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Should I rent out my property myself or use a real estate agent?

  • 9 月 11, 2023

Home » 澳洲法律解读 » 房产及建筑 » Should I rent out my property myself or use a real estate agent?

It can be very difficult to rent and manage your own property if you do not have the necessary experience and skills to handle sometimes difficult situations. The most important consideration in deciding to rent out your own property as opposed to getting a real estate agent to do it for you is whether you have the time to handle the problems involved and how able you are to successfully resolve issues that arise.

For example, if you are living in another city or country from where your rental property is located, it is highly recommended to use the services of a real estate agent who is based in the local area. This is due to there being situations where you need someone to visit the property at short notice. In this regard, property managers would have substantial experience handling all sorts of problems, given that most agents are handling significant number of properties at a given time.

In addition, recent changes to the Residential Tenancies Act have seen increased disclosure requirements and regulations on minimum standards in property rented out to renters. In this respect, an experienced real estate agent would be able to advise you of the requirements and ensure compliance with the RTA so that problems are reduced during the tenancy. Moreover, recent changes to the Estates Agents Act of Victoria has created increasing obligations on Victorian real estate agents, which is intended to increase the quality of real estate services in the rental market.

The most important consideration is whether you have the time to spend renting out property, managing tenant/renter issues and dealing with last-minute requests. In this regard, a private landlord/rental provider can be more efficient with the renting process over time, but it usually is worthwhile if you manage a lot of properties.

Therefore, if you are not experienced with renting and do not have the time, it is generally better to engage a real estate agent to rent and manage property for you. If you have questions about your rental property or a real estate agent, book a consultation with Chua Tan Associates.

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