Help to self manage property (remove agent)

[sk1980]

Hi,

I currently have a IP in melbourne that has been managed by an agent for the past 2 years

The lease is up in 2 weeks and I want to self manage the property.

What are the steps I need to take to remove the agent?

What happens with the bond that has already been paid? Can it be transfered from agent to myself or it stays with the RTBA?

I have found most documents needed (tenancy agreement etc) but would like to know what people think is the most important things to have before i go ahead?

Thanks and appreciate everybody's feedback

 

[Sez]

Hi sk1980,

I hope you live close to the IP!

Contact the agent in writing and advise them that you will be taking over management yourself and will come to collect the file on X day. In that file you collect should be a RTBA "agent to agent" transfer form filled in and signed by the agent. You need to put your details in to that form and sign it and post it to the RTBA. The bond always stays with the RTBA but now your signature is required to release the bond at the end of the lease.

Every bond has to be lodged with the RTBA, if you take a bond then you have to do a condition report, when a new tenant moves in you legally must give them a copy of the tenants rights handbook found through consumer affairs VIC. There are so many things you need to know and the danger of self-managing without knowing all of the information is that you may accidentally do something wrong and find yourself having to pay your tenant for an honest but costly mistake.

I think it might be better to keep it with an agent but be hands on with them, learn from them and then once you know take it over yourself .

Lots of information for you can be found at the Consumer Affairs VIC website .

 

[perthguy]

The lease is up in 2 weeks and I want to self manage the property.

I self manage a property in Melbourne.

What are the steps I need to take to remove the agent?

Check your agreement with the managing agent. The agreement should explain the process for removing the agent.

What happens with the bond that has already been paid? Can it be transfered from agent to myself or it stays with the RTBA?

The bond stays with the RTBA but you can transfer the bond from your agent's name to your name. Instructions are here: http://www.consumer.vic.gov.au/hous...nd-and-condition-report/transferring-the-bond

I have found most documents needed (tenancy agreement etc) but would like to know what people think is the most important things to have before i go ahead?

The most important thing to have is the property condition report. Are you going to re-sign the lease? or let it go periodic? If you re-sign the tenant to a new lease you need to find out if you have to do a new property condition report.

 

[Bats]

Wholeheartedly agree.
If you are asking such basic questions such as this about the bond and how to take over the management, I would leave it with the agent for now but only renew the management agreement for a further 6 months.

In that time learn as much as you can from this forum, the managing agents themselves and websites and then take it on.

 

[S.T]

Easy enough to do, start reading :

http://www.consumer.vic.gov.au/housing-and-accommodation/renting

Download appropriate forms, or fax them through an order sheet and they will post them to you :

http://www.consumer.vic.gov.au/resources-and-education/forms-and-publications

Advertise on Gumtree, go via an agency for them to find a tenant only, go through an agency that can put an advertisement on realestate.com.au plenty of ways to advertise.

 

[Pins]

I have been managing my own IP in Sydney for nearly 4 years via Gumtree and it hasn't been vacant for a day.

I have another IP where I use an agent, but if it's a straightforward property that attracts good tenants, and you have the time and inclination, it makes sense. It's an easy saving to make.

 

[geoffw]

Wholeheartedly agree.
If you are asking such basic questions such as this about the bond and how to take over the management, I would leave it with the agent for now but only renew the management agreement for a further 6 months.

In that time learn as much as you can from this forum, the managing agents themselves and websites and then take it on.

Agree.

Also make yourself thoroughly familiar with the legislation.

 

[sk1980]

Thanks for all the feedback, very usefull, I do live close to the IP its only a 5 minute drive away, my tenants will be staying in the house and have been there since day 1, they drive past my house to get to theirs, so we see each other regularly.

I only want to self manage this property due to the above, if i didn't live close or if these tenants moved out i would go back to an agent. They look after the house as if its there own and have no plans to leave.

 

[perthguy]

Thanks for all the feedback, very usefull, I do live close to the IP its only a 5 minute drive away, my tenants will be staying in the house and have been there since day 1, they drive past my house to get to theirs, so we see each other regularly.

I only want to self manage this property due to the above, if i didn't live close or if these tenants moved out i would go back to an agent. They look after the house as if its there own and have no plans to leave.

It's a good time for managing yourself. Just get onto the web sites listed above and do some reading and more. It doesn't take long to pick up what you need to do as a landlord. One thing I like about managing my own properties is being responsive to issues. Last time the plumbing blocked up in Melbourne, I had the problem resolved by close of business. Good for me, good for the property, good for the tenant.