Where to start to self manage a rental property

[orin]

I am currently in the process of moving to a new house, and is going to rent out the current place. Previously i have thought of renting through a PM, though reading on the forums PMs dont seem to do much and the charge is quite high.

Can anyone point me to some place with good materials on how to get started, ie what forms i need, what records i need to keep, also what do i do about the utilities?

Where should i advertise? I asked an agent and he told me the 3 bedroom townhouse can go for 500pw, should i advertise at that?

Any help much appreciated.

EDIT: The property is in Sydney

 

[GoAnna!]

Before you decide to self manange you really need to be sure that you know the market rate of your property. Were you to accidentally let it under market it might have been cheaper to get a PM and save yourself the hassle. If you self manange you may want to try for above market rents as you will be prepared to put in the time and effort. If you can rent at market or above and pay no PM fees and you have the time, knowledge and disposition to do well go for it! (I used to self manage all and now self manage some)

 

[Rixter]

Previously i have thought of renting through a PM, though reading on the forums PMs dont seem to do much and the charge is quite high.

You pay a PM to prevent / minimise the times when things can go pear shape / wrong.

Food for thought.

 

[wylie]

I know you are not in Queensland, but the Residential Tenancies Association has everything you could possibly need for self-managing in Queensland, all available in hard copy or downloaded and printed off. We have always self-managed with very few problems. I realise it is not everybody's cup of tea.

Not sure what the equivalent association or body is in NSW but a search of the forum may bring up what you need, or somebody else may post the department you need.

 

[orin]

wow that sounds good, everything you need in one place.

Anyone know if there is something similar in NSW?

 

[firstmillion]

Try these websites : http://www.fairtrading.nsw.gov.au/Tenants_and_home_owners/Being_a_landlord.html

and

http://www.fairtrading.nsw.gov.au/

Hope this helps.

Cheers
FM