Having completed numerous dual occupancy properties on behalf of our clients, we have gathered some key intelligence and procedures to assist our clients in achieving a high rental and also a smooth transition from construction to tenanted at the handover stage.
First and foremost it’s important to use a property manager whom has experience in the area in which the dual occupancy property is located, and that is also experienced with dual occupancy rentals. We recommend property managers to our clients that we know will achieve the best quality tenants and a high rental return. We will touch on this in a more in-depth manner in a separate blog post.
We also advise the property manager of when the property is expected to be handed over. Due to the good
relationship we have with our builders we also organise access for the property manager to take photographs and prepare to advertise the property. This enables the property manager to begin to attract tenants prior to the final handover, and in many instances our clients have tenants ready to move in at settlement. This is very important as it ensures that there isn’t a prolonged period where the investor has to service the debt without tenant income. We also ensure that the builders are aware of who the property managers are so that the keys and handover packs can be provided to the appropriate parties.
Managing the handover and inspection period is important too. If this period isn’t managed well, it can lead to unnecessary delays to the build timeframe. It’s important to have a handover inspection company (if you wish to use one) booked and ready, to ensure that the builder can fix any small defects in a timely manner. We work in closely with our builders to ensure that appropriate inspections are made and any problems are fixed and don’t delay the handover process.
We like to have a walk through our client’s properties at each of the different stages of constructions and provide them with updates of how the build is progressing. This is of particular importance for our many interstate clients and provides them with peace of mind throughout the process.
