Become your own investment property manager with RentingSmart. It could save you a lot of money in commission and fees.
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Renting out your property isn't easy money. There's a lot of work to do. Most landlords prefer to outsource a lot of this work to a real estate agent or property manager.
RentingSmart's property software makes it easier to manage the property yourself. This could save you a lot of money in commissions.
Read on to find out how it works and what it costs.
What services does RentingSmart offer?
As a landlord, you have a lot of information to keep track of. RentingSmart's property management software can help you with:
- Tracking rent payments.
- Tracking maintenance, repairs and other costs.
- Tax reporting
- Recording issues, communication and receipts
The software basically lets you handle all your ongoing property management needs in a single dashboard.
Listing your property
Renting.Smart's software does not include listing your property and advertising for tenants. But they have partnered with For Sale By Owner and for $89 they will list your property across multiple listing sites.
RentingSmart.com.au has a free trial and after that charges a flat $99 annual subscription fee, regardless of how many properties you are managing.
When the $89 listing fee is added (if you're listing a property to find tenants) your total costs in the first year would be $188.
How much can I save?
Let's say you're renting out your property for $450 a week. You have a property manager who charges a 7% commission.
That's $31.50 a week. In a year that's $1,638.
Managing the property yourself with RentingSmart could save you $1,450 a year. But property managers usually charge other fees so you could save even more.
You do need to balance the cost savings with the time involved in self-managing the property. Many landlords feel that the commission costs are worth the time saving. It's a decision you have to make for yourself.
If you're not worried about managing your tenants and property then you might feel that RentingSmart's software is unnecessary.
If your main concern is in finding tenants then RentingSmart can help, but there are other companies out there with various listing packages, such as:
If you decide to use an agent or property manager after all, you can compare a range of options using an agent comparison service like OpenAgent or Commingle.
With these sites, you can compare real estate agent offers and services and get a better idea of the commission involved.
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