Hi all,
I just purchased my first investment property, a unit in Magill SA
& I was going to have a go at self managing the property.
To others that self manage:
1. what applications forms do you give to prospective tenants to fill out?
&
2. how do you collect rent? by direct debit (if so how)
thank you.
Hi Roxy,
I self manage and the main problem I have had is advertising the property for rent as realestate.com don't allow private landlords to advertise and the news paper gets a shocking response and those that do respond are those specifically looking for private landlords as they have a bad record and know that they will not be able to rent through an agent. But the good news is there is now a company called landlordschoice.com.au who will advertise on re.com and domain for $199 and also conduct tenant checks for you.
The other thing is to learn the laws in regards to what you can and can't do as a landlord and your obligations, WEA in Adelaide run a 4 hour workshop on property management which is well worth it and I think the OCBA also do free courses. Read all the forms and fact sheets on the OCBA website and don't be afraid to call their help line.
Also don't get caught up doing the repairs/ maintenance yourself, I do the little stuff but if anything is going to take over 4 hours then I call someone in as I invest to make my life better not be stuck doing repairs every weekend.
Here is a copy of the application sheet that I have made up. Please feel free to use it. I don't know how good the legal jargon on the last page is but it sounds good.
Over all I'm with Rob, managing my properties isn't much trouble and I actually enjoy it.
Edit- Sorry Spos didn't notice you had already reffered landlords choice. just goes to show how good they are.