Over recent years there has been a growing trend in investors opting to self-manage their investment properties. There are said to be around 1.7 million property investors in Australia and of these, one in three will attempt to self-manage their property because they think it is easy to do so and cuts the agents fees out of the process.
The obvious advantage to do-it yourself property management is it’s an easy way to save money especially when 75% of investors are using negative gearing to make their investment work. However, the time juggling all aspects of property management, and at times the high stress involved, can often significantly outweigh the cost of using a property manager.
Managing a rental property requires many skill sets, and can be an extreme burden on your time when issues arise. If you have been thinking about self-managing, here are some things you should consider:
Do you have the time for:
1: Finding suitable and reliable tenants
2: Completing detailed condition reports
3: Collecting rent and keeping records
4: Being on call for emergencies and repairs
5: Holding property inspections
6: Attending the tribunal if things go wrong, and not to mention all of the paper work.
Do you have the systems for: Inspection reports, accounting and bookkeeping requirements, record keeping, legal document preparation, legislation requirements, historical maintenance logs.
Do you know and understand the healthy income to household expense ratio that places the tenancy in the danger zone of affordability?
Can you handle, and are you familiar with, potential issues that may escalate to tribunal level, and do you know how to prepare yourself for a possible claim by the tenant against you?
Your greatest commodity is your time. Will you trade it to save a few dollars per week?
Managing rental properties professionally is what we do best. Our services and expertise allow you to focus on what you do best, and enjoy your life without all the hassles that come with rental property self-management.
Contact Mandy today if you would like more information.