00

D. & A. Pedersen, based in West Australia

We would like to write a short note to personally thank Bella Fountain and the Elephant Property Management Team for their ongoing services and support in Managing our investment.

The opportunity came for us to move interstate very quickly and we were faced with the dilemma of renting out our home from the opposite side of the country. Bella happily informed us of the entire rental process and thoroughly explained to us the ins and outs of the property management arena.

Throughout the lease period, in looking for suitable tenants to vacating the tenants when we later decided to sell, we were always kept well informed and up to date with any progressions and choices.

The Elephant Property Management Team’s obvious passion for excellence was evident in every call, meeting and email we received. We found that they were a company that wasn’t too big to care about the smaller things and we were treated like A1 clients every step of the way.

If you are looking to establish an open and honest relationship without the legwork in doing everything yourself, then we would strongly recommend Elephant Property Management’s services to you.

In summary our experience was simple, enjoyable and financially beneficial for the entire term of their management and we would quite happily refer Elephant Property Management services to any future perspective clients.

A. & E. Welsh, based in Tasmania

What’s the service like at Elephant?
Great! Our experience with Elephant Property has been a real positive experience. We would recommend them to everyone who is after great property managers. Elephant Property has always kept us in the loop regarding our properties. From developing a custom marketing plan to rent our properties, finding great tenants who will look after the property and pay optimum rent, to ensuring hassle-free involvement for us.

What’s the most memorable thing about dealing with Elephant?
The most memorable part of dealing with Elephant Property is the service they provide. Everyone at the office is friendly, professional, and happy to see you. We feel at ease knowing our assets are being looked after by Elephant Property.

What do you enjoy about dealing with Elephant?
The service at Elephant Property is outstanding. From privately managing our own properties, everything has been such a smooth transition into property management with the girls. We also like the fact that Kirsty, Megan and Bella are all property investors themselves, they manage our properties to the same high standard thy manage their own, this is another bonus of having our investments with Elephant.

R. & J. Foster, based in Tasmania

What’s the service like at Elephant?
Very good

What’s the most memorable thing about dealing with Elephant?
Feeling confident that things will get done efficiently and on time. Peace of mind!

What do you enjoy about dealing with Elephant?
The wonderful staff at Elephant property are the best property managers I have dealt with in over 20 years of being a landlord.

T. Streefland, based in Tasmania

What’s the service like at Elephant?
Outstanding.

What’s the most memorable thing about dealing with Elephant?
The communication. Since moving my property to Elephant the communication has been wonderful. Whenever there is a problem it is dealt with efficiently and I am notified promptly.

What do you enjoy about dealing with Elephant?
Elephant Property are a cut above the rest. I find that their service and attention to detail is a credit to everyone involved. As a client I think it is noticeable that Elephant Property's core business is Property Management. And from past experiences with other companies who have management as only one element of their businesses I can definitely tell a difference in service. I would most certainly recommend Elephant Property to anyone looking for exceptional service and attention to detail.

S. Booth, based in Queensland

What’s the service like at Elephant?
10/10. Extremely professional service. Wish I had found you sooner!

What’s the most memorable thing about dealing with Elephant?
Personal service and attention to detail.

What do you enjoy about dealing with Elephant?
Moving to Elephant Property has been a dream come true. It has restored my faith in rental property managers! Elephant Property have been extremely professional, showing me great attention to detail and personal service.

T. & S. Hewton, based in Western Australia

What do you enjoy about dealing with Elephant?

Having dealt with over 20 different 'individuals' since investing in property I can easily say that the three ladies at Elephant Property are the best I have seen, and I doubt they will ever be bested. They are efficient, dedicated and always to their utmost to get things done. I highly recommend them.

Justin, based in Tasmania

What’s the service like at Elephant?
Great. We rented our family home to great tenants very quickly, and for a rent that was far more than we were expecting.

What’s the most memorable thing about dealing with Elephant?
How much stress was taken off our family when we had to quickly rent out our old home to move to the new one. Elephant Property made that transition quick and painless. Elephant Property has been fantastic to deal with.

D. & J. Manshanden, based in Tasmania

What’s the service like at Elephant?
Brilliant. Our house went up on the net on a Monday and we were blown away by the quality of the photos and how our house was presented. They had people through on the Tuesday and then an approved application and the first two weeks rent paid by the Thursday. We could not be happier with the service.

