G'day all..
Just after some advice. I am about 2 months away from taking over the management of my 3 IP's due to poor performance of our current property managers, and the fact I will be on 12 months half pay leave from my current job. I have downloaded the DIY packs with all the info and contracts required, but I was just after some advice as to how I approach the current property managers and secure my properties back? Do I then resign current tenants up to my contract but only until the end date of their initial contract with the other company? And how best should I approach current tenants to explain what will be happening? Really looking forward to taking this on but a bit apprehensive about the transition period of the houses from the current property managers to myself. Any help would be appreciated. Cheers
tugger
It's a steep learning curve coming up but worth it usually.
Which state are you in,
which state are the properties in,
how far are you from your properties
do you have stable good paying tenants
are the properties labour intensive with maintenance issues
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
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!
I will be living in Tas where all 3 properties are. The furthest from me will be about 20km. All are tenanted, with rents at $250, $380 and $395. The current tenants are all quite good so that makes me feel a bit more comfortable. One of the house was built in the late 70's so there are a few maintenance issues with that but the other 2 I have had for over 2 years and have only had to have the gardens done between tenants.
Rachelthelegend…. you are a legend.
Thanks for that great information. I was a bit worried about disturbing the tenants when taking over but if they just continue on the same contract they signed with the property manager than that suits me down to the ground.
I will be returning to Tas on the 2nd of April and would like to take control of them on the 6th of April. When would you recommend sending this letter off to the property managers? They are currently chasing up insurance claims by us on one of the properties so I dont want them to just drop that cold, rather they finish what they started.
Thanks again for your help and if you have any more advice its always welcome. Cheers
tugger
Yeah Rachel's on the ball.
Suggest you ask the agent for :
A complete rent record printout of the properties.
Agent to write to each tenant advising the takeover date and the contact details of the new PM (you).
Bond receipts & signed transfer forms to request change of landlord on lodged bonds into your name as landlord.
Copies of all and any correspondence with the tenant.
Copies of all inspections.
Leases
Condition reports
Water meter readings if not on condition report.
Tenant application forms, copies of ID etc, and notes or results of diligence checks performed such as TICA.
All keys and photocopies of key profiles.In your letter to the agent asking for all those things and whatever else you may ask them for relative to how things are done in Tassie, also request confirmation that there are no outstanding issues with any of the tenants, promises made or tenant requests.
Re insurance claim, you can contact the insurance company and do that yourself, might not get much help from a " dumped " agent.
Make sure you attend to maintenance issues immediately, if you're slow, then the rent will be too.
Ensure you know who to ring immediately for urgent repairs like stove, hot water service, air con, heater, plumbing, electrical.
If you get a plumber or handyman out there anytime for something, replace every tap washer in the house at the same time to avoid a callout later for just a washer.You'll need all your ducks in a row when you do it yourself.
Hope it runs smoothly for you.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Good onya crest…
If i'm planning on taking over in the first week of April what sort of time frame should I give myself to write this letter to the property managers. They are being real assholes at the moment so i'm worried about even getting the most basic of information off them.
I'm going to call some tradies in the next couple of weeks to try and get them on board for maintenance problems that may arise.
Thanks again for your help crest… i'm sure it will all be good once we get our teeth into it. Cheers
Chris
My advice is don't do it. It is too close and personal when you deal directly with the tenant. Ours ended yesterday and last week after a series of abusive voicemail messages and texts I actually had to call the police – the police wanted to charge them but I elected not to.
We are $2500 out of pocket and a couple of days out of life and are still thinking it could have been much much worse.
If your determined to do it yourself, please get a PO Box so they don't have your actual home address.
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