Do I need a property manager, or can I self-manage my property?
It is possible to self-manage a property you own and around a third of all tenancies operate in this manner. However, as the landlord it falls upon you to deal with the tenants, collec the rent, and manage the daily running of the property. Many investment property owners simply do not have the time required to take care of it. But, if you’re looking to save on your fees and feel confident you can do the job, then it is perfectly legal in Australia to manage your rental property yourself.
Being a property manager can be challenging for people not used to the work and hours required. Most real estate agents and investors will suggest that hiring a property manager is not only a smart idea, but it’ll save you money in the long run. For example, if your property is vacant do you have the time to vet all the prospective tenants?
You property is a valuable asset and it needs to be treated by a professional touch. Hiring an experienced property manager will be worth it, as they has access to a wealth of knowledge and will know what to do when problems arise. While you may find that managing your own property saves you money in fees and other costs, these are often lost due to the additional time it’ll take you to deal with any problems.
In addition to handling all sorts of problems and issues, you need to keep up to date with any legal changes for landlords. As a self managed property owner, you’ll need to enforce any changes to landlord and tenant legislation to ensure you are not in breach of any new laws. Failure to do so could mean significant penalties.
If you are keen on managing your property yourself, then here are few things that must be completed to ensure you’re successful:
- Research rental properties in the aras and set a fair price
- Examine all potential tenants and choose the best one
- Have good accounting skills to help you monitor rental payments and bonds
- Take care of regular inspections on your property
- Follow legal and legislative structures
- Be available for the tenant to contact in an emergency
- Have time to deal with issues and problems