DIY Property Management – Why You Shouldn’t Self Manage Tenants

Many investors contemplate managing their property themselves, as this is an easy way to save some money. But is it worth it? Let’s have a look at just a few issues with managing your property yourself:

Finding tenants

Property managers are usually signed up with a number of different property websites. For example, realestate.com.au & domain.com.au. These are the two most used websites that tenants will access when looking for a rental property.

As a private landlord, you do not have access to these sites and therefore will need to advertise using personal advertisements. Which leads us to our next issue with self-managing..

Screening tenants

Usually the tenants that are looking for a property to rent privately are the ones with the not so great rental history.

This is fine for property managers because they should have a checklist that they need to go through before placing a tenant into a property which should include checking them on the national database to see if they have any bad history when it comes to renting. Again, not just anyone has access to these sites.

Knowing the laws

This is a major one and can cause a lot of damage to your investment if you do not know and are not following the laws.

Paperwork

Many landlords are unsure of all of the paperwork that goes into property management. Just to commence a tenancy there needs to be a tenancy agreement signed by all parties, a bond lodgement form in place, and an ingoing inspection report done to ensure that the property is returned to the landlord the same way that they found it.

If any of these forms aren’t drawn up or filled out correctly, it can cause huge problems.

After reading just a few of the issues with self-managing your own property you can probably see that it is a lot more difficult than it seems. In our opinion, hiring a professional is definitely the best way to go to ensure that your investment runs as smoothly as possible.
 

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