What’s the most memorable thing about dealing with Elephant?
The quality of the information and the feedback provided during every step of the process - from initially meeting with them to discuss the prospect of them managing the rental of our home to the little elephant cards they left inside with an update after each inspection.

What do you enjoy about dealing with Elephant?
Elephant completely exceeded our expectations in renting the property out so promptly, at a great price and to an excellent tenant. They and made us feel comfortable in the process of renting out our much loved family home and we feel safe in the knowledge our house is in such experienced hands.

Thinking about negatively gearing a rental property? An article from the Australian Taxation Office

2010-08-16T16:38:00.001+10:00

A rental property is negatively geared if it is purchased with the assistance of borrowed funds and the rental income does not cover the allowable deductible
expenses, including interest on the loan. For tax purposes, the effect of a negatively geared property is a net rental loss.

When you complete your tax return for the relevant year, you may be able to claim a deduction for your rental property expenses against your combined rental and other income (such as salary, wages or business income). If the other income is not
sufficient to absorb the loss, you carry the loss forward to the next year.
You can claim some of the rental property expenses the year you incur them; others you claim progressively over a number of years.

What expenses can you claim immediately?
Expenses you can generally claim the year you incur them include: · interest on the loan you took to purchase the property
· repair costs, for example, repairing the guttering or windows damaged in a
storm.
What expenses do you claim progressively?
Expenses that are deductible over a number of years include: · most of your borrowing costs
· the cost of depreciating assets and structural improvements.

• For more information on what rental property expenses you can claim on your
tax, visit our web page at www.ato.gov.au/investment

What should I consider when thinking of buying an investment property?

2010-08-11T11:43:00.001+10:00

As a short list I recommend you consider the following factors when looking at any potential investment purchase:

- The price you’re going to pay (remember, everything in real estate is a negotiation!)

- Any improvements you’ll need to make to the property prior to renting it

- Solicitors cost and stamp duty

- The interest rate you’ll be paying

- A potential future interest rate (can you still afford the property if/when interest rates rise?)

- Council rates

- Land tax

- Property management costs (tax deductible!)

- Interest payable and whether you’ll be paying interest only or interest and principal

- Body corporate fees (if the property is a unit)

- Insurance

- Estimated future maintenance costs on the property

- What rent you’ll be getting (always get a property manager to confirm this, not just the sales agent)

- How many weeks a year you think the property will be rented for

- Depreciation and tax benefits

It’s a big list – but it’s all important to consider in finding a great property as a long term investment for you.

If we can be of any help in finding you your first or next investment – let us know!

REIT stats for June rentals

2010-07-28T13:35:00.003+10:00

The REIT (Real Estate Institute of Tasmania) stats for June have just been released and here is more news for investors.

3 bedroom houses in Launceston are now renting for an average of $268 per week, a slight decrease of just $2, with 2 bedroom units now renting on average for $230 per week, and increase of $5 since May 2010.

The vacancy rate for Launceston has slightly increase to 1.9%. It is still interesting to note that vacancy rates for Launceston are the lowest in the State with Hobart at 2.4% and Devonport, Burnie and Ulverstone all at 3.2%.

Average time to rent properties in Launceston is as follows:

0 – 1 weeks: 12.5%
1-2 weeks: 70.8%
2 + weeks: 16.7%

If you would like to know a further breakdown on areas or if you’d like an obligation free rental prediction on your property- please let us know!

My property’s not rented AND I’m with an agent – what can I do?

2010-07-23T10:38:00.001+10:00

So, it’s a quieter time of year in many areas being Winter and some properties are sitting vacant a little longer than they might do in Summer time.

If your property is with an agent, here are a few things you can do that might help speed up the process:

1.Check out the property presentation online. Are you happy with the photos, does the text really sell all the property’s best features? Is there anything you can suggest your agent improve / change / enhance?

2. Ask your agent what the feedback has been on your property. If it’s higher priced than other comparable rentals, or if it’s missing a feature (heating being a big one at this time of year) that you might be able to add. In some instances even looking at well behaved outside pets might be an option to open up your property to more potential tenants.

3. Presentation is key, so it might be worth checking with your agent to see how the property is presenting. If it’s currently tenanted they might need to be told to get things a bit neater. If it’s vacant, given your budget you might want to consider getting a few hours of cleaning done, the gardens neatened or if it’s a more up market property some rental furniture may be appropriate – check with your agent.

