Managing a property is different to managing a blue chip share portfolio or buying land. Investors always ask should I self manage my investment property or use an agent? The answer is different for everyone depending on how involved or contactable you really want to be when dealing with your investment.
Personally we prefer agents as they can deal with any issues with the tenant and I don’t really want to get a call during the night if something went wrong.
If you have a good relationship with the tenant that make the job easier and save on the property management fees. However the trade off is like any other service where whilst there are financial savings from self managing investment property, the cost really is the time and vice versa if you go down hiring a property manager.
More importantly make sure that your landlord insurance covers self managing property.
What to look for in your property manager?
A professional property manager attached to a real estate agency or an independent property manager is usually the alternative option.
Hopefully they are experienced and manage a number of properties in the same market so they are knowledgeable when negotiating rents or advertising the property for lease.
They should know the residential tenancy obligation for landlords and tenants.
what does the property manager do?
- Carry out referee checks
- Residential tenancy agreement
- Transferring bonds to the residential tenancy authority
- Carry out regular inspections and keep track of the condition at the start of the lease and the end
- Making sure the rent is paid and follow up with tenant