I want to manage my own property but have an Agent find the tenant
At API we have had clients ask us to let property for them but then hand it over to them to manage. This could be considered a way for the landlord to get the best of both worlds.
The hardest part of owning an investment property is actually finding the “best” tenant. When researching prospective tenants we check them all through the “National Tenancy Database” which is not available to the general public.
This database is used by all Licensed Real Estate Agents to check if the prospective tenant has been listed for not paying rent, VCAT judgments or Bankruptcy reports.
API will also advertise on the web and have “For Lease” boards on the property. An Estate Agent usually charges about 1-2 weeks rent as a letting fee, and this generally only occurs if you give them the property to manage once let.
Prospective tenants are required to complete a comprehensive application form so their suitability can be ascertained. This includes current and previous agents/landlords, current and previous employers, plus personal and professional referees.
At API we have responded to requests from landlords who want to manage their own property but have a Licensed Estate Agent select the tenant advertise on all the good websites and conduct the opens for them by offering a letting service for 1 month’s rent which includes all advertising and tenant checks.
This allows the Landlord to generally achieve a higher rent sooner as the property is advertised extensively and all prospective tenants go through an extensive and rigorous selection criterion.