4.As a last resource you may want to investigate the option of looking at another agent to look after your property. Be sure that the agent you’re looking at going to has an active database of tenants they manage and has a STRATEGY for getting your property rented ASAP.

By Kirsty Dunphey

Does managing my own property save me money?

2010-07-12T15:19:00.000+10:00

So I’m managing my property privately and I’m saving all those property management fees – I’m way ahead right – or am I?

Most private owners find they’re actually not ahead. Without even going into the time it takes to manage a property, and the tax deductibility of our fees, let’s just look at one simple area – vacancies.

Pull open a local newspaper and look at the privately advertised properties. First thing you’ll notice is that most private owners still have to advertise in the newspaper whereas, ask any property manager and you’ll find they get most of their solid enquiry from internet advertising.

The next thing you’ll notice about those private owner’s advertisements is that most of the properties are available right to move into right now. This means that the owner has waited for the property to become vacant, completed any work / cleaning that is required and then (the next weekend, so up to 5 days later) STARTED looking for a tenant in the newspaper.

Most great property managers, depending on the demand at the time, will look for new tenants weeks out from the vacating date of the old tenants so that the vacancy loss to the owner is minimal.

REIT stats for May rentals

2010-06-28T11:25:00.002+10:00

The REIT (Real Estate Institute of Tasmania www.reit.com.au ) stats for May have just been released and here’s the news for investors.

3 bedroom houses in Launceston are now renting for an average of $270 per week with 2 bedroom units now renting on average for $225 per week, and increase of $25 since March 2010.

The vacancy rate for Launceston was just 1.8%. It is still interesting to note that vacancy rates for Launceston are the lowest in the State with Hobart at 2.2% and Devonport, Burnie and Ulverstone all at 3.4%.

Average time to rent properties in Launceston is as follows:

0 – 1 weeks: 16.7%
1-2 weeks: 66.6%
2 + weeks: 16.7%

How do we compare at Elephant? Here is what a few of our clients have to say about us: www.elephantproperty.com.au/clients.php

If you would like to know a further breakdown on areas or if you’d like an obligation free rental prediction on your property- please let us know!

Animal House?

2010-06-21T11:19:00.001+10:00

One of the first things we check with property investors before starting the marketing of their property is whether they would be prepared to accept applications from prospective tenants who own pets. It’s often a moment of panic as they try to figure out if they’ll go with a flat ‘no’, an ‘okay but no indoor animals’ or ‘What the heck, I’ll consider anything that comes in and make a decision later!’.
In the past, I leaned heavily towards thinking that a tenancy with no pets is always preferable to one with them. Since working with Elephant Property to develop our extensive pet lease clauses and being involved in the more hands-on and concentrated interaction with prospective tenants I’ve come to see that in many situations having a tenant that brings a pet can actual provide advantages for a property owner.
Of course, there are some situations where pets are not at all negotiable. Most apartment blocks and unit complexes have noted in their body corporate rules that no tenants are to be allowed to keep pets. It’s always worth checking these rules if they apply to your property before extending permission to your tenants.
In our experience, tenants who own animals are already limited in the rental properties that they can consider. Most dog owners will only look at rental properties that are fully fenced and cat owners are even more limited in premises that will consider allowing moggies indoors. In smaller cities such as Hobart and Launceston it is more common than not to have an application with a pet of some sort, unlike in bigger cities where pets become rarer. As an owner, if you are prepared to consider animals, you open up your property to a wider market of prospective tenants increasing your likelihood of it being rented quickly.
Another benefit to owners is that pet owners are often happier to apply for your property at the higher end of the price bracket to secure the pet-friendly property for themselves.
But what about the smell? The damage? And all of the other reasons that property owners have been worried about allowing animals for so long? They are all still valid questions with two simple answers – laying out clear rules about the tenant’s responsibility for any damage or smells created by their animals that see a tenant responsible for rectifying this when leaving the property and dedicated and aware property managers.
Elephant Property are experienced in checking tenant references and specifically check for the history of the animals behaviour at previous rentals (was it a barker?, were there smells left? etc) as well as having a dedicated section of our lease signing meeting with tenants dedicated to ensuring they understand the rules of our pet clause and the extra responsibilities when vacating.
We also take notes about the animal’s presence on each routine inspection and check for any issues as they might arise, rather than waiting for the end of a lease.
If you’d like to see our extensive additional clauses to protect owners while allowing pets in their properties or to discuss any of our other services, please email us at contact@elephantproperty.com.au or call on 6334 6399.

