DIY Property Managing for Landlords

So, you want to manage your own rental property? That’s great! Not only will you be saving on agent fees, you will also have a hands-on approach to being a landlord. Your investment property is likely to be one of your most significant investments, and who better to keep an eye on it than you, the owner?  DIY property managing may seem a little daunting, especially if you’re just starting out in the Australian rental market, but it doesn’t have to be. With our help, it’ll be a breeze!

What Does DIY Property Management Entail?

If you decide to manage your own rental property, you will have full control over your investment without having to go through somebody else.  While agents are very helpful to businesspeople who own large property portfolios and have many tenants to answer to, they can end up being an unnecessary cost if you have one or a few investment properties.

Managing a rental property will mean that your tenants will contact you directly if any problems in the property arise.  However, if you’re regularly conducting routine inspections on your properties, these calls should be few and far between.

Of course, it will also be your responsibility to keep a record of rental payments as well as follow up with tenants in cases of late rent payments or any other breaches of their tenancy agreement. However, this should not be a problem if you make sure you select a good tenant; we’ll give you a helping hand with that.  Landlords Choice offers services in background checking with the NTD and we provide you with a legal pack containing everything you need.  We’re all about making it easier for you! 

DIY Property Management Means Being Hands-on

Even if your properties are in tip-top shape and you have great, respectful tenants that pay their rent on time, you will still need to be hands-on. Organising property inspections, scheduling maintenance work/contractors, and fielding tenant queries will be your responsibility.

Taking an active role in your rental property is definitely essential and being available to your tenants, when they need you, will make the landlord/tenant relationship and your communications much easier.  If you show them that you care, your tenants will do the same by taking good care of your property and treating your investment like their home rather than just a rental.  

Smart Money Tips for DIY Property Management

In your role of landlord and property manager, the management of bond payments will be your responsibility when tenants move in or out, depending on state or territory regulations.  The regulations also stipulate where a bond should be held, so it is important you are familiar with these.  It’s generally a smart choice to put aside a portion of your rental income each month for those unforeseen repairs and maintenance jobs that may come up when you least expect it.

It also pays to be on good terms with your tenants when it comes to reducing the time your property is vacant between tenants. If you get on well with your tenants, then they are more likely to have the property in a presentable condition so you can start doing open inspections as soon as they give you their notice to vacate. If you have to wait until after they vacate to show people through, then you are likely looking at 2-3 weeks vacancy, as most prospective tenants will have to give notice themselves.

It’s All up to You

As a landlord who is also a DIY property manager, you get to take control and do things the way you want to, within all the legal parameters. Landlords Choice can help you navigate the process of advertising your property to the right audience, getting a good tenant in, and getting all the agreements and paperwork signed. Contact us to get started!

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