The Northern Territory news Mon 4 Feb 2019
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Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin
News Corp Australia
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News Corp Australia
MONDAY FEBRUARY 4 2019 LIFESTYLE 17 V1 - NTNE01Z01MA LANDLORDS are battling financial headwinds, including weaker house prices and tougher tax rules, prompting some to try to save money by doing their own property management. An estimated one-third of Australias two million-plus real estate investors manage their own properties rather than rely on professionals. And while technology is making DIY property management easier, there are key questions you should ask yourself when choosing your path. Real estate author, investor MoneySaverHQ editorial | Anthony Keane firstname.lastname@example.org | Sophie Elsworth email@example.com SUMMER holidays are over, youre back at work and youre pondering how to ensure 2019 is financially a better year. Start off by looking around you at work. This is where your financial turnaround can start. For most Australians, their wage is their most critical income stream. It drives the family budget, and determines whether there is anything left over for luxuries and lifestyle expenses. An extra, say, $10,000 a year from the boss would do wonders for the household budget. Assessing your job prospects, and the likelihood of whether you can earn more money, should be your first decision of the new year. Just as weve written before about how to stress test your home, and add value, the same principles apply to your job. WHAT ARE YOUR CAREER GOALS? Have a long hard think about what your dream job is. Are you currently doing it or on the path to getting there? If not, why not? Get out a piece of paper and write down your long-term career goal. Then list the short and medium-term goals you need to achieve to get there, like specific experience or further education. Set time frames and follow your career plan. DOES YOUR COMPANY HAVE GOOD PROSPECTS AND IS IT GROWING? The Australian economy, and business, is undergoing incredible change at the David & Libby Back to work ... and money A pay cheque is your best prospect, but whats work satisfaction worth? income by starting a sidehustle. Turn that passion, skill or hobby into a money-making venture. But the performance at your full-time job is critical. It must not deteriorate. Remember the job is providing that allimportant financial security to allow you to try something new and earn extra cash. There is no reason why you should tell your employer about the part-time business but if you have a good relationship it would do no harm. You never know, they may even become a customer. Just dont make business calls during your day job because youll probably get fired. LEAVE FOR SOMETHING WITH MORE PROMISE There has been record jobs growth in Australia over recent years, unemployment is low and job vacancies are high. In short, there are plenty of jobs out there, particularly in NSW and Victoria. So dust off that resume and get it up to date. A resume can win or lose a job and effectively markets you to prospective employers. You want it to stand out from other applicants and land you an interview. Include all your relevant experience, qualifications, skills and emphasise big career achievements. Tweak a resume for different job applications to make sure youre clearly meeting each of the advertised criteria. Work out what kind of jobs you are currently qualified for and whats the going market rate. Scan career websites or speak to a recruiter in your industry. Tough times uncover potholes for DIY landlords ANTHONY KEANE and university lecturer Peter Koulizos said these included: Do you have the time? Can you afford to do without 10 per cent of the rental income? How familiar are you with residential tenancy laws? Life is getting busier, and the laws are changing, making it trickier if you are managing it yourself, Mr Koulizos said. He said there was also a rising number of accidental landlords offering short-term rentals through platforms such as Airbnb. People need to understand that for short-term rentals, the residential tenancies acts do not apply its easier to manage an Airbnb than a long-term rental. AJ Chand, the founder of DIY property management app Instarent, said the benefits of managing a property yourself included saving thousands of dollars a year, being more aware of what was going on, being able to choose tenants and dealing with issues quickly. Negatives included time spent on management, understanding the laws and relevant forms, timeconsuming record keeping and potentially becoming too close to tenants, Mr Chand said. You might become their friends, he said. As a property investment owner it is always important to build good relationships with your tenants. However, it is critical to maintain a professional relationship. Mr Chand said property managers might advertise their fees at 5-6 per cent, but after including costs such as administration, inspection fees, re-letting fees and other charges it could balloon to 18 per cent of rental income. A lot of landlords havent woken up to the fact of how much fees they are paying (in total), he said. Landlord insurance company Terri Scheers executive manager, Carolyn Parrella, said her firm often recommended investors use professional managers. Tenants may target a selfmanaging landlord because they might not do inspections as regularly as a property manager, she said. Maintenance can get away from you if you are not keeping on top of it. Ms Parrella said understanding legal obligations was also vital. Every state has their own tenancies act and theyre all going through periods of change. KEEPING UP: Carolyn Parrella, executive manager of landlord insurance company Terri Scheer. WHAT ARE THE MOST IMPORTANT JOBS AND WHAT CAN YOU DO TO GET ONE? There are a range of different jobs in every business. Some are more valued than others and pay more to those doing them. These higher-paid jobs will vary between different companies and industries. It could be accounting, sales or administration. Identify the roles that are most valuable to the boss and see if you can transfer across. If you dont have the right skills, look at how to get them. It could be starting as a junior and being trained up in-house or completing an outside course at TAFE or university. Weigh up the cost of the education, whether it helps reach your career goals, the prospects of being able to change jobs and the potential increase in earning capacity. DO WHATS REQUIRED AND START A SIDE HUSTLE If youre in a safe, secure job with limited opportunities and which isnt demanding, maybe consider supplementing your They have a huge impact on whether youll be considered for advancement. Its important to prove you are worth the extra money and/or responsibility by making a list of recent achievements like exceeding sales targets, taking on extra work or outperforming colleagues in some way. Also remind the boss of any unique skills, experience or contacts you bring to the position and share your career goals with them to show that youre serious. You want them to realise how valuable you are and how difficult you are to replace. If the boss doesnt show any great interest in what you do, or who you are, there is only a very slim chance of being better off staying where you are. moment because of technology and globalisation. Some industries are riding the opportunities from this change while others are being threatened by it. Make sure youre working for a company benefiting, rather than being battered, from this new environment. A company under financial pressure is likely to be in the bunker cutting costs and limiting opportunities to staff. You will see telltale signs like retrenching staff, a freeze on hiring, a clampdown on expenses and paying suppliers late. If there is a clear explanation on why these changes are happening, such as restructuring to grow or merging with a recent acquisition, position yourself to be part of the new structure. If theres no explanation, then maybe you need to look for an employer with better prospects. DOES YOUR BOSS VALUE YOU? Speak to your boss about your future with the company.
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