Browse Forums Real Estate Re: LEASING OWN PROPERTY TO TENANTS-Agent or Self? 2Mar 20, 2011 3:39 pm Like everything else it depends on the agent We used an agent when we rented out our house in a small country town and it worked very well. they did everything and were very good. they very carefully vetted tenants. With only two agents in town they knew if they did a bad job it would be quickly around the town. We also used agents for an investment property in Melboure and found them a complete waste of time. I would certainly ask any agent in future for references from some of their existing clients. It was about six years ago so I can't remember how much but it was something like 10% of the rent. The Harder You Try - the Luckier You Get ! Web site http://www.anewhouse.com.au Informative, Amusing, and Opinionated Blog - Over 600 posts on all aspects of building a new house. Re: LEASING OWN PROPERTY TO TENANTS-Agent or Self? 3Mar 20, 2011 4:00 pm Fees vary depending on location. Anything from 5%-15%. Check other ongoing costs also- statements, lease fees, release fees etc Agents do more than just collect money. Do you know all the new rules? If not, you could find yourself in hot water. Are you prepared to deal with problems directly? go to tribunal? Will you find your own tenant? How will you do security checks? Are you happy to apply increases, do inspections etc? If you do and you have the time to self manage then by all means do it. But weigh up the costs vs your time. Re: LEASING OWN PROPERTY TO TENANTS-Agent or Self? 5Mar 21, 2011 12:02 am I would go for an agent, mainly because I am a property manager myself Property Managers will advertise, select your tenant (we have access to databases that private owners don't, which give us a heads up if a previous tenant has any bad history) do up all the paperwork, inspections, handle maintenance requests, chase up arrears, rent reviews and attend court for you if need be. Unless you have a lot of time, and know all the rights and regulations of the tenancy act, then I probably wouldn't suggest you doing it yourself Although some people are lucky and have good tenants and never have a problem...There are heaps of decent agents out there, but some poor ones too...speak to people in the area and you will soon hear who to avoid The road to success is always under construction House completed April 2011 - slowly making it a home... Re: LEASING OWN PROPERTY TO TENANTS-Agent or Self? 6Mar 22, 2011 10:44 pm I started out self-managing my rental properties but tried using a property manager and now, I would never go back to self management! Using an agent is better because... - it's easier to increase the rent without becoming emotional about it - agents usually already have excellent contacts in all trades that you need for repairs - agents are more likely get you market rent as they know what your property is worth and can advertise on large property web sites like realestate.com.au (where only agents can advertise) - it's less time consuming for you, especially when things go wrong I found when I self-managed my properties, tenants would make requests like 'could we have vinyl instead of carpet, can we change the curtains at your expense, etc.' because they could just ask me. With the property manager as a buffer between you and the tenant, they just don't do it or at least I don't hear about it. Shop around as their fees vary. I pay 7% with one agency that manages multiple properties of mine but I asked for a discount. I pay 8.7% with another agency that only manages one of my properties. Keep in mind the extra fees they charge for a new lease, lease renewals, etc. If you do want to manage the property yourself, you should have some sort of application for tenants to fill in. That way, you can gather information on their employer and maybe just give them a call to confirm employment. Ask them for referees so you can call them too. Re: LEASING OWN PROPERTY TO TENANTS-Agent or Self? 8Mar 27, 2011 2:52 pm from the other side, DH and I rented a few different places over 11years before we were able to buy our own place. We never went through real estate agents and always rented privately from the owners themselves with no problems. The reason this worked is because there was a certain amount of respect both ways, we always paid the rent on time and didnt do any damage or have wild parties etc but the landlords didnt pester us either with inspections or being overbearing or intrusive. one house was sold while we were living there and we just kept on renting with the new owner. My advice is if you are going to rent privately, and you find good tenants and you treat them well they will stay for a long time and things will run smooth. Although, Im a bit shocked over the post above of tenants wanting flooring and curtains installed because that's not something we would have ever expected from a landlord. I do know though that the owners were happy to rent to us because we didnt have small kids and we were a couple, so they figured we were a fairly safe bet. Before you rip it up, if you can in the grout lines, drill some holes and pour/inject techgrip by sika. 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