Self-managing My Property

Making the decision to self-manage your rental property shouldn’t be one that’s taken lightly. Managing your own rental requires a strong commitment, but if you do your part it can help you maximise your rental yield and most of all create a harmonious landlord/tenant relationship.

Advantages of Self-managing Your Property

Did you know that property managers actually charge different percentages across different states for the same services? For example, in New South Wales an agent will only charge you a 5.5 to 7 percent of the monthly rental, but in Tasmania, an agent will charge up to 12 percent for doing the same job. It’s no wonder that in these times when every little bit helps, more and more landlords are choosing to cut costs and self-manage.

Getting Started on Your Self-management Journey

The first step in leasing a rental property without an agent begins with how it is advertised online. At Landlords Choice we use our expertise to make sure your property is seen by as many Australians as possible, with listings on all the reputable virtual platforms. Check out our packages for more information.

Along with realestate.com.au, we also advertise your rental property on a number of other digital property portals like domain.com.au, allhomes.com.au and rent.com.au. After that, we’ll also help with legal packs which have all the necessary documents required for you to manage your rental and even tenant back ground checks if needed.

What Are Your Responsibilities as Property Manager and Landlord?

You can be the most hands-on landlord who keeps up great communication with your tenants, but make sure that you also follow these essential rules:

  • Give your tenant the space they need and respect their rights by giving reasonable notice before accessing or inspecting the property – refer to each states/territory legislation.
  • Stay compliant: submit all the necessary legal forms, eg bond lodgement form
  • Provide a clean, safe and secure property ready for immediate occupancy
  • Provide a full set of keys for your tenant
  • Give your tenant a signed copy of the residential tenancy agreement and property condition report for their own filing.
  • Ensure your council rates notices and water bills are paid on time.
  • Regularly service and maintain all fixed appliances.
  • Be prepared: put a bit of money aside in case of any urgent repairs that may arise.

You will also need to check all the relevant government guidelines in your specific state to see what your legal responsibilities are as a landlord and that of your tenants.  These responsibilities could cover aspects of safety within the property, security and property damages. Keeping a professional and respectful relationship with your tenants should help avoid any major issues or problems. At the end of the day, it all comes down to due diligence and good communication. If you have any questions, just let us know.

Ready to Start Self-management of Your Property?

Self-managing your rental can be a highly rewarding experience, especially if you want to hands-on with your investment property. That’s not even to mention the cost saving you’ll enjoy by cutting out any middlemen. If you’re just starting out in the rental market or if you want to take more interest in an existing property, Landlords Choice is here to help you.

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