Let only (owner managed rentals)

[perthguy]

From another thread, a couple of comments about paying an agent to find a tenant and then taking over from there:

That is because finding suitable tenants and setting up the lease is the hardest part of managing. The "cream" comes from the ~10% they collect for being a rent depository.

I think a lot of agents see property managing this way: find the tenant and sit back while the money rolls in. They don't realise they have to do regular inspections, chase up late rent, respond to phone calls and emails from the tenant, report to the owner promptly if there is a fault with the property, conduct regular rent reviews and increase the rent if necessary. For example, my parents had a tenant move out of their rental last year, behind on their rent and with the rent $150 p/w under market. They wouldn't even change property management companies. My dad's response to this was to give the property manager's boss a "stern" talking to. The company gave him a new property manager. Plenty of "cream" for the company, nothing for the owners.

 

[perthguy]

regarding let only

a lot of agencies don't do let only as its not covered under there insurance.
and they may be liable for any issues. or they don't have the time and would prefer to spend the time they have on the owners that pay for the full service

most owner managers don't follow the rules and the tenant always calls the agent who ends up dealing with it.

Every time i have done a let only i have always had issues only around 5 in the past 2 years.

I have owner managed rentals for over 10 years and have never had a tenant of mine contact the agent. I have had people who were not tenants of mine ask me for help because their property manager is not following the rules. I have helped them get their issues sorted.

Most of the agencies I contact in Melbourne and Perth offer leasing only services. They take it very seriously because they want repeat business. I have only had one issue in 10 years, which was a staff member at an agency who was about to leave found me a problem tenant. I got it sorted with their replacement. Apart from that, I have had no issues with agencies finding me tenants and no problem tenants. Over three properties, I count myself lucky I have had no problem tenants from leasing only agencies but also credit the agents for doing their job properly and finding good tenants for me.

 

[marks]

I've done the same in Brisbane. Going through it again as the last (and they were great) tenants moved out.

I'm using this service for re.com.au listing, tica & reference checking but the service including doing open homes. I find the re agent great for discussing options, pricing, applications and the market.

It is costing me 2 weeks rent.

Cheers

 

[Rhinsor]

I manage my own and I can't see myself paying anyone to do easy set by set work.

Especially in Perth with they get 10%+

 

[D.T.]

I manage my own and I can't see myself paying anyone to do easy set by set work.

Especially in Perth with they get 10%+

More like 20% by time you factor in 2 weeks letting fee, $80 per inspection, lease renewal fee, annual statement fee, monthly admin fee, $100 per tribunal visit, $150 for property condition report and a bum scratching fee.

 

[perthguy]

More like 20% by time you factor in 2 weeks letting fee, $80 per inspection, lease renewal fee, annual statement fee, monthly admin fee, $100 per tribunal visit, $150 for property condition report and a bum scratching fee.

I got quoted $190+ for the property condition report. I have completed it myself.