By Bella Fountain

Rental Arrears

2010-06-18T12:32:00.001+10:00

It's something that an owner never wants to hear - 'your tenant is behind in rent'.

At Elephant Property we reconcile our trust account daily and this shows us which tenants are behind in rent. We contact any tenant as soon as they fall 1 day behind. Often there is a valid reason for this - bank error, wages not being deposited, transfer error, however it is important to make that contact with the tenant to ensure they understand that we are aware of the problem and that this is not acceptable.

At our lease sign ups we take extra time to explain to new tenants that should any of the above issues arise they are to contact us immediately. Taking the time to build a relationship with the tenant at the start of the lease ensures that any arrears issues that arise can be dealt with immediately.

We run our property portfolio at a very small arrears percentage - often 0%.

By Megan Hampton

Why hasn’t my property rented?

2010-06-10T13:46:00.001+10:00

When a property is on the market for sale the old saying goes that there are only ever three reasons it hasn’t sold: Presentation, Marketing and Price. If your property hasn’t sold you need to consult these three oracles and see which one, or more, is lacking and then adjust and sell.

When a property is for rent, the three oracles still apply but there’s a magical third one that also needs to be considered: Conditions.

Presentation

If someone offered you the choice between a ratty old $50 note and brand new one – we are all instinctively drawn towards the newer one despite the fact that it’s not worth a cent more than the old one. Perception is important and a better presented home compares more favourably when contrasted against other homes on the market for rent (always remember that your home is being viewed in competition, not in isolation).

Presentation tips:

- Attempt to get photography done while the home is vacant or when it’s furnished in an extremely nice manner and keep these photos on file for use in future marketing

- If the property is currently tenanted explain to tenants that their presentation is important and that the way they present the home during the marketing period will impact on the type of reference you can give to people asking about them (future property managers always want to know that a property was kept in neat and tidy condition)

- If the property is vacant make sure that it’s clean, light and bright. Arrive early for inspections and air the property out and draw all shades.

- Look through the property as a prospective tenant would and fix any niggling maintenance items that may deter them (loose step, crooked letterbox, falling fence). Also keep your lawns neat and tidy and the junk mail empty.

Marketing

The best way to gauge the effectiveness of marketing is to measure the enquiry level and how many of those people have continued on to inspecting the property. If your marketing is working you’ll have people inspecting the property:

Marketing tips:

- Internet marketing is vital, be sure that your property presents extremely well online as, in this day and age, the majority of your enquiry will come from this source

- Consider newspaper, social networking (facebook / twitter etc), posters in local businesses, sign boards and a letterbox drop of the local area as other potential marketing ideas

- Ensure that your photos and copy are amazing but accurate – you want to sell your property in the best light possible

- Always make sure that your agent calls through their database of prospective tenants as soon as they know the property is coming available. If your agent can’t show you their database or they don’t track tenants – consider finding a new agent.

Conditions

As an owner of a property you’ve got a choice when it comes to what sort of conditions you want to rent your property under. If you haven’t found a tenant you might find that expanding the conditions under which you want to rent your property may find you a tenant quicker.

Consider:

- Offering the property for a shorter or longer lease

- Allowing pets at the property (provided they’ve been well reference checked and your agent has a great pet clause that protects your property)

- In some areas of the world offering 1-2 weeks free rent at the commencement of a lease work as a good incentive (although this is not a common practice in our market)

- Consider applications from groups that you may not ideally fit the demographic you “thought” your tenant was going to be in. Some of our best tenants are younger people or adults sharing on a tenancy as opposed to just families.

Price

Any property will rent (provided it’s habitable) if the rent is adjusted to the correct price based on what’s available in the market. Adjusting price will even compensate for flaws in either of the three categories – BUT – I recommend you address Presentation, Marketing and Conditions FIRST.

As an owner, remember that if dropping your rent by $10 saves you 2 weeks in vacancy you’ve saved (say $500-$800 average in lost rent) and it’s only cost you $10 per week. You’ll rent the property out for a year before you even begin to notice that and by then you can review the rent for your current tenant.

Also remember that having a property tenanted provides better protection for your property, lower insurance excesses and means that you won’t be required to continue to keep presentation in lawns and cleaning up on a property while it sits vacant.

