Calling all landlords......

[EsJay]

i dont think we got cover for loss of rent, but have it for damage and all that stuff. we have building insurance as well, but home contents we left up to the tenants as its their contents, (if you are renting a furnished residence you will want this as well though). the cheapest landlord insurance i found through allianz, the next quote i got was $400 more than them! Not all insurers will insure all properties either, it will depend on the location, size, land size and value of the residence, the major insurance companies wouldnt give us landlord insurance saying our house was in a high flood risk area, there hasnt been a flood near our house for over 100 years... but they were happy to offer building insurance so how that makes sense i dont know.

the management fee varies from agent to agent in our area anywhere from 7.7% through to 8.8%, the higher ones dont necessarily mean they will do a better job or extra inspections.
Make sure you get a copy of the entry condition report to compare it to the exit report to make sure they havent missed anything. You can also elect to go to inspections with them, as well as check out the property from the road now and again to make sure the gardens are being well kept and mowing done if you really want to. some agencies do take advantage of owners living away, this has recently been done to a friend of mine by our own agency, so i made sure they know i do drive by the house and that i want to come to inspections with them. if you dont feel right or comfortable about the agency find another one, follow your gut.
you will need a water efficiency test done (is it in nsw im not sure this is law in other states) so you can then charge water rates to the tenants. any licenced plumber can do this and your agency can usually arrange it for you.

You will be given a list (or have a conversation with the agency) of the applicants who have been short listed, it will include their employer, income, pets, children, tenancy history etc etc and you get to choose the person who actually goes into your house from this short list of applicants. (im shocked at this breach of privacy, but it keeps happening everytime so must be the general done thing, and i assume they are given a form to sign to say their private details will be discussed with the owners)

you can request that the maximum 4 inspections a year be done, otherwise a lot of agencies only do the minimum 2.

if i think of anything else ill come back and post again. goodluck

[~Trish~]

We have an investment property and have landlord insurance - it is absolutely worthwhile, although luckily we've never had to use it . We use an agent, but DH knows all the ins and outs so I'll ask him your questions when he gets home. Feel free to PM me any questions, my DH seems to know everything there is to know about investment properties and I'll pick his brain for you!

[sangie]

Definitely get landlord insurance. We rented our first house for around 18months and the tenants were wonderful for the first year but then they ran into financial trouble and stopped paying rent. They moved out after 3 months of not paying and then we kept the bond and claimed on our insurance for the balance of rent outstanding. We used an agent and I think the commission was around 5/5.5%? but that was 8 or so years ago so no doubt its changed. I wouldn't be without insurance, you just never know and much better to be covered for peace of mind. From memory I think you can also claim it on tax (don't quote me on that though?). Good luck, how exciting that settlement is so soon!!