Most Perth property managers have heard many “horror stories” from people who have tried to manage their own property. Here is a list of ten pitfalls of managing your own property.
1. Emotional attachment to the property
It is natural to have an emotional attachment to your property, especially if you have lived in the house. You can trust a professional property manager to make business based decisions in your best interest.
2. No access to recognised real estate sites such as realestate.com.au or REIWA
This can cost you valuable time, and every day your house is not rented costs you money.
3. No access to detailed REIWA lease document
When you’re renting your own property, what can go wrong often does go wrong. The REIWA lease document helps protect your interests and your bottom line.
4. No access to National Tenancy Database to screen potential tenants
One bad tenant can ruin your investment and make it lose money. Never rent any property without this valuable resource.
5. Becoming friends with tenants
It is natural to become friends with your tenants, but friendship can severely compromise your ability to make professional business decisions.
6. Difficulty in negotiating rent increases and other terms
Hiring a professional puts a buffer between you and your renter; we have years of experience in tenant relations.
7. Record keeping for amount of rents paid and current “paid to“ dates
We take care of all record keeping for you.
8. Risk of voiding landlord insurance by not adhering to Breach and Termination conditions under the Residential Tenancies Act
One mistake can cost you a lot of money. We will keep your property compliant with all laws.
9. Lack of in-depth understanding of the Residential Tenancies Act
This leaves you vulnerable to mismanaging your property and breaching the law, as well as being manipulated by your tenant.
10. Headaches, stress and time!
A proactive, professional property manager will ensure that your property produces a consistent cash flow, and keeps it maintained to the highest possible standard. This allows you to always have the best tenants and charge the best price. For a consultation with a professional property manager, call 1300 472 427.
Read an article on: “10 Reasons Not to Manage Your Own Property”
