Self-managing your investment property can help you save a pretty penny in management fees – but dealing with tenants, coordinating repairs, conducting property inspections and chasing up rent can cause a few headaches.
And not to mention the legal minefield of the Residential Tenancies Act, ensuring correct notices are provided and that the management does not contradict the RTA in any way.
There is also the fact that although you may feel you are saving money on the management fees, you could in fact be losing more money if you are not kept up to date with the market and the market values on your investment property and ensuring the rent is reviewed and adjusted regularly.
Many investors instinctively know that engaging a qualified property manager to look after their rental property is worth the cost. But many landlords try and claw back expenses wherever they can, including by self-managing their property as a DIY landlord.
Property owners who are undecided as to whether they should DIY or employ a professional don’t realise the market is ripe for them to negotiate a good deal. Vacancy rates through South Perth, Como and surrounding areas are at low levels. At the same time, demand for quality rental properties is high despite the deteriorating housing affordability.
If you are considering managing your investment property or already do, maybe you should consider contacting M Residential who specialise in the management and leasing of property in your area.