Self property management…. not as easy as the neighbour says it is?!
Many Brisbane landlords feel that it’s just a case of checking a couple of references collecting your bond, rent and getting your lease signed. Unfortunately that is not the case. The level of legislation involved in residential tenancies and property management these days means it’s a veritable mine field. With troublesome tenants targeting private landlords who are unable to check the agent databases such as TICA (which lists tenants who have a history of breaching their tenancies) be extra careful when vetting your potential tenants. Sometimes previous landlord references just won’t cut the mustard.
Smoke alarm compliance, pool compliance, public liability insurance, landlord insurance, issuing of body corp by laws, entry and exit reports, inventories – the list goes on! Private landlords will need to insure that they have everything noted with the correct forms from the RTA. Make sure you chase those rent arrears quickly because the maximum bonds may not cover you for the tenant eviction timeline if you miss a key date. If an issue arises and you go through mediation and QCAT (the required dispute resolution process) ensure everything is done to a tee or you won’t have a leg to stand on!
So even though some days your property manager may be frustrating, take a deep breath and have a look at the options! Generally property managers close to where your investment is will have a better understanding of the rental market in that area. Have a look at what previous clients have said about the agent, a sure-fire way of getting a feel for what their all about. Don’t go for the cheapest fees available – that old adage “you get what you pay for” rings true in many cases. Ask yourself what you want from your property manager and try to get a feel for whether they can deliver this.
In Bees Nees’ strongholds of Brisbane’s inner city suburbs the majority of our investor clients are either outside Brisbane, interstate or busy professionals who just don’t have time to worry about all the inconveniences of managing your own property.
Sometimes you stay with the devil you know as it can be a little daunting to change property manager, but remember more often than not the grass is greener on the other side! Here’s info on our property management service – and we’d love to help.