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  1. #1
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    Default How do we start this process?? How to rent out our property?

    We have to move states in January due to DH job. We've decided to rent out our property in QLD and are just trying to get our heads around how to start this process!

    We picked 5 local agents to come out and give a rent appraisal and have a chat with us and from there decided on the best agent for us but now we are stumped. I know the next step is to sign a management agreement but reading through it all is totally bafflling to me and I feel completely out of my depth. I don't want to bother the agent with silly questions but is that who I should be bothering or am I just supposed to understand this whole process by reading through the agreement? Or do we just sign and then the agent tells us what to do when?

    ie. When do I call to organise land lords insurance, being that we don't want to rent the property until January.
    I know we need to organise a water compliant test but is that done before the signing of the agreement or later in the year?
    Am I supposed to get a solicitor to read through the agreement before signing?

    Thanks for any advice!

  2. #2
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    Quote Originally Posted by Buttercup80 View Post
    We have to move states in January due to DH job. We've decided to rent out our property in QLD and are just trying to get our heads around how to start this process!

    We picked 5 local agents to come out and give a rent appraisal and have a chat with us and from there decided on the best agent for us but now we are stumped. I know the next step is to sign a management agreement but reading through it all is totally bafflling to me and I feel completely out of my depth. I don't want to bother the agent with silly questions but is that who I should be bothering or am I just supposed to understand this whole process by reading through the agreement? Or do we just sign and then the agent tells us what to do when?

    ie. When do I call to organise land lords insurance, being that we don't want to rent the property until January.
    I know we need to organise a water compliant test but is that done before the signing of the agreement or later in the year?
    Am I supposed to get a solicitor to read through the agreement before signing?

    Thanks for any advice!
    You will be paying the agent to maintain your property and the tenant so you should ask a million questions until you are satisfied with the answers. If they seem bothered with your questions, then you are dealing with the wrong agent! Find one that is happy to answer your questions until the cows come home. Seeing as you will be in different states you want the communication lines to be open and strong with the agent you choose. In my opinion, you should read the contract and write down all the questions that come to mind. Then ask the agent to come and see you and ask away. Do NOT sign anything until you are sure what you are signing for. Also, I would haggle the rate they are charging. PLay them all off against each other. Never accept the first rate given to you for managin your property. I used to work in real estate so I know those rates can be flexible

    As for landlords insurance, you can organise it the day before your tenant moves in if you like. Don't organise it until you have a move in date for your new tenant.

    I've never heard of a water compliant test to be honest so not sure what that is about .. ?

    As for the solicitor, I woudn't bother but if you're really concerned then, yes get one to read through the contract.

    The other thing I would absolutely do is say you'll trial the agent for 6 months and don't sign for anything more than a 6 month contract. Let them know that if you like their work and are happy with their service then you will sign a 12 month contract once the 6 month contract expires. Good luck!

  3. #3
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    Firstly, yes ask as many questions as you want to the agents, thats what they are there for! As pp said you can organise insurance when your tenants are about to move in but it is a good idea to get quotes now ( ask your agent who they recommend) the agreements are all standard and quite safe to sign once you ask any queries you may have

    But my advice ( as an agent ) is please pick the agent that you think is the best not the cheapest, try and get some references or ask your friends who they recommend, Im all for asking for their best rate but please do not choose an agent because they are cheap , choose one because they are the best and you feel comfortable with them also whenever we get a landlord trying to get a ridiculously cheap rate we worry they will be like that with organising repairs and tend not to accept their business at all

    Im in NSW and our agreements have no time period, you can give 60 days ( in our case) notice at any time, just ask the agent what their procedure are for keeping in contact with landlords

    Also i would have your hot water system and oven checked , as these are the main things that can break down , check all your windows and doors have proper security locks ( tenant will require this for insurance) , check your smoke alarms, check for loose tiles in the bathroom, check all your tap washers, check all your windows for cracks, make sure all your power points are secure and electricity has saftey switches , make sure garage doors work and gates/fences are in good order
    Last edited by Elijahs Mum; 21-09-2012 at 15:08.


 

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