Should you manage your investment property yourself?
Property management can be time-consuming
Is it worth managing your investment property yourself? In my opinion, if you have a long-term tenant paying low rent, and you’re happy to keep on top of the paperwork and the legislation, you COULD manage your own investment property.
However, I warn you, self-managing even a low-maintenance property and an easygoing tenant is time consuming. Also, you could leave yourself open to legal action if you aren’t aware of all your responsibilities as a landlord. So before you write off property managers as too expensive, I’d ask you to consider issues such as:
● Can you distance yourself emotionally? Can you say no to a tenant’s request if you feel it’s unreasonable?
● Do you have a comprehensive knowledge of landlord and tenant rights? Do you know what your legal obligations are?
● Do you have time to attend to emergency repairs?
● Will you be able to maintain a proper rental ledger and stay on top of arrears?
● Should you need to attend an NCAT hearing, would you know what to do and would you have the time to deal with it?
While self-managing might appear to be a cost saving, it is likely to cost you more in the long run.
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Are you a landlord looking for advice? Do you have questions about these uncertain times? Changes to the rental market or anything specific to Property Management? Book a one-on-one, obligation-free, consultation with Jaime Pratt, Head of Property Management at Vogue Property Managers.
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With over 20 years of property management experience, Jaime will openly provide advice on improving rental return, enhancing your property, attracting quality tenants and finding ways to alleviate your expenses.