I have 3 IPs in Tas…but I live in the NT so I employed one property manager to overlook all 3 at about 8% management fees. I am moving back to Tas in 6 months and will be on 12 months half pay leave, while topping up my salary with a few days a week work. My properties rent for a combined $1000 a week before any payments are taken out. Last month we had approx $700 of letting fees, key fees, and management fees taken out of our monthly rent…..and all for what would seem very little work. Now I want to have a go… can anyone point me in the right direction? I may even just take 1 property on to start and see how i go… any feedback would be appreciated as to where I should start and what I have to get my hands on…cheers
tugger
If you want to do this for your own properties there is no requirement to have any understanding or qualification to do so. however if you want to be most effective, you could probably do a basic property management course eg http://www.oten.edu.au/otenweb/cils/9671CIL.pdf by correspondence (on the net) or one specifically for Tasmania.
You will need to give your property manager the appropriate notice to terminate each property.
I am surprised that you're not getting a reasonable discount from the agent considering they are managing 3 properties.
yeah well 8% is the discount…normally 9% but yeah might try and negotiate again…
thanks for all that info… will try and get on to it as soon as possible…do you know where I can access generic contract documents?Following on from SNM's comments, go to the consumer affairs website for TAS and read up and print the contracts, forms etc…
In Victoria, we use http://www.consumer.vic.gov.au/CA256EB5000644CE/page/Renting-Landlords?OpenDocument&1=910-Renting~&2=20-Landlords~&3=~I've been doing this for the year or so, not so hard!
just make sure you take out landlord insurance etc…goodluck!
thanks for that info Domain…. yeah we are putting in our own ads and getting most of the tenants for our property manager, as website based advertisement doesnt cast the net far enough sometimes.
Thanks again. Cheerstugger
No worries Tugger!
May I suggest you use gumtree.com as there are people who advertise that they need rental properties.
The good thing is that advertising on this website is free and gets allot of traffic.HOWEVER! be very careful as most people on this website were not successful in obtaining leases from agents.
So double check references and interview them before you hand over the keys!Cheers,
You could also use landlordschoice.com.au for advertising your properties on realestate.com and for getting all the documentation needed (tenancy agreements, etc). They will also do a tenancy database caheck, pretty much everything except managing the property once it is rented out. I have recently used them and found them very helpful
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