It should specify how often they will inspect the property. The authority should state that the agent will notify you of any damage to the property, or of unpaid rent. It is common for an agent to attach an ‘instruction form’, which will also be considered part of the agreement. You can expect the agent to find a suitable tenant and collect the rent any further terms should be specified in the authority (contract). However, in most circumstances, once your property has been let, you are not exclusively tied to that agent. In signing it, you are giving the agent exclusive rights to find a renter and authorising them to manage your rental property. This is a binding contract signed between you and the agent. When you engage an agent to manage your rental property, you will need to sign an ‘exclusive leasing and/or managing authority’ (often called ‘the authority’). The Real Estate Institute of Victoria (REIV) can provide details of its members who have property management skills but a licensed agent does not have to be a member of the REIV. Use the internet and local newspapers to research agents, and speak to at least two or three in the local area.
They should also be able to give you a comprehensive list of the services they offer and tell you how much they charge. The agent you choose should have experience in property management.
If you’re a rental provider who wants to have your property managed by an agent, there are a few things you need to know. Many rental providers (previously known as landlords) pay an agent – either a dedicated property manager or a real estate agent – to manage the day-to-day running of their rental property.
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