My family and I are moving soon and we are going to rent our unit out. DH and I have never done this, so have no idea of how to go about it all. Do we just go to a real estate and tell them we want to put it up for rent? How does it all work to rent out a property?
Ring a few real estates and see what their fee's are. They have 'property management' fee's which covers the cost of them dong all the work basically LOL. They'll advertise, take people around to the house, draw up the lease and paperwork, lodge the bond, conduct quarterly inspections, arrange maintenance, and keeping tabs on the rent and making sure its all being paid for etc.
We're renting and my real estate is the 'go to' person. I've never met or even contacted/been contacted by the property owners. During inspections the real estate takes photos to show the owners that the property is being looked after. I also think the owners get the final say on who moves in?
You can do it yourself as a private rental but you do have to do all that yourself. I'd have a look at your states Rental Tenacy Association and see what the requirements are to be a private landlord.
Make sure you ring around though, because fees vary greatly.
Meet them and make sure you feel comfortable with them. Because you won't be in Sydney you need to trust them to make sure your property is looked after.
Pretty much you'll pick one, sign on the dotted line and move out and give them the keys.
Then they'll contact you with issues/requests. Rent should be paid directly into an account nominated by you.
I suggest setting up an account especially for it - it's just easier at tax time.
HTH.
How do we put our unit up for rent?
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