VIC What happens to the bond when you ditch your PM?

Thinking of self managing one of my IP's and giving the current PM the flick. Will only be doing it for this one IP as the circumstances are right.

I understand I have to provide the tenants with the "Renting a home: a guide for tenants" doc, signed lease agreement, condition report and contact details for emergency repairs. Anything else?

The tenants already paid a bond when they first signed the lease agreement with the current PM and I'm assuming it's been lodged with the RTBA. What do I need to do with the bond now? Does it need to be returned to the tenants and we have to re-lodge it? Or is there a form we need to complete to advise the property is no longer managed by the PM? Or do we do nothing?

Any advice on the process for switching from PM managed to self managed IP would be greatly appreciated.

 

Change of Lessor/Agent form, whatever it's called in your State.

 

Please go to your RTA website, look for the relevant form that each party signs and the form is then sent to the RTA (in QLd, at least).

Anything else?

Download the RTA booklet for managers/landlords. Save it to your desktop, print it out and read it until you can pass an exam about its contents. Highlight the very important info and bookmark the RTA website on your computer. Regularly check for updates to tenancy rules.

Contact your smoke alarm inspection company to advise that you are now the new PM and give them your details. Same with body corporate, council, insurance company, water, land tax if applicable and any other businesses that would otherwise contact the PM about your property.

If you were charged for advertising photos by the PM, ensure you get them sent on to you so you can use these again if required.

 

I agree. Ergggghhhh!

 

Thanks to all those who have made useful comments.

Thanks. Found the agent/landlord bond transfer form after (/because) I read your comment.

Thanks for the info. I live on the same block as the tenants so will do the smoke alarm check myself. I own both lots on the block so no issues with the body corporate. I already take care of council, insurance, water, land tax payments and organise all repairs myself (as I built both units). Nobody contacts the PM for anything as far as I know, including the tenants.

Thanks, have been through the Consumer Affairs website in detail. Have also asked the tenants for the bond number as I don't think it was ever provided to me.

 

Seems some people think its just collecting rent

 

Agent should fill out the transfer forms, you'll need their RTBA registered name, number and signature/stamp for the transfer.

Agent should also provide you the whole file. Application form, reference checks, routine inspections, condition report, photos, lease docs etc.