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Rent Monkey

Discussion in 'Real Estate' started by Chris C, 10th Sep, 2010.

  1. Chris C

    Chris C Well-Known Member

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    An associate of mine just launched a new company called Rent Monkey that basically lets you create a rental lease agreement for your investment properties that saves you thousands if your willing to forego having a property manager.

    I don't own an investment property any more so it's not of use to me, but I thought I'd mention it here on the forums in case anyone is in a position where they'd like to take advantage.

    Just for interest sake, what do people think of the concept?
     
  2. samaka

    samaka Well-Known Member

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    Your link is missing the www prefix so it doesn't work. $50 seems alright, although all you're getting is the documents right?
     
  3. Chris C

    Chris C Well-Known Member

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    Not sure - but I think so.

    And the link works fine for me.
     
  4. Nigel Ward

    Nigel Ward Team InvestEd

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    Love the look of the website!

    I hope it goes well.

    My initial thought was though "why would a landlord use this service when the tenancy agreements etc are all forms available from the relevant state/territory government authority?"

    But maybe there's a niche there for the lazy or the very time poor self managing landlord.

    Good luck with it.

    And again - love the design!

    Cheers
    N
     
  5. Chris C

    Chris C Well-Known Member

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    I think they might be going after the "I can't be bothered picking up form from the relevant government body and would rather pay $49 for a completed contract now" market.

    :cool:
     
  6. Jacque

    Jacque Team InvestEd

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    Hi Chris

    Good luck to your friend- great idea for time-poor landlords and I also like the look of the site- user friendly and easy to navigate.

    I'd have to question the "savings" alluded to on the home page, however. It's a bit cheeky to compare $50 with the total annual costs of managing a property for 12 mths. Landlords also need to be mindful that they need time to interview, process and reference check any tenancy applicants, collect and receipt the rent, pay the strata and council/water bills, attend inspections, organise quotes and repairs, be prepared to hear from the tenants directly on a no. of issues (often at inopportune times!) amongst other tasks that PM's do as part of the job. I currently self-manage as well as have PM's for other properties and it largely depends on the type of tenant you have as to how "easy" self-managing can actually be.