One of the first things to consider, when you have an investment property, it to Manage the property yourself, and a hire a Property Manager to do so.
For some Landlords, they base their decision on a financial basis, either they do it themselves for no cost, or they shop around for the cheapest company.
The DIY landlords, need to ask themselves a few questions before making this decision,
-Do I know all my obligations as a Landlord?
-Do I have the time to manage my property efficiently?
-Do I have the resources to find a quality tenant?
-Do I have the contacts for qualified tradespeople, who have the current licences and qualifications?
-Do I have the time to conduction regular routine inspections?
-Do I know all the current legislation relating to my property?
-Do I know all the current documentation required to manage my property?
-Do I know what to do if something goes wrong?
In you answered No to any of the above questions, than you don’t have the time to give the property and tenancy the attention it deserves.
Having a good, qualified Property Manager will actually make you more money and will save you time and headaches in the future by minimising the risks associated with having an investment property.
Property Managers have the tools and experience to find the best suited Tenant for your property. They have a bigger pool of quality applicants to choose from due to their extensive marketing and advertising. They also have qualified, licensed and reliable contractors at their demand (often at better rates than if you called yourself) if your property needs any repairs and maintenance to take place.
Property owners are bound by the same legislative requirements as Property Managers. Property Managers should attend regular training to ensure they are kept up to date with the ever changing legislation and mandatory documentation.
Landlords often develop a personal connection with their Tenant, they may feel uncomfortable chasing arrears, or questioning the Tenant about the condition of the property. This can include issuing and following up on any breaches of their lease. Property Managers on the other hand are removed from the emotions of owning the property and will always act in your best interest.
Whichever way you decide, make sure you weigh up all the pros and cons of Managing your investment yourself, and then consider this, for a small amount each week, that is tax deductable, a good quality Property Manager, understands the importance of providing quality management of your investment and will work with you to maximise the return on your most valued investment.