Self Managing V Professional Property Manager

If you own a rental property, you can hire a property manager or manage the property yourself. Most real estate investors prefer hiring a property manager to avoid the many responsibilities of rental property management. The role of a property manager is to cater to the needs of both tenant and landlord while navigating and Fair Trading and the Residential Tenancy Act of NSW

In Australia, numerous legal and legislative structures are in place to protect both tenant and landlord. If you are a DIY landlord it is recommended that you complete a short course in property management run or recommended by the Real Estate Institute in the state where your property is located.

If you don’t have time to spare, a professional and an experienced PM will save time and money. Also, if your rental property is located in another area from where you reside, it’s in your interest to engage one.

A good  PM provides a steady flow of work for local tradesmen, they will attend to the property promptly. Often they are the most reliable, reasonably priced and the best available in the area. More essentially, a PM provides emergency trades that can attend the property after hours in the event of an emergency.

Another very good reason to engage a professional property manager is that if you want to use the property to secure funds to purchase another property or extend your home loan the banks require you to have documentation from a licenced PM – as part of your loan application.

A PM will also carry out any advertising and tenant screening on your behalf and provide the necessary notices for inspections, rental increases and end of lease notifications. 

If you are considering being a DIY landlord, you need to ensure that you have the time to deal with situations when they arise. The best part of employing a property manager is record keeping. They provide all the technology for rental receipting the End of Month statements, and the End of Year statements to submit your tax return. The best thing about hiring a professional PM is that their fees and charges are tax deductions. 

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