Self Manage - first timer

Hi guys,

I have a property that I am planning to self manage for a short while. I have no experience whatsoever. Any advice on the types of forms/contracts that I need, how is the bond deposit held, damage to property handled etc?

I would usually use a property manager, but due to the short duration, they are not interested!

Thanks!
 
Have a look on consumer affairs, or even call them as they will give you anything you need to know.

Bond is held with the RTBA and needs to be lodged within 10 days of receiving it from the tenant. Any damages to the property can be handled through VCAT just make sure you've carried out a thorough in going and out going condition report including photos and have the invoices for repairs etc if it get to that point. Of course, this is if you do it by the book - a lot of self managing LLs don't.

How long is the management for? Seems a little silly that an agency won't take care of the management because you may bring further business to the company down the track.

Heck, if someone approached me for a 6 moth management as they're knocking the property down to build 10 units I'd take it - could mean I get 10 managements in a year down the track!
 
I would usually use a property manager, but due to the short duration, they are not interested!

Sounds a bit strange to me too, ask someone else.

Do you have a lot of experience being a landlord (with other properties)? If not then you won't know what to expect from tenants and you may be taken for a ride.

How short is the tenancy, as I assume it is less than 6 months if an agency won't take you on? Can you extend this period to 6 months?
 
No its only for 2 months. But heres the thing, they are the current property managers of the property. I said I wanted to extend their services for 2 months in which then I will move in - and they were not interested. I even told them that I would rent the property again in a years time but still not interested. i have no idea why.
 
No its only for 2 months. But heres the thing, they are the current property managers of the property. I said I wanted to extend their services for 2 months in which then I will move in - and they were not interested. I even told them that I would rent the property again in a years time but still not interested. i have no idea why.

do you have a tenant in place? if not, good luck trying to find one who wants it for 2 months.
 
Okay, so 2 months is a short period, but you're planning to re-lease it! I'd take it on, especially since you might know more people looking for a PM.

Some agencies are dumb, I don't get why someone wouldn't accept business - for all they know you have a further 20 properties you're wanting to lease!
 
Okay, so 2 months is a short period, but you're planning to re-lease it! I'd take it on, especially since you might know more people looking for a PM.

Some agencies are dumb, I don't get why someone wouldn't accept business - for all they know you have a further 20 properties you're wanting to lease!

Because in life, you ahve to decide on what you will will & will not do sometimes based on our circumstances etc

How well each of us decides or doesn't, just reflects how imperfect we are as human beings.

I've made wrong decisions before, but also you can't be eveyrthing to eveyrone all the time either.

Why doesn't that cafe stay open till 6pm instead of 5 and get the traffic between 5 & 6 as well for example ?
 
You want to re-let for 2 months after the existing tenants vacate. After which you will move in? If that is correct, its not worth your trouble renting it out for that time.
 
Thanks guys for the advise.
I have managed to negotiate with the agents and they are willing to continue with the managing of the property for a further 2 months. This has come at a cost though at 5% extra on top of their management fee. Its a bit expensive, but I cant complain - it will save me a lot of time and reading up on all this consumer affair stuff.

Cheers!
 
That is good.... and make sure you tell them when it is all over and they don't control anything anymore that you will certainly NOT be recommending them NOR using them to manage your next IP.

What a cheek!!
 
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