Latest Property Management News
Property Management Newsletter
Tuesday, September 01, 2009
Welcome to the August edition of the Property Management Newsletter.
The warmer months are finally here! And with the increase in temperatures so to is the increase in quality tenants looking at moving again! This continues to drive the rental prices up with many properties recently leased in excess of $300 per week!
We would also like to congratulate our whole office in achieving a finalist position at the Real Estate Institute of NSW Awards of Excellence in the category of Residential Agency—Small. Congratulations to Joseph Lorriman who is also reaching the finals for the award of Young Agents - Residential Property Management Achievement. This is a wonderful accomplishment for Baird Real Estate and Joseph. The winners will be announced at the Annual Awards of Excellence dinner on 10th October at the Hilton in
Once again we are reminding all of our landlords to ensure their Landlord’s insurance policies are up to date and provide enough cover for their property. We have enclosed a brochure from Terri Scheer Insurance with details on the cover they provide. It is vital that every landlord have adequate insurance for their valuable investment.
Quote of the month:
“Success is a science; if you have the right conditions, you will get the result”
- Oscar Wilde
Warmer Weather and Air Conditioners
It is an unfortunate issue that often arises at this time of year, air conditioners that have sat dormant over the winter months suddenly demanded to jump into gear and cool the hot air now surrounding us.
Often it is not until now that we become aware of the air conditioners demise and tenants are forced to live in hot and often stuffy waiting on parts to be ordered to get the units operational again.
This year at Baird Real Estate we are encouraging all of our landlords to have their air conditioners serviced by qualified air conditioning technicians to ensure the unit is running properly prior to the onset of the summer months.
If you would like the air conditioner at your property serviced, please contact your Property Manager.
Breaking Leases
In this current economic climate, many tenants are finding it difficult to meet their rental obligations and are instead deciding to downsize or move back in with family as a way of cutting costs. This means in some cases tenants have to break their lease in order to move out.
So what does this mean for the landlord?
There are several options for landlords in this situation:
· Force a tenant to honour their lease by paying the letting fee and lease preparation fee back and to continue to pay rent until a new tenant is found or their lease expires (which ever occurs first);
· Release the tenant from their lease and only make them pay the letting fee and lease preparation fee back;
· Release the tenant from the lease with no penalties.
Should no agreement be met between the landlord and the tenant the matter may be referred to the Tribunal for judgment.
For a landlord to end a lease early there must be a mutual agreement made between the tenant and landlord, otherwise the matter will be referred to the Tribunal for a decision.
Ann Banister from the Real Estate Institute of NSW has recently stated that the Tribunal is currently forcing landlords to pay compensation to tenants where a tenant’s lease is ended prematurely. Ann advises that wherever possible for landlords to come to an agreement with tenants to avoid Tribunal action.
If you are ever in doubt about the best course of action to take if you want your tenants lease terminated, please contact your Property Manager.
- Ashlee Murray & Joseph Lorriman
