Approximately 20-30% of residential property investors in Queensland are taking a do-it-yourself approach to managing their own rental properties.
The obvious driver behind this decision is the money saved in property management fees, however this needs to be balanced with the time it takes to juggle all the demands of managing your own property such as finding a suitable tenant, checking references and security of income, collecting rent, regularly inspecting the property, arranging maintenance, and tenant demands which can occur 24/7.
Added to this are the numerous legislative requirements, rules and regulations in place to protect both the tenant and the landlord, which vary from state to state.
The process can be quite complex but can be managed with some good systems in place.
If you are considering this option, here is a brief run-down of the tasks that will face you:
- Marketing your property. Some of the major portals are only accessible by registered property agents, however there are numerous other options available including print media and online. Professional photographs and well written copy are highly recommended.
- Arranging inspection times to show prospective tenants.
- Thoroughly screen your new tenant. A vital step which will be a key factor in ensuring your have the right person living in your property.
- Completing an Entry Condition Report to get a clear snapshot of your property in its current condition. This report may be required should there be any disagreements at the end of the tenancy, so thoroughness is important. Taking photographs as back-up evidence is a great idea.
- Collecting rent and providing receipts.
- Carrying out routine inspections to ensure your property is being well taken care of.
- Handling repairs and maintenance.
- Dealing with emergency calls at any hour of the day needing immediate attention.
- Dealing with matters such as noise complaints or non-payment of rent, requiring breaches to be issued. Some emotional stress may come into play here, and you need to be able to keep your relationship with your tenant as a business relationship.
The key requirements to successfully manage your own property are:
- Being highly organised
Sunshine Coast Rental Managers offers support for landlords who are self managing their properties but who are occasionally time-poor or temporarily absent. These services include:
- Tenant-Finding Service
- rental appraisal to assess the rental value of your property
- marketing your property with professional photographs and copy expertly written to sell the features and benefits of your property
- conducting inspections and following up prospective tenants
- thorough tenant application screening process (income, references and so on) with TICA checks (Australia’s largest tenancy database)
- Full lease preparation + supporting documents
- General Tenancy Agreement incl. any special conditions you wish to add
- RTA Bond Lodge Form and additional RTA fact sheets
- Keys & Remotes acceptance Form
- Information on smoke alarms, rent payments, contents insurance
- Tenant Troubleshooting guide
- Orientation and handover tenant appointment
- Routine Inspections incl written reports, photographs and feedback on maintenance
- Entry and Exit Condition Reports incl a written report and photographs
For further information, contact Sunshine Coast Rental Managers today.