If landlord insurance claims are anything to go by, tenancies that are self-managed go pear-shaped more often than those managed by a professional.
Property Management seems simple – so it is understandable when some landlords chose to self-manage however, when something does go wrong the complexities will reveal themselves in full force.
Below is a list of questions you will need to ask yourself when it comes to self-managed investment properties-
- Could I evict a family or a person who has fallen on hard times?
- How would I go if I had to present and argue a case at tribunal?
- Do I feel comfortable with the tenant having my phone number and being on call 24 hours a day?
- Am I informed and do I attend regular updates in relation to Legislation?
- How will I manage the tenancy if I go overseas or on holiday?
- Am I available to supervise tradespeople, at short notice, if required?
- How will I find out if tenants have previously been evicted or had a poor rental history?
- How will I verify that tenants are who they claim to be?
- Am I organised and assertive enough to chase up late rent immediately?
- Do I know the warning signs for a clandestine drug laboratory or marijuana grow house? – This happened more often than you think!
- How good am I at record-keeping?
- Will my landlord insurance cover self-managed properties– and, if so, will the premium rise as a result?
- How much will I actually save, after tax, by managing the property myself?
- Once the potential stress is taken into account, is my time better spent on other priorities?
If you would like to discuss these issues in more detail please contact the office on 4268 5577 or alternatively, fill in the contact form below with “Self-Managing Vs Property Manager” in the message section.