Want to rent out your property without an agent? Research has been released that shows half (48%) of all Australian renters have had a bad experience with Real Estate Agents. Similarly, 57% of Aussie landlords are open to working with renters directly, with 54% stating they do not trust their Real Estate Agent.
If you have a property and are looking to rent it out without using an agent, Dwell can help you with this. Many landlords think it is easier or better value can be added by employing a property agent but our research has found you don't always get what you pay for.
By using Dwell you can reduce the fees you pay by hundreds/thousands of dollars per year and have suitable tenants find you. Our six step process covers everything you need to do as a private landlord, making the process simple and straightforward.
Every state in Australia has its own regulatory requirements and obligations a private landlord needs to comply with. Below we have looked at NSW and what, as a private landlord, are the main things you must do/provide:
- Landlord information statement – Before renting your property to a tenant, you will need to sign an acknowledgement on the residential tenancy agreement that you have read and understood this information and provide disclosure. Penalties apply if this is not met.
- Tenant information statement - A copy of the ‘Tenant information statement’ which covers what your tenant needs to know and understand prior to signing a residential tenancy agreement.
- A residential tenancy agreement. This form is your written record of your tenancy agreement. This is a binding contract under the Residential Tenancies ACT 2010 that sets out the terms and conditions between the landlord and the tenant. This must be completed and then signed by both parties.
- Register with Rental Bonds Online As a private landlord, you’re legally required to register with RBO to lodge, manage and claim residential bonds. This can be done electronically online or you can download a form. You must provide your tenant with an invitation to lodge the bond using RBO. A bond is a security deposit the tenant pays at the start of the tenancy with is lodged with the RBO.
- Condition Report A condition report records the condition of the property prior to the tenant/s taking possession of the property, room by room. You must provide two copies, or one electronic copy, that are already completed. The tenant must also complete the report within 7 days after taking possession of your property and provide you a copy.
- A copy of the by-laws, if the property is in a strata scheme.
You can find further information on renting on the NSW Government Fair Trading Website, or by phone – 13 32 20.