VIC Listing rental yourself. courage required?

Discussion in 'Property Management' started by PropJim, 21st Sep, 2020.

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  1. PropJim

    PropJim Member

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    18th Mar, 2020
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    Location:
    NSW
    it "sounds" pretty easy, pay $139, get listed on realestate.com.au and domain, find a tenant, done and dusted.

    1.
    Anyone have any preference for listing providers?
    forsalebyowner
    rentbetter
    All rentals
    any good or bad experiences?


    2. I wrote down a few things to consider as first time listing myself.
    *pay $25 to rent.com.au to check the tenant.
    *do my best to call up previous landlords or agents
    *insurance
    *read up on tenancy act
    *download a contract and edit
     
  2. Propin

    Propin Well-Known Member

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    Perth
    I use Propertynow, I’m thorough checking references and employment.
     
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  3. Hebro

    Hebro Well-Known Member

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    Aus
    I tried Eezirent recently. Used the tenant database check, for a total of $210. Lease commenced in a week and a half.
    Easy.

    I am gradually transitioning to self-management. Have figured out with extras such as leasing fees, the agent gets about 10%, I don't like the thought of an agent "owning" 10% of a property.

    Owning IPs is like "owning" say 30% of a tenant's salary - that's good, but not giving away 10% of a house.

    You just have to be prompt about addressing any issues. If rent is a day or two late - be on to it. I find a friendly text works best in the first instance - was there a problem with the payment? Be prepared to address their issues - we replaced an oven that was 15 years old, after their request - the door was not sealing well.
     
  4. jaydee

    jaydee Well-Known Member

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    Plenty of former posts on this forum will show the real cost of using PMs to be approx 15-17% of rent when all factors such as renewal fee, inspection fees, yada yada.....

    I use Eezirent for advertising ($130) and also for tenancy checks ($20 ea).

    Self managing is not hard if you are organised, know the legislation for your state and have the disposition and time to do it.
     
  5. PropJim

    PropJim Member

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    NSW
    hey there! so who do you go with for landlord insurance? have you ever had to claim?
    my friend in melbourne recently made some claims on carpet damages and lost of rent. by the sounds of it lots of paper work.
     
  6. jaydee

    jaydee Well-Known Member

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    Have used CGU, EBM and Terri Scheer for LLI.

    Have made a couple of claims over the years. Worst was a tenant selling drugs from one of properties several years ago. Tenant was arrested and jailed and it took me several weeks to get the "others" (not on the lease) out of the property following the correct processes. Property required big cleanup, new carpets and paint and a lot of repairs some of which I recovered thru LLI. Making the claim wasn't hard, you just need to have a buffer of funds until everything is sorted.

    99% of tenancies are easy with no issues. The difficult ones just make you stronger.:rolleyes:
     
  7. newtoinvest4

    newtoinvest4 Well-Known Member

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    8th May, 2019
    Posts:
    45
    Location:
    NSW
    Hi Jaydee
    Can you tell me please the name of the abbreviated insurer LLI & EBM? Thank you :)
     
  8. jaydee

    jaydee Well-Known Member

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    888
    Location:
    Perth
    LLI = abbreviation for Landlords Insurance (not a company)
    EBM= EBM Insurance
     

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