Property Management is a very complex job – there is legislation to abide by, certain forms that need to be completed. If you are considering managing the property yourself you need to be confident that you understand all the legislation involved and that you know how to complete all the paperwork required. If there is inkling that you cannot do this I suggest you employ a Property Manager.
On most occasions when an owner manages the property privately they build a personal connection with the tenants. I have seen on many occasions when a private owner is not comfortable in chasing the tenant for rent arrears as their emotions have become involved. With a Property Manager the emotion is removed and they have no hesitation in chasing a tenant for rent arrears.
There are also many other problems that may come up:
- The tenant is having problems paying the rent.
- The tenants are keeping a pet without prior approval.
- The oven isn’t working.
- The toilet is leaking.
- The tenants are not maintaining the lawns and gardens.
Do you have time to handle these types of issues?
If you are currently managing your investment property yourself it may be worthwhile reassessing, are you doing a good job?