The above image was taken at an investment property we manage, when a burst storm water pipe caused part of the home to sink requiring urgent and very significant repairs!
"Should I manage my own investment property?". This is a common question asked by prospective landlords and those new to property investment. You know your property better than anyone else, and it may seem that once your property is ready to be rented out you could save on cost and maximise your return by managing the property yourself.
Let's look at this in detail. The starting point is to ensure there is a clear understanding of what is required in managing a rental property. As we'll see, there is a lot more to it than listing a rental on Facebook and Gumtree and collecting the rent!
You will often see property management companies promoting their business using statistics. The most common are along the lines of "# of properties leased this week", "% of properties occupied" and "# of new management agreements signed".
At a glance these statistics sound great and seem to portray the success of the business. But let's take a minute to actually break this down and consider what each property management statistic means, and how relevant and valuable this really is to a landlord.
So you've got an investment property you'd like to rent out or are considering putting your own home up for rent? Fantastic! But before putting your property on the rental market, there are a number of recommendations and regulations you need to be aware of.
Read more for the video summary and full article.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Charlestown real estate agent offering expert property management across Newcastle and Lake Macquarie.