Real Estate & Managing Rental Property VIC
Everything you need to know about the VIC real estate market - how to start a lease, lodge a bond & more.
Everything you need to know about the VIC real estate market - how to start a lease, lodge a bond & more.
Many property owners prefer to cut out the real estate agent (and their fees) and simply self-manage their property themselves. Renting out your own property is certainly not rocket science, and can be an extremely rewarding experience (both financially and personally) but it is worthwhile getting the basics right so that you and your tenant are set up for success. You can also register for a demo of the RentBetter Platform and see how it can help you through the process
This article aims to provide readers with a quick reference guide on where to go and what to do when starting out.
When preparing to rent out your own property, it is important to familiarise yourself with similar rental properties in your area. VIC is a large geographic area and the property market can seem complex, so we have compiled a summary of 'Fast Facts' that will help you understand the rental landscape.
There were 5,926,624 people in VIC as at the last census date in 2016, and here are the key figures to know:
Most State government have rules about when a landlord can increase the rent on their investment property. The restrictions only apply where there is an existing tenant in the property, so if you are looking to sign on a new tenant you can just change the asking rent when you advertise.
Starting a lease 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.
The ‘big 4’ are;Starting a lease typically consists of 4 key elements:
More information on lodging bonds in VIC: Ph: RTBA Online 1300 137 164All rental bonds for properties in Victoria must be lodged with the Residential Tenancies Bond Authority (RTBA) and is done as an electronic transaction (more info available here).
As a property owner you will need to collect the bond from the tenant after a lease has been signed for a new tenancy. It is recommended that keys are not handed over until the bond has been paid.
You will need to visit RTBA Online and indicate that you are a ‘landlord’. If you are already registered and have a UserID, you can click here to lodge another bond.
You will then be directed to an online Bond Lodgement form where you will need to enter property details.After completing information about the rental property, you will need to fill in tenancy and bond details. You will need to provide a name and unique email address for each of your tenants.Once reviewing lodgement details to ensure they are correct, select ‘Confirm details’. You can change information by clicking ‘Back to tenant details’.
You can then lodge the bond by clicking ‘submit lodgement’ which will direct you to a confirmation page and provide a transaction number. Be sure to record this number so that you are able to track your transaction.Each tenant will receive an email or SMS that will direct them to confirm the lodgement. If the tenant requests changes to the lodgement, you will be notified.
Reminders will be sent out after 7 days if the tenant has not responded to the link.Once verified, RTBA will debit the bond from the owners given bank account and should be processed within 2 business days.
Of course, at RentBetter.com.au our aim is to make this a seamless, frictionless experience for you and your tenant by including the necessary documents and compliance into our process – you can click here to sign-up and get started.RentBetter is designed to help you find and manage tenants using the RentBetter Platform.
Our customers use RentBetter to advertise their property on the major property portals (Realestate.com.au and Domain.com.au), and our platform can help with enquiries, applications, tenant checks and lease documents to assist you in finding a high-quality tenant for your property.
The RentBetter platform can also help to onboard your tenant to your lease, and automate the process of rent collection, tracking, receipts, maintenance, and reporting.
Learn how the RentBetter platform can help you self-manage your rental property. Register below to watch the demo video.