Having a property manager take care of your investment property allows you to spend your time in ways that don’t involve worrying about tenants, maintenance, or legislation. Property managers hold a thorough understanding of the Residential Tenancies Act and other associated legislation which is not only important in ensuring the tenant meets their responsibilities but also the landlord alike.
There is danger in litigation with many tasks a property manager undertakes and competent property manager takes this burdon from you as the consistently increase their knowledge of changes and requirements to ensure you always received the highest level of service. Your property manager can help you optimise your returns and receive better rental rates. They’re also excellent mediators and can resolve any issues that should arise, in addition to preventing future problems. If you are considering managing your property yourself then it’s important to consider if you hold a sufficiently comprehensive understand of the legislation to ensure you meet both your obligations and ensure the tenant’s rights are met. Things such as discrimination, building acts, privacy acts and other statutes all can impact a tenancy.
When selecting a tenant do you have processes in place to ensure you know you have the right resources and skills to ensure you select the right tenant for your investment? Having the ability to run comprehensive checks can prevent substantial financial loss and property damage down the track. Do you hold sufficient knowledge surround the arrears process and servicing times to ensure any notice you Issue is valid? If you need to attend the Tenancy Tribunal do you have sufficient skill to represent yourself in a clear and concise manner and be prepared with the correct documentation and evidence? Small mistakes in managing your own investment property can cost you severely and this is why it is recommended to have a competent property manager if you are not completely confident in the processes and legislation yourself.