Managing your own rental property is the way that many landlords insist on working.
But is it the best way for you?
Here we look at a few of the pro’s and con’s of self management as a landlord.
So, what’s good about managing your own property?
- Costs are kept low.
After all, you’re paying no management fees
- You get to choose how it works for you
You have some flexibility on how your property is managed and how often it’s inspected etc
- You have complete control
No need to worry whether your agent is doing their job properly
So, far so good. But what’s not so good about managing your own property?
- You have to do all the paperwork
This is a biggie, since your contracts have to be legally compliant
- You have to do the inspections
If you don’t know what to look for in an inspection you could miss serious issues
- You need to know what to do if your tenants turn bad
Far too many landlords choose not to (or don’t know how to) get proper background checks on tenants
- You need ensure that your property is compliant
Do you know if your rental property meets the minimum standards for healthy and safe homes?
- Managing rental properties takes time and can be stressful
If things aren’t going well then you could end up with a few sleepless nights
Obviously the choice is yours when it comes to managing your own rental property (or properties).
Many landlords manage their own properties and can do it well.
While others don’t have the time and don’t really want the hassle of finding tenants, handling paperwork, inspections, repairs, compliance and all the associated things with owning rental properties.
Whichever direction you choose, a decent property management agency (like Renthub) can save you time and hassle and also makes it worth the fees.
Remember: Renthub is here to help make your landlord life easier.
Our Property Management services start at just $25 per week:
Find out more here: https://renthub.nz/property-management-service