Hi Nina, I work as a property manager in South Yarra and would advise against purchasing off the plan. Generally when you are trying to let the property, so will another 40 – 60 landlords and as a result supply is much higher than demand. Resell is also much lower than purchasing say a 1 bedroom apartment in a pre-existing block in south yarra, prahran, toorak, windsor etc. I am looking to invest again soon myself and would never invest in these off the plan developments all around the SY area as I have seen first hand the pains they cause investors like yourself when trying to find a tenant!

The auction rules will also be displayed at the auction for 30 minutes prior to the auction beginning. The auctioneer will announce at the beginning whether or not vendor bids etc are allowed and from whom. If you are stuck, there will be plenty of agents floating around!

If you need a property manager in melbourne let me know good luck!

Hi Nit,

1) you should purchase landlord insurance that covers problems in the tenancy (eg. damage, rent defaults) AND contents insurance to cover the internal parts of the property. For example, if the roof leaked, the body corporate would fix the actual roof but would not replace your ruined carpet, so you can claim it on your contents insurance. most landlord insurance companies can provide a combined cover.

2) I would ensure you receive most things by email, have your PM pay all rates and receive body corporate notices etc and have a family member sort through the rest – not included in a PM's duties to sort through your private mail to see what is worth sending!

hi guys, I'm a current PM in Victoria and can guarantee that I have never and will never get kickbacks. It is part of our authority that any rebates received must be listed and passed on to the landlord if the work was completed at their property. The tradespeople we use are employed by our company because they do quality work, reasonably priced and are willing to do those 'love jobs' eg. I sent my handyman out at 6am this morning to unlock a door that had seized closed – he lives an hour from the property – and he did it because we give him so much work, not as a kickback!

Our regular insurer offered us a rebate when we signed on 100 new clients which we rejected, because it would mean dividing up the rebate amount between the $100 owners. instead we asked the insurer to spread the rebate over the owner's premiums for the next year when they renew so that the owner sees the direct benefit of signing with our preferred insurer. And in this case, the only reason this company is our preferred insurer is because they are BY FAR the easiest to deal with claims – processing times are 5 – 7 days instead of 4-6 weeks!

The closest thing we get to a kickback is a nice bottle of champagne from some tradies at Christmas time

Property Managers can search the national tenancy database – it costs approx $12.00 per person and shows if the tenant has ever had a VCAT order against them, been lodged on the database by a previous PM or landlord as a good or bad tenant and any comments on how they left  the property (eg. abandoned, rent owing and how much, damage etc etc). $12.00 well spent I think! So much can be ascertained about a tenant by their rental references from AGENTS and not  private landlords who could just be friends. Agents have an unwritten rule that we are honest to each other when given references, otherwise it comes back to bite you big time. Whereas private landlords will often give a tenant a great reference to get rid of them.

Hi Tugger,

first step is to write to the managing agents to advise you will be taking over management of all properties and the date this will become effective. In your letter you need to request copies of

Copy of your latest rental statement

Details of tenancy, including lease documentation

Date of last rent increase

Copy of condition report

All keys held by your office

Signed Bond Transfer

Any other information pertinent to the orderly takeover of management

Once you have all details of the tenants, write to them to advise you will be taking over management and provide your contact details for maintenance, as well as explaining payment options (by victorian law you must provide three different options eg. direct deposit, cheque or cash). Make sure you issue receipts that include the paid to date.  Also confirm in this letter the monthly rent they are paying, and the paid to date that the agent has given you. Ask the tenant to contact you as a matter of urgency if they believe the information is incorrect.

You don't need to sign new leases, when you take over management the current leases remain in place. Be sure to have the bonds transferred into your name as landlord so that when tenants vacate they can claim their bond.

Also talk to Consumer Affairs if you get stuck with anything, they can offer fair and unbiased advice to you.

Good luck!

Hi There

I'm a property manager in Victoria, and i believe the tribunals run reasonably the same…

If a tenant has signed fixed term agreement, this must have a clause in it stating that they are responsible for break lease fees if they do so. This can include a letting fee, rent until a new tenant is found and advertising costs.

HOWEVER – tribunals are very swayed in the tenant's opinion (despite the cynical view that we scratch their backs, they scratch ours…) and so any clauses added by a landlord/agent can be thrown out by the tribunal. It depends entirely on the member that hears the case. If the tenant doesn't turn up this is also a bonus. Make sure you have sent all notices, including notice of the hearing by registered post.

Good luck!