The pros of property management.
When you own an investment property, it’s tempting to try and save money by managing it yourself.
Before you go down the DIY route though, consider two important points:
Most owners underestimate the amount of time involved in managing their own rental property.
In the high-value world of real estate, mistakes can be costly.
For the same reason you should always get a lawyer to check over the contract when you buy a home, you should get a property manager to look after your investment property. It pays to have someone on your side who can guide you through the process and work on your behalf to keep your asset in tip-top shape.
But it can't be that hard, can it?
Here is a list of some of the tasks you will be taking on if you choose to manage your property yourself...
Regular property management tasks
Checking that the rent is paid on time each week
Completing an inspection every 6 months
Ensuring and maintaining healthy homes compliance
Planning a maintenance schedule around gardening, chattels, cladding and roofing
Getting gutters cleaned regularly enough to avoid blockages
Maintaining fireplaces and chimneys
Finding reliable tradespeople to complete small maintenance jobs in a timely manner
Ensuring correct notice is given to tenants for all tradespeople visits and inspections
Researching market rents to see where your property stacks up
Handling rent increases with tenants and providing correct notice periods
Dealing with rent arrears
If your property is empty (or a tenant has just left) you will also need to:
Arrange an outgoing inspection and negotiate any repair costs coming out of the bond
Organise a thorough clean of the property
Project manage any small repairs or touch-ups required between tenancies
Take photos
Advertise the property online to find a new tenant
Research market rent and decide on a fair price
Handle the enquiries you will likely receive, via text, phone and email
Arrange viewings and answer questions from prospective tenants
Provide application forms
Phone references and complete background checks
Choose a tenant (and tell everyone else they missed out)
Complete an in-going inspection with your new tenant
Arrange keys (and sometimes new locks)
Obtain and lodge a bond with tenancy services
Complete a tenancy agreement
And that’s all just the standard stuff!
A property manager handles all of that for you. Plus, most importantly, they are there to help you make smart decisions. And ensure you’re landlord experience is as stress-free as possible.