Leasing your Rental property, without an Agent, Managing the Tenancy as a DIY Landlord is made easy with ReDIY.
This will give you hands on control of your investment and save you money.
Prepare the property.
First thing to consider is the preparation of the property. Whether you engage an Agent or DIY, you will still be the one responsible for this. Look at the property with fresh eyes. It may be a first time rental property or a new tenancy. Obviously, the property has to comply with safety regulations. The small maintenance issues also need to be attended to. Having a property clean and presented at its best will be the attractor for a good quality tenant.
Advertise the property on major sites with ReDIY.
Next, you have to let them know it is available. So, if you were using an Agent to find your tenant, they would advertise the property on the major Real Estate Sites. Realestate.com.au, Domain.com.au and Rent.com.au are the sites that attract the most enquiries from potential tenants. These are the sites that you, as a DIY Landlord, need to advertise your rental property on. In order to advertise on Realestate.com.au it used to be tha you must hold a real estate license and have a subscription with them. The subscription costs are high but Agents can justify these costs because they have large numbers of properties and often pass on the cost to the Landlord. As you, the Private Landlord, do not hold a Real Estate License, you need a third party, such as ReDIY, to access the site to advertise your rental property.
ReDIY will advertise your vacant rental property on Realestate, Domain, Rent, Allhomes (extra costs apply if the property is located in the ACT) as well as 5 other Real Estate Sites for one low fee. With ReDIY, the advertisement remains on all Real Estate Sites until leased. That's right, 9 Real Estate Sites, one low upfront cost, until leased and you can do the rest yourself. Private Landlords can advertise on the major Real Estate Sites with ReDIY, because we are an approved advertiser and have the subscription.
Enquiries from Tenants with ReDIY.
Because of their policy of not allowing Private Landlords to directly advertise on their sites, the inquiries will come to us at ReDIY. We will drop them into your dashboard, on the ReDIY site, as they come in. We will also email you the full details of the inquiry. This is where we bow out. You can then deal directly with the potential tenant and proceed from there.
You can choose to conduct the inspections by appointment or as an "Open For Inspection". You will get to meet each and assess their suitability.
Applications from Tenants with ReDIY.
The Potential Tenants can lodge their applications into your dashboard on our site, for you to access immediately. The normal reference checks need to be done - employment - previous rental - personal. Check their previous rental history as well as the one from which they are currently vacating.
National Tenancy Database Search with ReDIY.
ReDIY can conduct a search of The National Tenancy Database, using TICA, Australia's Largest Tenancy Database. This will disclose any previous defaults lodged by previous Landlords or Agencies. It is a great way of checking that there are no skeletons in their closet.
Tenant Approved and ready to move in.
The documentation needs to be completed, explained and signed - Lease Agreement - Bond Lodgement Form - Receipts - Entry Condition Report. Ensure that all special conditions are noted on the Tenancy Agreement as well as what the tenants are to do in relation to maintenance or an Urgent Safety issue. The other thing worth considering is the end date of the lease. There is nothing in the legislation to say that a lease has to be exactly 6 months or 12 months, it just seems to be the norm. If you are signing a 6-month lease that commences on the 24th of June, it will expire on the 23rd of December - not a great time to be looking for a new tenant. In this instance, a 7-month lease would suit both you and the tenant. They would not want to be moving a couple of days before Christmas either.
Receipts need to be provided to the tenant for the Rent payments and Bond and the bond needs to be lodged with the relevant authority. The Entry Condition Report is a very important document. Take your time when completing this and take lots of photos to substantiate your assessment. The Tenants will complete one as well. These then need to be compared and if there are any discrepancies, they should be addressed. Do not leave them until the end of the tenancy.
The connections - electricity, gas, phone, internet need to be disconnected by you or the previous tenant and then reconnected by the new tenants. This can all be done, for no cost, in one action, through the dashboard on ReDIY. All done within 24 hours. No need to contact each supplier, one by one.
You have found a great tenant, by advertising with ReDIY, on the major Real Estate sites and thoroughly vetting them, the management should all run smoothly. Monitor the rental payments closely. If the rent becomes 1 or 2 days in arrears, a reminder phone call to the tenant should be made. The sooner the arrears are addressed, the better for all concerned. If it gets to 5 days in arrears, another call needs to be made. In most states, the arrears have to be between 5 and 8 days in arrears, before any more forceful action can be taken. This is normally in the form of a written Breach Notice giving a number of days for the arrears to be paid. Check your State Legislation for further information.
Document Storage with ReDIY
The main image, the heading and the first line of the script appear on the first page. Think about this when compiling your advertisement. The aim is to get the tenants to click through to the full page to find all the information.
As well as your advertising text and photos the lease, bond lodgement form, and entry condition report can be stored in your dashboard on ReDIY for easy access. Should you wish, you can also enter the record of rental payments into the rent section on your dashboard, and any payments made for bills and maintenance, so that at the end of the Financial Year, ReDIY will soon be able to provide you with a Financial Year Income and Expenditure Report.
Entry to the Premises.
There will be various reasons why you will either require access to the property for yourself or for a third party. Each state has forms that are to be used for this purpose. The amount of written notice required to be given to the tenant is determined by the reason for the Entry request. The Tenancy Authority in your State has all the information online. You will want to conduct regular inspections of the property. Again, this varies from State to State, but it is normally every 3 to 4 months that you are permitted to conduct the periodic inspection. Have the Entry Condition Report with you when you conduct each inspection. It is a good reference point.
There are other areas that need to be researched by you to ensure that you comply with the legislation. It can all be found online.
ReDIY advertises for Private Landlords.
We encourage you to Lease and Manage your rental property yourself. ReDIY (Real Estate Do It Yourself) is an innovative, user friendly site, to allow Private Landlords to advertise on the major real estate sites and to provide the tools for Private Lessors to DIY, as well as, if not better than Real Estate Agencies.
Happy Leasing from ReDIY.