VIC New Landlord Queries

We were planning put out our home in SE suburbs for rent and have never been through the process before. Few queries

1) Any recommended property management firm / agent?
2) Any recommended landlord and home insurance?
3) Any recommended deprecation report creation company?
4) How are companies like Longview Real Estate service which guarantee rent ?
5) Anything else we should be aware of to do prior or after renting?

Also if someone knows

1) Good hassle free movers
2) Good cleaners for house

 

I'd stay away from "guaranteed rent" agencies. They typically charge as much as 17% agent commission, and the only way they can be sustainable is if they minimise how much they're paying for untenanted properties - which means that they are not going to be very selective on which tenants to present, and will be focused on tenanting the property as quickly as possible rather than tenanting the property with the best tenant possible.

If you want guaranteed rent, try and get a head agreement with Defence Housing Australia. DHA will pay you whether the place is tenanted or not, and will pay for all repairs.

 

Agreed.. I am going to stay away.. but looking for other questions and recommendations as above

 

1) Samantha from Qura property
2) Ebm
3) depreciator
4) guarantees are just a marketing gimmick
5) ask Samantha for any Vic specific processes or if the home needs anything in particular to make it rent ready

 

1) Samantha from Qura property @Lil Skater
3) depreciator @Depreciator

Two links to assist.

 

Jobs for the girls?

 

Disclosing again, because I think she forgets.. @skater is my Mum.

Definitely recommend EBM as well for insurance. Something to be mindful of is as of only a few days ago their policies still weren’t offering rent default due to Covid - @Sharon Fox-Slater can probably confirm if this is still the case. Once covid is sorted I imagine it will go back to normal.

Depreciator is also my pick for those reports too. You should be able to contact them direct and your agent liaise with access, or vice versa.

Your PM should be able to advise whether there’s anything that needs to be done prior or a heads up of what may be coming. Ie. if you have an older property with original appliances I would budget to replace them in the next 12-24 months.

I don’t have a mover to recommend, but if the place is along the bay areas you could speak with Maddy from The Bees Knees 0466 903 465 for cleaning. Reasonably priced and does a good job.

 

Oi! I didn't recommend you, @D.T. did. I only provided the links.

Now look what you've done @D.T. I'm in trouble again and it wasn't even me.

 

Congratulations and welcome to being an Investor!

1) +1 @Lil Skater at Qura Property. Yes I am another business member recommending her and no I haven't got any investment properties that she manages, but I DO know that I've been here a few years now (and she's been here a lot longer than that!) and I have NEVER heard a bad word.

2) Most of the Specialist Brokered policies are good stuff these days. You'll look at companies like EBM, Terri Scheer, PIP, SGUA, AON and a couple of the others I can't think of at the moment... Avoid general insurer or bank policies that are usually tacked onto your Building and Pest (rather than a separate policy). Those 'policies' are usually designed in a way that you're rarely able to justify a claim at all. We personally use EBM a lot because they're well priced, offer great coverage, hire fabulously helpful staff and are super consistent.

4) A good property manager will guarantee the rent by keeping good tenants in place and securing great new ones quickly when necessary- good service creates minimal vacancy and also maximises your overall return in a hundred other ways. Rent Guarantees are almost always a gimmick that usually come with a variety of caveats and usually only cover a low rent. They're also usually attached to larger developer-backed companies that tend to have a poorer quality of service.

5) Where do we start and end. There's so much to look at, but I'm going to let the amazing experienced locals assist you with that once they know more about the property and your circumstances.

 

Thanks everyone

Very popular will check it out

Yeah i saw that on their website.. bummer

Thanks..

If any other alternatives or advice please do shoot.. no idea what we are getting into and to expect

 

Oh! Also, I received an email from EBM earlier in the week with some new policy details. They're taking on new policies from partner distributors:
RentCover Gold
RentCover Prime

 

Does that mean I can't apply direct (or get a quote) but need to go via PM / REA ?

Just interested in a quote to begin with to understand what it costs for us.

 

That's right, it needs to be through a pre-existing "distributor".

 

wait! so PMs are allowed/do recommend insurance policies???

 

Not so much. Client needs to read all the PDS docs and confirm they want the policy. If they want it with EBM I can organise the policy because I’m an affiliate - but the client can also get the same discount by calling them and asking for it with my company details. If it includes building cover I have the owner do the quote so they can submit the details such as age etc and I can then copy and paste that quote number into my side.

I never give advice on and always say to check EBM, Terri Scheer and Property Insurance Plus as a start as they all have individual landlord policies.

Any policy I have organised directly through EBM or a client has put me as their agent I have the ability to make claims on their behalf - but I’m not an insurance advisor.