How to take over from the current rental management?

How to take over from the current rental management?

I have bought a property with existing tenant, and the settlement will be in 4 weeks later. I want to keep the tenant but want to manage by myself.

How to proceed to take over? What documents/information should I ask the current rental management?
 
How to take over from the current rental management?
I have bought a property with existing tenant, and the settlement will be in 4 weeks later. I want to keep the tenant but want to manage by myself.
How to proceed to take over? What documents/information should I ask the current rental management?

Just tell the current PM that you will be self-managing post-settlement and get the PM to hand over to you the tenant ledger showing where they are paid up to. It would help if you also got a copy of the ingoing inspection report.

You'll need to advise the tenant how to pay you post-settlement.
 
How about the legal documents for rental they might have?

Thank for your comment. I have just told my intention to the sales agent so I am going to tell the rental management soon.

How about the legal documents for rental they might have?
- A rental application
- A residential tenancy agreement
- A property condition report
- A Bond application

Should I get those from them?
 
Thank for your comment. I have just told my intention to the sales agent so I am going to tell the rental management soon.

How about the legal documents for rental they might have?
- A rental application
- A residential tenancy agreement
- A property condition report
- A Bond application

Should I get those from them?

You need "notification of change of landlord" form for the bond
the application would have already been lodged, just need to change the landlord on the form so that you can handle the claim later.

You also need a rent ledger - showing paid to dates for rent and where the tenant is up to with water invoices.
keys and key receipt.
marketing photos - if they would give them to you.
routine inspection reports
the last water invoice
updated tenant details.
 
How to take over from the current rental management?
I have bought a property with existing tenant, and the settlement will be in 4 weeks later. I want to keep the tenant but want to manage by myself.
How to proceed to take over? What documents/information should I ask the current rental management?

Have you managed a property yourself before? Good luck, hehe.
The small fee for a PM is worth it in my experience. And it's deductible.
 
Have you managed a property yourself before? Good luck, hehe.
The small fee for a PM is worth it in my experience. And it's deductible.

No, I haven't. This is the first time to do so. But I have a close friend to do by himself so I can learn from him. The property is in Brisbane/Logan. The PM fee is around 9%. I plan to do myself less than this cost :)
 
You need "notification of change of landlord" form for the bond
the application would have already been lodged, just need to change the landlord on the form so that you can handle the claim later.

You also need a rent ledger - showing paid to dates for rent and where the tenant is up to with water invoices.
keys and key receipt.
marketing photos - if they would give them to you.
routine inspection reports
the last water invoice
updated tenant details.

Thank you. I will ask the PM all. The PM might have "notification of change of landlord" form as well.
 
Dear Joe Congratulations on the purchase of your investment!

As you plan to manage it yourself,
I recommend,
as have other:) posters on Somersoft
Be best friends with your experienced self managing friend!:)
you will learn a lot from them!
1. Peruse a copy of the tenants in going inspection report.
does it match with the time(s) you inspected it?
2.Get a copy of the original lease, check the people on there Are the actual people who are still living there!
3. Have you signed an agreement with the agency to manage?
I dont think you will need to give them notice if you haven't.
4. How do you plan to attend to maintainance and arrears?
Have a strategy to run this by......
5.Does your solicitor have vacant possession for your house?
let them know you want the tenants to stay.
6. Are the tenants paid up to date? Have you seen their rental ledger?
7. How about landlord insurance?
I hope it goes smoothly for you!
I hope this helps
there are lots of small things to look for!
 
No, I haven't. This is the first time to do so. But I have a close friend to do by himself so I can learn from him. The property is in Brisbane/Logan. The PM fee is around 9%. I plan to do myself less than this cost :)

So your living in NSW and self-managing a brissy property?
 
