Rental property management

[wira]

Seems I noticed several of the forummers here invest in properties for rental income. Would like to check how do you manage your property rental and tenants ?
Do you do it yourself or through a property management co. .?
Reason asking is my investment property is due TOP soon and wondering how I should a manage.

 

[mummy1234]

We do it ourselves as pretty straight forward....only for overseas property maybe u need a manager...

 

[wira]

We do it ourselves as pretty straight forward....only for overseas property maybe u need a manager...

Any corcerns such as tenants keep calling for issues like air con problems or other complaints ?

 

[mummy1234]

Oh no, all handled by the Property Agent ....the Tenancy agreement is important....get a good one before signing on it... You basically look for agents or in my case, they were all waiting for our business once we go down to collect keys....we choose a few agents to work with but never handed them the keys as we were afraid of them duplicating it ....the agents will get your rental price and may advice you on the market there but you should do your own research on recent rental caveats too...the agents will advertise for you and ask you for permission to view your unit once they have viewing requests from potential tenants..

We try to screen our tenants strictly to Ensure we have professionals renting and not dubious characters...important to choose your tenants carefully...

Usually a letter of intent is signed first with a deposit to Chope your unit for a specified period of time whereby the tenant will specify their requests eg. Bed and basic furniture... Lighting and curtains are basic requirements....must charge higher for fully vs partial furnished...

agent is supposed to handle all problems with tenants for you that is why they are paid a commission...

On keys handover to tenant, Ensure they sign a checklist of items .... A good agent will brief you through everything and it is a relatively easy process...

Ask for proof of Giro arrangement with their bank accounts into yours...

Get photocopies of tenants Ic or WP....and their contact if possible...

Have fun renting out your unit...

 

[wira]

Thanks much mummy1234 for the advice

 

[focus1974]

you can DIY or use agents.
But you always need to go down and screen the tenants yourself as it is your "house" and you need to be comfortable with the tenants inside.
Paper work (the tenancy agreement) is very important and you need to look thru the agreement(if using agent, it's quite standard) and adjust to your liking. Though, sometimes, it's more a give and take once you find a good tenant (which goes back to number 1.. need to screen a tenant you are comfortable with).

Can only say..if you not comfortable with the type of tenant, any agreement also no use.

 

[badsector]

if get someone to manage, need to apply Power of Attorney?