Are you teetering on the edge of the decision to switch from using a property manager to self-managing your rental property?
It’s a significant leap that about a third of all investment property owners in Australia have already taken. The transition can be seamless with a bit of groundwork and a user-friendly property management platform to guide you. Let’s delve into the crucial things you should know before making the shift.
1. Saying goodbye to your property manager
If your property is currently under a managing agent, terminate the agreement following the specified notice period. Ensure you download essential files and reports from the agent’s online portal before the agreement ends. A visit to the agent’s office is a wise move to collect keys, documents, and any other items in their possession.
2. Handling rental bonds
When taking over management, ensure the existing bond is transferred away from the managing agent to you. Depending on the jurisdiction where your property is, you will probably need to get an account setup with your local bond holding authority, after which you can transfer the bond from the agent to your account. This is critical as, at the end of the lease, you – the landlord – have to enter the bond holding platform to release the bond back to the tenant.
3. Settle into ongoing communication with your tenant
Initiate contact with your tenants before the managing agency agreement concludes, informing them of the upcoming change. Discuss the need for an inspection, ensuring clarity on the property’s condition transition. Equip yourself with a standard inspection template, or better still, explore Tenant Connect, a remote property inspection app, and make sure you get on the list to get notified when the app goes live. Also, remember to look a copy of the official tenancy agreement applicable in your area, easily managed within RentingSmart.
4. Negotiating a new lease
Coordinate with your tenants to negotiate a new lease period if necessary. The timing often aligns with the existing lease, necessitating agreement on new start and end dates – all effortlessly recorded and maintained in RentingSmart.
5. Finding the perfect tenant
Finding a reliable tenant is now up to you! Many landlords who switch to self-managing expect this task to be difficult. That’s far from the truth.
If your property needs a new tenant, leverage RentingSmart’s collaboration with For Sale By Owner. For just $89, advertise your property on major Australian real estate websites until it’s leased, all managed with a click through the “Find a Tenant” button on your RentingSmart property dashboard.
6. Notifying local authorities
Take charge by notifying local entities like the council, strata manager, body corporate, and utilities about the change in property management. Direct all notices to your attention for streamlined communication.
Venturing into self-management opens up new possibilities for efficiency, cost savings and control.
With RentingSmart as your ally, you can seamlessly navigate this transition. As you stand at this crossroads, remember – about a third of all investment properties in Australia are self-managed. Your journey toward empowered property ownership is in good company. If you’re ready to make this leap, RentingSmart is here to guide you every step of the way. Make the change, and embrace the freedom of self-management.
Discover more about the transition from property manager to self-manager and explore the power of RentingSmart. Your journey to stress-free property management begins now with a free 14 day trial.
Got any questions? Contact us to chat with one of our friendly support staff.