Haven’t found a tenant yet? If you’ve addressed Presentation, Marketing, Conditions and Price – your answer is there. Make the adjustment and get on with renting the property.

To Furnish or Not to Furnish?

2010-05-28T09:35:00.001+10:00

A question I get asked regularly by property investors is whether or not it is worth leaving their property furnished when they vacate rather than looking for a tenant who will bring their own furniture with them.

It’s a hard one to answer and honestly, I find fully furnished rentals and unfurnished properties two completely different beasts, each with their own advantages and disadvantages.

Fully furnished properties definitely have a place in the rental market and central areas of towns like Launceston and Hobart have shown a strong adoption of them in the past due to having many seasonal and contract-based workers. They do tend to attract higher rents as tenants are paying for the convenience of using the owner’s furniture and as a vague rule, they do tend to attract a quality tenant.

That said, fully furnished properties often suffer from two issues: constant turn-over and increased vacant time. As furnished properties are usually occupied by people with very specific needs about location and a short-term relationship to the area (working on contracts or those arriving in a new town before purchasing etc) lease lengths tend to be far shorter than on unfurnished properties. While there is less wear and tear to a fully furnished property between tenancies as the furniture is not moved in/out it can still take a toll and open the property to more vacant ‘down time’ where it isn’t producing an income.

With the bulk of the tenant market looking for long-term accommodation, finding a tenant for a fully furnished property does take longer, is more affected by seasonal changes and global financial and business trends. Even in recent times we’ve seen large corporations move from plans they’ve held in the past where they would rent a fully furnished property on behalf of their contracted employee to a more flexible (and affordable for the business) idea of paying the employee an accommodation allowance to spend as they see fit.

These known issues can definitely be reduced by careful management by a quality property manager who will stay aware of when your property is next due to become vacant and be working to find your next tenant well ahead of time.

With an unfurnished property, while you may achieve a slightly lower rent per week, (though a great property manager will be working to get you the very best possible return!) chances are that you will be able to secure a longer term tenancy in a shorter amount of time meaning less vacant time. With the better chances for a stable income at a marginally lower rent compared to the higher but potentially sporadic income of a fully furnished property I personally choose to rent my properties as unfurnished accommodation.

As I said, there is a place for both fully furnished and unfurnished rental properties in the market – as long as the owners know and understand the different characteristics of the ‘beasts’!

Here at Elephant Property we do manage both fully furnished and unfurnished accommodation and if we can help answer any questions at all about which ‘beast’ is right for your property and situation we’d love to help.

Bella Fountain

REIT stats for April rentals

2010-05-26T12:30:00.001+10:00

The REIT (Real Estate Institute of Tasmania www.reit.com.au) stats for April have just been released and here’s the news for investors.

3 bedroom houses in Launceston are now renting for an average of $270 per week with 2 bedroom units on average renting for $200 per week.

The vacancy rate for Launceston was just 1.7%. Interesting to note that vacancy rates for Launceston are the lowest in the State with Hobart at 2.1% and Devonport, Burnie and Ulverstone all at 3.1%.

Average time to rent properties in Launceston is as follows:

0 – 1 weeks: 8.3%
1-2 weeks: 58.3%
2 + weeks: 33.3%

If you would like to know a further breakdown on areas or if you’d like an obligation free rental prediction on your property- please let us know!

Rental Deposit Authority - All Bonds Need To Be Lodged By June 30

2010-05-17T11:53:00.001+10:00

In July 2009 when the Tasmanian Government introduced the Rental Deposit Authority (RDA), all bonds for leases signed or renewed after this date were required to be lodged with the RDA.

The RDA requires that all bonds be lodged with them by 30 June 2010. From this date ALL bonds need to be at the RDA not just those for new tenancies. This means that any owners with a long lease in place or on a non fixed term agreement will need to lodge bonds by end of June.

Bonds can be lodged at any Service Tasmania Office by completing a form that needs to be signed by both owner/agent and tenant.

Elephant Property is happy to help any private owner who may be confused/busy/absent to lodge any bonds with the RDA. This is also a good time to make sure your leases are current and that the bond amount you are holding is equivalent to four weeks rent for the property.

Please contact our office if we can help at all.

Thank You from a Valued Client

2010-05-14T12:24:00.002+10:00

Thank you to our amazing new client Steven who sent through this fabulous thank you after we were able to secure a great tenant for his new property!

