Considering self-managing your investment property?
While it may initially seem appealing, there are crucial factors to consider before making such a decision. Delve into the following six reasons why having a property manager with your valuable asset can be a wise move, potentially saving you both heartache and money in the long run.
In today's fast-paced lifestyle, the idea of self-managing your property may seem easy, given the expectation to achieve more with less time. However, before embracing this venture, it's vital to contemplate the demands it will place on you and the potential pitfalls of not having a professional agent by your side.
Here are six compelling reasons to reconsider self-management:
1. Your Lifestyle:
Do your family, work, or personal commitments leave you with limited free time? Managing your property may demand 20-30 hours per week, considering factors like property type, age, and lease agreement conditions. This commitment is even when everything is running smoothly.
2. Legal Requirements:
Are you well-versed in current property and tenancy legislation? Do you confidently understand the rights and obligations for both yourself and your tenant?
3. Marketing Your Property:
Are you knowledgeable about the local rental market and the fair market value for your property? Minimising vacancy periods without compromising on rent or pricing your property out of the market is crucial for maximising annual income.
4. Choosing the Right Tenant:
Agents conduct detailed reference checks and have access to exclusive databases like T.I.C.A, listing defaulting tenants, to ensure the right tenant is chosen.
5. The Stress Factor:
Property management is an ongoing commitment that requires constant availability to your tenant – 24/7, 365 days a year. Handling tasks like debt collection for late payments or eviction can be stressful.
6. Tax Deductions:
Hiring a property manager is a tax-deductible expense, providing a financial incentive for seeking professional assistance.
In conclusion, property management is a complex task that goes beyond the surface appeal. Engaging an expert in the form of a reliable property management or real estate company can transform the experience into an easy, stress-free process. A fruitful working relationship built on trust and honesty awaits those who choose to bring in the expertise of a qualified professional.
If you have any further questions regarding investing please feel free to get in touch with Next Level. You can contact us either by calling 0402 866 885 or sending an email to info@nlproperty.com.au. We are here to assist you and are eager to provide any additional support you may need.
