When do I get my bond back?

When do I get my bond back?

At Real+ we often like to take a moment to think about things from the tenants perspective. This allows us to not only improve the property management process to make things as streamlined and easy for us as possible, but also gain a greater perspective of understanding when communicating and dealing with tenants.

This week I took a moment to think about things from the tenants perspective at the time of vacate, final inspection and bond refund.  I took a moment to think back to the times I have myself vacated from a property, what my expectations were compared to what happened, and then put that into perspective as to how I had handled vacating tenants as a property manager. This vacate stage seems to be one property management function that is handled quite differently from agent to agent.

Some questions I felt went unanswered as a tenant (despite my own property management knowledge, and the receipt of a generic vacate letter) were around when they planned to show prospective tenants through the property, whether I was supposed to drop the keys to their office, when I would be meeting them for the vacate inspection, and most importantly (the most common frustration of tenants and hardest things for a property manager to guarantee):

• How long would it be until my bond was refunded?

Most tenants are relying on and budgeting on that money for some purpose so understandably they get frustrated when it’s not as easy as keys back, bond back. As a property manager, I know I couldn’t guarantee a time frame for the tenant as to when they would get their bond back, it depended on whether they’d returned the property in good condition, if it was clean, if extra work was required, if all the keys were returned, how quickly the landlord confirmed it wass okay to release the bond etc. So many variables.

If we can’t 100% guarantee the time frame, what can we control? How can we avoid an angry tenant at the vacate inspection? Well not only can we control how we communicate the process, but also how we provide expectations to the tenant across the vacate process. This will help alleviate some frustrations. Often we know what the process is and what the tenant can do to ensure they have the best chance of a speedy bond refund, however we are not communicating this to them each time.

Next time instead of sending out the generic vacate letter, why not provide the tenant with an outline of the process and what steps they can take to ensure their bond is refunded as quickly as possible! We have created a handy checklist you can provide to your tenants when they are vacating called the “How to ensure a Speedy Bond Refund Tenant Checklist,” click here for your copy.

If you are Real+ member, click here to visit Real TV where you can watch our webinar on Condition Reports!

NSW Swimming Pool Laws Postponed

The NSW Office of Local Government has postponed laws that will require all swimming pool and spa owners to have a certificate of compliance, which are now due to come into effect on 29^th April 2015.

Council officers have reported that it can take up to three months to issue a compliance certificate from the initial inspection, leaving real estate representatives concerned that not all of their properties would have been compliant before the cut-off.

The delay in commencement of this legislation will allow for a smooth transition period, and means at this stage no further action is required from you as a property manager. Be sure to inform your home owners of this change, and over the course of the year start including pool compliance registration into your procedures to ensure you are prepared once this legislation has been implemented.

You can read more about this Pool Legislation in our blog post, here.

New Condition Report for Residential Tenancies in NSW

In a bid to reduce the incidence of falls from windows and balconies, the NSW government has made changes to the condition report for rental premises. Effective from 1^st March, the new version of the condition report includes ‘window safety devices’ wherever ‘windows/screens’ feature.

Whichever method of condition reports you use, whether that be paper, online or a third party application, ensure that your reports are updated to reflect this change. You can see an example of the new version of report by downloading a copy from Fair Trading’s website here.

For more information surrounding window safety and the safety measures being implemented in NSW, visit the Fair Trading window and balcony safety page.

Want to Learn the Secret of Prospecting?

Prospecting is a fact of life for those wanting to be successful in New Business. I’m sure we would all much rather rely on referrals, word of mouth, even sales leads, however in order to get ahead of the curve and generate more leads we have to prospect!

So why is it that even the most experienced of us resist this proven strategy unless we are poked, prodded and pushed by our managers?

Excuses include:
“I don’t like the rejection.”
“I don’t want to come across like I’m desperate for business.”
“I don’t want to sound like a telemarketer.”
“I don’t like interrupting people at work.”

There are few main dynamics that prevent us from embracing cold calling. Cold calling is hard work, no one likes to hear ‘no’ and we all have the need for instant gratification.

The key to busting these excuses and breaking the mould is understanding that it’s all a numbers game. You need to train yourself to recognise that every ‘no’ you hear brings you one call closer to making an appointment or creating a relationship. You also need to condition yourself that eventually you will get a reward for your efforts, there is sadly no magic quick fix or instant result. 

When you learn any new skill (even a hobby, sport, or language) it takes time to just become comfortable. It takes longer to develop a level of consistent proficiency. And, it takes even more time to develop your skill to the point of excellence. The same concept applies to prospecting. You can’t expect to make ten calls and master the skill (or get the results).

The more calls you make, the easier it will get and the more proficient you will become. As your skill improves, so will your ability to generate leads and secure appointments. If you can push through your initial resistance you can develop the ability to postpone your need for instant gratification. And as you do this, your results will improve!

If you are Real+ member, click here to visit Real+TV where you can watch our webinar: New Business Bootcamp Part 7 - Prospecting.

New Legislation in South Australia is Coming into Effect

We’ve just received word that new legislation surrounding the Residential Tenancies Act 1995 will be coming into effect on 1^st March 2014 in South Australia.

This initial phase of legislation amendments intends to increase the security and protection of all parties who sign a private rental lease agreement or a rooming house agreement. A second phase of legislation reform will come into play in the 2014/2015 financial year, dealing predominently with rental bonds and bond procedures.

Landlords and agents will be given a two month grace period from March 1^st. This transition time is to ensure that you have the opportunity to make all necessary adjustments to your rental property management practices and procedures.

The Real+ team is currently reviewing all modules and content to ensure our learning platform is completely current. We will advise when the relevant updates have been made in our platform to ensure you can make the most of utilising our program to re-educate yourself.

In the meantime, the Consumer and Business Services has issued a summary of the changes to legislation which you can find by clicking here: http://www.cbs.sa.gov.au/assets/files/Summary_of_the_Changes.pdf 

Realmark Blog About the Real+ Product

Our clients over at Realmark have written a blog post about the innovative Real Plus product, and why and how it benefits their property management teams.

Follow the link to read the post:http://www.realmark.com.au/our-geeky-property-managers/

National Occupational Licensing System Dumped

On 13 December 2013, the Council of Australian Governments decided that the proposed policy for National Occupational Licensing System (NOLS) should no longer be pursued. This comes as a relief to many throughout the industry who believe a better option exists.

After discussions with the State governments, several concerns surrounding the NOLS model arose. If a policy for NOLS was pursued, there would have been significant costs for the governments and occupations involved so the jurisdictions encouraged that alternative approaches be sought.

An new alternative plan for labour mobility will be particularly beneficial for real estate professionals that live near the borders of two states as it will allow licensees to operate in any state of Australia using just the one license, rather than having to pay a fee or apply for additional licenses.

The NSW government is working alongside the other States to ensure a system is implemented, and the framework is likely to be similar to how the driver’s license system operates.

Stay tuned for more information on this as it develops.