What do our clients have to say about us?

2010-05-11T12:28:00.002+10:00

From S. Fletcher, based in Tasmania

What’s the service like at Elephant?
AMAZING!! It has been so easy and you have made everything a breeze. You're awesome!!

What’s the most memorable thing about dealing with Elephant?
The lack of stress.

What do you enjoy about dealing with Elephant?
Elephant Property has made the stress of renting out my first home, that was hard to let go, of a breeze. I can't thank them enough.

To read more of our client feedback head here.

Why is my rent going up?

2010-05-10T10:38:00.000+10:00

As a tenant - rent increases in your rental property are something you should expect at least every 12 months.

When considering what to increase your rent by the owner takes into consideration the following factors (under recommendation from their property manager):

- Changes in CPI (consumer price index). The CPI here in Australia has been going up by around 3% each year, meaning that things on average, cost around 3% more than the previous year. 3% on an average property is an increase of around $10 per week.

- Increases in interest rates, land tax, water and rates - and thus the owners costs due to owning the property.

- Improvements and repairs to the property conducted since your last rent review.

- Finally - and most importantly - the major thing that is taken into consideration when considering rent going forward is other comparable properties available for rent and renting. Comparable properties are usually sourced on similar size, features and area to your property.

- Kirsty Dunphey

Elephants and Cambodia

2010-05-05T11:28:00.002+10:00

Bella and Kirsty were delighted to head along to the recent Cambodia fundraiser held in Launceston.

We look forward to seeing our friends in real estate Kristi and Courtney head to Cambodia in June with The Tabitha Foundation http://www.tabitha.org.au/cms to build houses and do amazing work and we were delighted to contribute to their fundraiser.

Here's What Our Tenants Have To Say About Us!

2010-04-30T12:03:00.001+10:00

Sean, Timothy and Matthew, living in Invermay

How have you found Elephant Property to deal with?
We have found Elephant Property to be very easy to contact and any issues have been resolved quickly. Also, the payment system has been very easy to manage even with three people paying rent.

Martin & Nika, living in South Launceston

How have you found Elephant Property to deal with?
Great, no problems. The property managers are easy to get hold of.

Anthony, living in Newnham

How have you found Elephant Property to deal with?
You are very decent to talk to. Very diligent in fixing or calling back to help. Thank you all very much.

Andrea, living in South Launceston

How have you found Elephant Property to deal with?
Great and very understanding, helpful and very clear in how you come across.

REIT stats for March rentals

2010-04-28T13:36:00.002+10:00

The REIT (Real Estate Institute of Tasmania) stats for March have just been released and here’s the news for investors.

3 bedroom houses in Launceston are now renting for an average of $270 per week with 2 bedroom units on average renting for $230 per week.

The vacancy rate for Launceston stayed the same at 1.5%. Elephant Property have had a fantastic March and April and our average days vacant is well under 1 week!

Interesting to note that vacancy rates for Launceston are still the lowest in the State with Hobart at 2.3% and Devonport, Burnie and Ulverstone all at 2.9%.

Average time to rent properties in Launceston is as follows:

0 – 1 weeks: 16.7%
1-2 weeks: 66.6%
2 + weeks: 16.7%

If you would like to know a further breakdown on areas or if you’d like an obligation free rental prediction on your property- please let us know!

Elephant Girls Hit The Town

2010-04-19T12:03:00.003+10:00

Saturday the 17th of April the Elephant Property girls were delighted to be out on the town in support of young achievers in Tasmania at the Southern Cross Young Achievers Awards.

Congratulations to all the very deserving winners on the night - we can't wait to see what you continue to achieve!

Youngest Elephant Property Fans!

2010-04-19T09:25:00.002+10:00

Check out these two cuties having fun in the office while their parents signed up to a new Elephant Property.

We start our fan club early!

Who's the latest Elephant?

2010-04-15T11:34:00.002+10:00

Monique Welsh, Property Management Administrator

Monique Welsh, known to us here in the office as “Mon” is the fresh young face you’ll most likely see when you walk in the office at Elephant HQ. With a real love for property, beginning at a young age, Monique would attend open homes with her parents looking for investments. Now, at the age of 18, Monique excitedly looks forward to buying her first investment property soon and is searching and researching vigilantly!

Read more on "Mon" here...