Self managing procedure?

Hi all,
Have tried researching this but can't get a quick definitive answer.

I'd like to take control of my Melb IP and self manage. Current PM has too many other properties on her books (approx 500!) and the service is slack to say the least. I've established a good rapport with tenants, who have IP's of their own, so I feel comfortable with self managing this one.

What is required in terms of legal paperwork to do this. Do I need to draft a new lease agreement. Do I have to notify the Bond agency? etc.

I've read the contract with current PM and know how to effectively "sack" them but I'm a bit cloudy about the transferring of documentation.

The only real thing you need to do in the first instance, is to transfer the bond, which requires completion of the Agent/Landlord Bond Transfer Form. You will need to have the initial bond receipt number (which should be provided by your PM). The other information is pretty straightforward.

You cannot access this online because the form has 4 copies (different colours), one for existing agent, you (new agent), tenant & RTBA. You can pick one up from Consumer Affairs or they will send one out to you. I have found it quicker to pick them up from their offices. :rolleyes:

As for the rest, simply notify of your intention to the PM to manage the property yourself and have the files to be ready for pick-up on day 'x' at time 'y'. It should have all leases, initial application forms, condition reports, inspection reports, bond receipt and all other related correspondence.

Just inform the tenants once this is done, new bank accounts for rent to be paid into and contact number so they can be in touch. No need to change leases, they remain in force as per normal.

Good luck with it. :)