If you’re renting out your property, you’ll discover that even the friendliest of tenants always have demands, and addressing these queries and requests can be time-consuming, stressful and frustrating. Professional property management is not uncommon in Australia since 54.3% of occupied rented properties are under real estate agents, while only 22.7% are self-managed by landlords. [https://reia.asn.au/wp-content/uploads/2014/03/REIA_News_No17_Oct12_.pdf]
When to manage your property yourself
One of the primary reasons why landlords may prefer to manage their rental properties is the benefit of being involved in active decision making. This can work well if the landlord has one or two properties and has a little spare time.
Someone who has experience in real estate and is confident enforcing rental laws and regulations can make a good DIY landlord. However, if you have family responsibilities, a full-time career or other life passions, you may want to leave the management responsibilities to a professional.
What is a property manager?
A property manager is a third party intermediary between you and your tenants. Their responsibilities depend on the extent of the contract you sign and can include:
– Regular rent collection
– Conducting property inspections
– Finding new tenants for unoccupied units
– Performing checks and assessing tenant suitability
– Dealing with tenant issues and looking after their welfare
Pros and cons of hiring a property manager
Hiring a property manager saves you a lot of time and effort, and they have access to a pool of prospective tenants and can therefore find some for your property rather quickly in case of vacancies. Moreover, expect to receive sound advice from them since this is what they do on a day to day basis.
The only downside of property managers is that you may end up with an inexperienced manager who isn’t skilled or experienced enough. Additionally, these property managers manage more than just your property and may not give your property the priority it demands.
Advantages of DIY property management
The advantages of DIY are similar to the cons of a property manager. So, with DIY you won’t end up paying an inexperienced property manager and you can fulfil any demands from tenants yourself.
At Lodge, we strive to empower landlords with the necessary tools and know-how for property management. We offer property management software to connect independent Aussie landlords and their renters, so contact us today to get started.