Now that I have actually purchased an IP, time now to find out how to manage it.
The tenant is paying $320 a week and is currently on a periodic lease with a property manager.
I want to find out about managing it myself.
I have some idea of what I need to do, but need to learn more.
I'll need to perform a condition inspection and arrange a new lease agreement as well as arrange the deposit to be transferred.
Now how to do that, and what else do I need to do.
Does anyone use any online/offline property management software?
paulie, there are plenty of different software available eg posh, property manager pro, rentmaster etc, they’ll set you back around $150 so not a big expense.
Tips for young players: the managing Agent is not entitled to commission unless you have signed a management agreement!
For the sake of the exercise, get the agent to carry out the condition report & sign the tenant to a new lease – possibly forego an increase. Have the agent fill in the transfer of bond form. Then terminate the agent.
Get yourself a copy of the rental guidelines from Fair Trading.
If the tenant pays cash/cheque, you will need to issue receipts, eft doesn’t need receipts.
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