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.
Free Property Management Advice, talk to an expert now!
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.
Book your session now:
https://vogueproperty.com.au/team/jaime-pratt
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.
