Renting out a Property by Home-Owner

bhunter101 on 12/07/2017 - 21:00

So I own a Unit in Geelong VIC area.
I have been making a few calls to real estate agents.
Average charge is $200 for advertising, 1.5 weeks worth of rent for processing the applications and shortlisting applicants. And between 7-8% of rent every month.

I was wondering if some of you home owners or landlords have rented out your property privately without going thru agents.
Questions I have are:
Can an individual place ad on domain.com.au or any other real estate sites?
How are signing lease and taking bond processes?
Anything else I should be concerned about?

Victoria's legislations for inspections are 2 per year. So first one will be after 3 months and then every 6 months.

Share your knowledge 😊

Home & Garden

Comments

  • John Kimble on 12/07/2017 - 21:12

    7 to 8 percent seems a bit high? Is there room for negotiation? 5 to 6 percent maybe?

    • bhunter101 on 12/07/2017 - 21:23

      Hodges were saying it might be negotiable.
      I'm kinda thinking more towards renting it out myself for a 12months lease and then I might sell it off

    • bhunter101 on 12/07/2017 - 21:34

      The more property agent manages, the less charge.

  • bhunter101 on 13/07/2017 - 09:27

    For subscribers
    http://forums.whirlpool.net.au/archive/2111825

  • TheBilly on 15/07/2017 - 12:05

    Rental bonds are done through a central body. I.e. you and an agent will process it through the same organisation (unsure of vic however in nsw it is central). There are standard rental contracts available, i.e. in nsw I used the fair trading contract, read it, as it has alot of information on it. Im not sure about advertising as our property was leased to a person walking passed. I am currently renting out through an agent in vic as well, due to being in nsw it saves alot of hassle. Currently paying $150 advertising, 7% management, 1.5 weeks rent for tennants application - it is fairly standard across vic, my friend is paying exact same, alsp other quotes I got were the same.

    Benefit of self manage,save money. Disadvantage, you have to deal with tennant. I.e. tennant requested upgrades via land lord in vic, my response was "No" and I literally didnt hear about it after. No reasoning nothing, agent just dealt with it. Having that barrier is nice. Whereas self manage in nsw, they pleaded and appealed to our relaltionship and make it too personal.

    • bhunter101 on 16/07/2017 - 08:55

      Thanks TheBilly. I'm leaning more towards an agent as well to save time and all the hassles

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