Self-Managing Your Rental Property: Getting Started

If you are self-managing your own property, get the basics right so you can get started with confidence

Self-Managing Your Rental Property: Getting Started 

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If you are already self-managing your own property, or you are thinking about switching from an agent to self-manage your own property, then the items below will help you get the basics right so you can get started with confidence. 

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Property owners often prefer to cut out real estate agents (and their fees) and self-manage their properties. There are already a large number of property owners self-managing in Australia. 

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Managing a property is like anything in life, the first time you do it you may feel a little uncertain, but once you have a structure and process in place, or understand what is required, it can be quite straightforward. It can be an extremely rewarding experience (both financially and personally), but you need to at least be aware of the basics, so that you and your tenant will be successful.

 

Each state in Australia has their own government agency and regulatory requirements to comply with, but there are plenty of consistent themes about the way you manage a property. This article aims to focus on how to get started, but you might like to review our quick reference guide on renting out your property without an agent. 

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Our aim at RentBetter is to provide you with content and support to make this whole process a frictionless experience for you and your tenant by including the necessary documents and compliance into our process – you can register here for a demo and check out the RentBetter platform. 

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The different phases covered in the process of managing a property are as follows: 

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Match a Tenant

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  1. Create your ad
  2. Manage and respond to enquiries and applications
  3. Schedule and host viewings
  4. Select a tenant

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Manage Your Tenancy

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  1. Sign the the lease agreement
  2. Complete a condition report
  3. Receive the bond
  4. Collect, track and receipt rent

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Maintain Your Property

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  1. Handle administration, repairs, expenses and maintenance
  2. Conduct routine inspections 
  3. Report on income, expense and financial position 
  4. Communicate on regular intervals with you and your tenant

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If you already have your tenant and are ready to start a tenancy, this typically consists of 4 key elements, which have slightly different names depending on which state you are operating in, but ultimately have a similar intent and outcome. We cover this in detail on a state by state basis in our blog renting out your property without an agent.   

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  1. Guide – A guide or checklist provides the tenant with a range of helpful items that they should know or understand before signing a lease
  2. Lease – A residential tenancy agreement (or lease) is the legal contract and terms and conditions between the owner and the tenant
  3. Bond – A rental bond is a security deposit a tenant pays at the start of a tenancy which is then lodged with the state government agency
  4. Condition report - This report records the general condition of the property, on a room by room basis, and is signed within the first 7 days of the lease by both the owner and tenant

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Use the RentBetter Platform to Easily Manage 'The Big 4' on RentBetter.

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The platform enables you to advertise on Australia's leading property sites (RealEstate.com.au, Domain.com.au & Rent.com.au) so you can find a great tenant.

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Once you've found a tenant, you can create and send your lease agreement from the platform directly to your tenants where you can sign digitally. Manage your property and tenant relationship with access to a host of tools, right at your fingertips:

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  • Set up and organise bond payments
  • Conduct digital condition reports (or hire a pro to do it for you)
  • Collect, manage and provide receipts for rental payments
  • Track expenses & automate reports (including EOFY)
  • Instant message your tenant on platform
  • Extend or end your lease agreement at the click of a button
  • Store all your important docs in one place
  • Schedule repairs & maintenance
  • Organise routine inspections
  • Receive automatic reminders, payment notifications and prompts – so you don’t have to waste time thinking about it.