VIC Changing from Real Estate Agent to Self Managing

Discussion in 'Property Management' started by RedFish, 18th May, 2020.

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  1. RedFish

    RedFish New Member

    Joined:
    17th May, 2020
    Posts:
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    Location:
    Melbourne
    Hi All,

    Was wondering if I can get some help here.

    I have been using a real estate agent to manage my property for 2 years now, and have decided to self manage instead. The tenants are great and said they are happy to deal with us directly. I have a good relationship with them.

    So the current lease ends soon, and was hoping to sign the new lease term without the real estate.

    Just some questions, what would be the things I would need to do?

    So far I have:
    • Create a new "Residential tenancy agreement" and sign it with the tenants
    • Transfer the bond at the "Residential tenancy authority" to us as the new property manager
    Is there anything else?
     
  2. TMNT

    TMNT Well-Known Member

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    Location:
    Melbourne
    /hides
     
    Michael Mitchell likes this.
  3. jaydee

    jaydee Well-Known Member

    Joined:
    25th Mar, 2016
    Posts:
    188
    Location:
    Perth
    Some advice:
    • develop a thick skin
    • check payments on due dates and issue Breach Notices where late
    • understand tenancy obligations for your state
    • do referee and NDT checks before key handover
    • have a buffer for unexpected expenditure
    • have landlords insurance
    • be friendly but not friends
    • ensure your leases are tightly worded
    • perform regular inspections (or when carrying out maintenance)
    • keep a spare set of keys
    • know how to access property legally if tenant stops replying to communications
     
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  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Request all paperwork (tenancy application, current lease, tenant ledger, invoices, keys, bond transfer form etc) from existing agent
     
    Merrywest likes this.
  5. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    6th Jun, 2017
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    Location:
    Sydney
    Make sure you get the entry condition report, plus tenant signed copy. Down the track when they vacate you'll have issues if there's any damage at all without the full report.

    Also determine when smoke alarms were last tested/serviced.
     
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  6. Michelle Evans

    Michelle Evans Well-Known Member

    Joined:
    18th Oct, 2017
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    Location:
    Bacchus Marsh
    Make sure your across the standard residential tenancy act, the temporary legislation and the upcoming legislation changes. Also check as sometimes your insurance won’t cover you for managing it yourself.

    If you can’t manage the property well, it will end up costing you more than what you save in agent fees (which are tax deductible). I’ve seen this go wrong so often. Breaching the act then saying ‘but I didn’t know’ is not a defence.

    If you’re well prepared and you have the time to manage it properly, then have at it. I recommend you review consumer affairs updates and even the tenants union page regularly to stay informed. Good luck.