In Queensland, no licence is required to self-manager your property, and you certainly have the right to do so! While the thought of saving that management fee can be very appealing to a first-time landlord, you should be aware that the way you manage your property can be a critical factor in the success of your investment.
Any landlord wishing to self-manage should be aware of the risk involved. They need to ensure they thoroughly understand and fulfil the obligations of a landlord and have weighed all the pros and cons.
The pros and cons can be often the same!
For example, cutting out the middleman. As a self-managing landlord, you’ll be directly in touch with the tenant for all matters relating to the tenancy and property, which can be a double-edged sword! While you’ll always know what’s going on, this can be extremely time-consuming, your tenants will have your direct contact details and you will have to make all decisions by yourself. Depending on your level of knowledge and expertise, this may be daunting.
You may initially save on expenses such as the management fee, however the time you spend finding and screening tenants, dealing with tenant enquiries and requests, collecting and managing rent/bond, conducting inspections, researching legislation and finding trusted trades to carry out maintenance can be challenging. Not to mention what may happen if things go wrong!
Property management is not simply about addressing issues when they arise. A professional property manager is a problem solver who is proactive in their approach to managing your property. What’s more, this is their job, your property is their priority and they also hold an unbiased perspective, which can be advantageous when making decisions. What’s more, a good property manager is a trusted advisor who can be worth their weight in gold…or at least their management fee!
When deciding whether to self-manage your investment property, ensure you have considered these factors carefully!
For more answers to questions others don’t like to answer, check it out here.
Errigal Property is a unique Brisbane-based property management agency that has blended property management with an experienced, licensed in-house maintenance team to save you on maintenance and repair costs. Brisbane’s most qualified Property Managers! Get in touch now to see the difference.