It’s the catch-cry of many investors who are hoping to maximise their property’s overall profit – but there’s one thing I’ve learnt about property manager’s in my time in real estate.

They do a lot more than collect rent

They do that job, of course, but there are also statements of account to maintain, juggling tenant requests, keeping on top of the asking rents of the local market, maintenance and repairs – some of them requiring emergency action – and regular inspections.

And that’s just scratching the surface!

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Breakdown in communication

A breakdown in communication can occur when the level of communication doesn’t meet the landlord’s expectations

High turnover

It’s no secret that the property management industry has a higher turnover than other industries.

Lack of expertise

A lack of expertise is usually synonymous with a lack of experience, especially in the real estate industry.

Poor property maintenance

Good property maintenance is key to keeping your landlord’s investment property in tip-top condition and retaining great tenants.

Concerns around fees

Another common reason why landlords change property managers is lack of transparency around fees.

Outdated systems

If you’re using outdated server-based systems, it’s likely that you’re hampering your efficiency and ability to provide a superior customer experience.

At McAskill Realty we are a boutique agency with a dedicated team meaning that every time you call you will always get to speak to the same person. With many years’ experience in the Property Management industry, we focus on ensuring quality tenants for your property.

We use an industry leading cloud-based Property Management System

If you are not satisfied with the level of service and expertise of your current Property Manager call the team at McAskill Realty today on 0412 003 681.

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• the property is individually metered (or water is delivered by vehicle), and
• the property is water efficient, and
• the tenancy agreement states the tenant must pay for water consumption

The property owner must pay all fixed charges. The tenant cannot be charged more than the billable amount.

 Proving water efficiency

It is a good idea for the property manager/owner to be able to demonstrate the presence of water efficient fittings by having copies of:

• plumbing reports (or compliance certification)
• receipts
• packaging
• warranties or instruction manuals for taps and shower heads

Water efficient property

A property is considered water efficient if certain water fixtures meet these standards:

Only internal cold water taps installed over a hand basin, kitchen sink or laundry trough (including single mixer taps) need to be water efficient. Other taps such as bath tub taps, outside taps for the garden, or taps which supply washing machines or dishwashers do not have to be water efficient to meet the requirement.

If your tenants are not currently paying for the water they use, call McAskill Realty today on 0412 003 681.

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Setting up an SMSF and buying property through the SMSF takes considerable research and preparation. It’s not for everyone and you need to have a full understanding of your administration and tax obligations before you establish an SMSF. We’ve listed the key details of investing in property through an SMSF to provide you with an overview of how investing with an SMSF works.

Residential property investing with an SMSF

Any residential property purchased with an SMSF must remain an investment property and cannot be lived in by you, any trustee, or anyone related to the trustees. The property cannot be rented by you, any other trustee, or anyone related to the trustees. This means, for example, you can’t buy a holiday home with your SMSF and live there in the summer months.

Commercial property investing with an SMSF

One of the most popular ways people invest in property with an SMSF is in commercial property. ‘Business Real Property’ can be purchased by an SMSF and the space can be used by its members and related parties. This is provided that it’s done at an arm’s length basis.

For example, many small business owners use their SMSF to buy their business premises and then pay rent directly into their SMSF. This process is important to get right and the rent must be paid at market rates. The property will also need to meet the sole purpose test meaning that the overarching function of the property is to provide retirement benefits for its members.

Your tax obligations

If you purchase a property through your SMSF, the fund will be required to pay 15% tax on any rental income from the property. For properties held longer than 12 months, the fund receives a one third discount on any capital gains made upon the sale of the property. This brings any capital gains tax liability down to 10%.

It’s also important to note that, if you make a loss on a property, tax losses cannot be offset against your personal taxable income outside the SMSF.

Already have a property in your SMSF, call McAskill Realty today on 0412 003 681 for a quote on our Property Management Services.

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Recent changes to Queensland’s smoke alarm legislation means that most landlords need to replace their existing smoke alarms.

This new smoke alarm legislation will make Queensland households the safest in Australia in relation to fire safety.

From 1^st January 2022 all smoke alarms must be

• Photoelectric and interconnected
• Compliant with AS3786:2014
• Installed on each storey of the property and in all bedrooms and hallways
• Powered by mains power or non-removable 10-year lithium battery

Current Smoke Alarm service providers will increase their subscription costs to cover the cost of installing compliant smoke alarms, which will then revert to a maintenance subscription.

Below are the costs advertised by Smoke Alarms Australia.

Interconnected means that when one smoke alarm sounds all smoke alarms will sound. Interconnection can be wired or wireless.

If you have any questions regarding your investment property being smoke alarm compliant from 1^st January 2022, give McAskill Realty a call today on 0412 003 681.

For all home-owners in Queensland, this same legislation will apply from 1 January 2027.

The post New Smoke Alarms Legislation – are you ready? appeared first on McAskill Realty.