Are you tempted to do it yourself -the complexities of managing your own investment property are soon revealed if something goes wrong.
Here are a few questions you should ask yourself when contemplating going down the DIY route:
-Could you bring yourself to evict a family member or a person who has fallen on hard times?
-How would you go standing up in a tribunal and arguing a case? Are you confident enough in your knowledge of the Residential Tenancies Act to represent yourself in front of tribunal member?
-Do you feel comfortable with the tenant having your phone number and being on call 24 hours a day 365 days a year?
-Are you informed enough about the Tenancy Legislation to know that the decisions you make are legal and the property is compliant in the Act?
-How will you manage the tenancy if you go overseas or on holidays?
-Are you available to arrange and supervise tradespeople at short notice, sometimes in the middle of the night or weekends and public holidays?
-How will you find out if tenants have previously been evicted or have a poor rental history?
-Are you organised and assertive enough to chase up late rent immediately?
-Do you know the warning signs for and how to identify a current or past clandestine drug laboratory or marijuana grow house?
-How good are you at record keeping? Do you have the discipline to monitor payments and correspondence daily to meet legislative requirements?
-Will your landlord insurer cover you if you self-manage and if so, will the premium rise as a result? Do you know what to look for in a quality Landlord insurance policy to protect yourself to the required standard? Not all Landlord policies are created equal!
-How much will you save after tax by managing your property yourself?
-Once the potential stress is taken into account, is your time worth more or better spent on other priorities?
Specialist Property Management services. More than just rentals…. It’s a profession, hire a professional agent. First National Haggarty, we put you first.