Self-managing your rental property is legal, achievable and financially rewarding. This step-by-step guide walks you through everything from advertising to end of tenancy, using the best tools available in 2026.
Step 1: Prepare the Property
Before advertising, complete all compliance checks: smoke alarm service, gas safety check (if overdue), electrical safety check (if overdue), pool fence inspection (if applicable). Ensure the property meets minimum standards: working heating in the main living area, functioning locks on all doors and windows, and no visible damage or hazards.
Step 2: Advertise the Property
List on realestate.com.au and Domain. A standard REA listing costs $200-$400. Include: professional photos (cost $150-$250, adds $30-$50/week to achievable rent), floor plan, accurate room dimensions, exact location. Do not advertise the full address — use the suburb until applications are received.
Step 3: Screen Applicants
Use Snug or 1Form for applications. Run TICA checks ($9.95 each) and Equifax credit checks ($12 each) on all adult applicants. Verify income (3 months payslips or bank statements). Call all previous landlord references — written references alone are not sufficient. The rent-to-income ratio should not exceed 30% of gross income.
Step 4: Draft the Lease
Use the Consumer Affairs Victoria prescribed lease form (free download from consumer.vic.gov.au). Do not modify the prescribed terms. You can add special conditions but they cannot override the Act. Standard residential lease terms are 6 or 12 months. Fixed-term or periodic tenancy — your choice.
Step 5: Take Bond and Complete Condition Report
Maximum bond is 1 month’s rent. Lodge the bond with RTBA Online within 10 business days at rtba.vic.gov.au. Complete the prescribed condition report within 3 business days using a digital tool like Property Inspect. Take photo evidence of every room, every fixture, and every existing mark or damage.
Step 6: Collect Rent and Manage Ongoing
Set up direct debit or BPAY through RealRenta ($9.90/month). Automate rent reminders. Conduct routine inspections (maximum 4 per year, 24-hour minimum notice). Keep records of all communications. Address maintenance within required timeframes (24 hours urgent, 14 days non-urgent).
Step 7: Manage Rent Reviews
In Victoria, you can only increase rent once every 12 months. Give 60 days written notice. The notice must state the new rent amount and the date the increase takes effect. Serve by email (if lease permits), hand delivery or registered post.
Step 8: End of Tenancy
Complete the outgoing condition report using the same digital tool as the ingoing report. Compare photos side by side. Tenant must clean, remove all items and return keys. You have 10 business days after the tenancy ends to lodge a bond claim at VCAT if needed. Remaining bond is released via RTBA.
Frequently Asked Questions
How much does it cost to self-manage a rental property in Australia?
Self-managing costs approximately $90-$100 per month in software and tools, plus $200-$400 for advertising when re-letting. Compare this to a property manager charging $150-$350 per month plus letting fees. Self-managing saves most landlords $1,500-$3,000 per property per year.
What are the risks of self-managing a rental property?
The main risks of self-managing are: missing compliance deadlines (fines up to $8,264), choosing a poor tenant without proper screening, failing to respond to maintenance within legal timeframes, and handling VCAT disputes without experience. These risks are manageable with the right software and knowledge.
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