As you plan to manage it yourself,
I recommend,
as have other:) posters on Somersoft
Be best friends with your experienced self managing friend!:)
you will learn a lot from them!
1. Peruse a copy of the tenants in going inspection report.
does it match with the time(s) you inspected it?
2.Get a copy of the original lease, check the people on there Are the actual people who are still living there!
3. Have you signed an agreement with the agency to manage?
I dont think you will need to give them notice if you haven't.
4. How do you plan to attend to maintainance and arrears?
Have a strategy to run this by......
5.Does your solicitor have vacant possession for your house?
let them know you want the tenants to stay.
6. Are the tenants paid up to date? Have you seen their rental ledger?
7. How about landlord insurance?
I hope it goes smoothly for you!
I hope this helps
there are lots of small things to look for!

I have contacted the current rental management without saying to take it off. Pretending to keep them at first
 
I have contacted the current rental management without saying to take it off. Pretending to keep them at first

Why?

The best source of information is your state Dept of Commerce. They will have downloadable forms and information booklets. Get both information for tenants and landlords so you can see both sides

Once you have read it all then make a decision on what is best for you.

Think about:
- how will you handle business hours and after hours calls from tenants. Will this impact on your current job
- do you understand the timeliness of emergency repairs
- do you have contacts for electricians, plumbers, general trades etc
- will self managing void your landlords insurance
- if/when the tenant breaches conditions or is late paying rents how will you handle it

I'm not saying self managing is bad (I do it for 2 of my properties) but it is a lot of work and not doing it effectively will cost you any savings you might have gained by self managing.
 
As you plan to manage it yourself,
I recommend,
as have other:) posters on Somersoft
Be best friends with your experienced self managing friend!:)
you will learn a lot from them!
1. Peruse a copy of the tenants in going inspection report.
does it match with the time(s) you inspected it?
2.Get a copy of the original lease, check the people on there Are the actual people who are still living there!
3. Have you signed an agreement with the agency to manage?
I dont think you will need to give them notice if you haven't.
4. How do you plan to attend to maintainance and arrears?
Have a strategy to run this by......
5.Does your solicitor have vacant possession for your house?
let them know you want the tenants to stay.
6. Are the tenants paid up to date? Have you seen their rental ledger?
7. How about landlord insurance?
I hope it goes smoothly for you!
I hope this helps
there are lots of small things to look for!

Thanks for the advice. I am currently asking information as much as possible from the current PM.
 
Why?

The best source of information is your state Dept of Commerce. They will have downloadable forms and information booklets. Get both information for tenants and landlords so you can see both sides

Once you have read it all then make a decision on what is best for you.

Think about:
- how will you handle business hours and after hours calls from tenants. Will this impact on your current job
- do you understand the timeliness of emergency repairs
- do you have contacts for electricians, plumbers, general trades etc
- will self managing void your landlords insurance
- if/when the tenant breaches conditions or is late paying rents how will you handle it

I'm not saying self managing is bad (I do it for 2 of my properties) but it is a lot of work and not doing it effectively will cost you any savings you might have gained by self managing.

Thank you for your advise. I will research and experience more then work out how to do effectively.

Do you know the URL for "The best source of information is your state Dept of Commerce. They will have downloadable forms and information booklets."? I wanna have a look.

What do you mean by "will self managing void your landlords insurance"?
 
Thank you for your advise. I will research and experience more then work out how to do effectively.

Do you know the URL for "The best source of information is your state Dept of Commerce. They will have downloadable forms and information booklets."? I wanna have a look.

What do you mean by "will self managing void your landlords insurance"?

To be honest if you can't figure out how to find the appropriate govt dept in Queensland via google etc then you really shouldn't self manage.

Self managing requires a lot of self education to know how to do it. You either self educate or you pay someone for their knowledge - ie 9% to a PM.

Some landlord insurance companies won't cover people who self manage because they don't try and minimise losses as well as PMs who are proactive in managing issues.
 
To be honest if you can't figure out how to find the appropriate govt dept in Queensland via google etc then you really shouldn't self manage.

Self managing requires a lot of self education to know how to do it. You either self educate or you pay someone for their knowledge - ie 9% to a PM.

Some landlord insurance companies won't cover people who self manage because they don't try and minimise losses as well as PMs who are proactive in managing issues.

OK. I'll do some research by myself.
 
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