If you’re reading this article, chances are you’ve recently jumped onto the property ladder, or you are a veteran landlord with a portfolio of properties in Innisfail or the surrounding Cassowary Coast Region.
If you fall into one of these categories, the idea of managing your property will no doubt have sprung to mind and of course, it probably seems like a great idea at this stage.
However, with years of experience, we’ve had countless new property owners come to us, overwhelmed by the hidden pitfalls of not having a property manager to do the nitty-gritty work of being a landlord.
Sure, not having a property manager and the absence of the fees that come with one, whilst having complete autonomy over your investment, can have its perks.
But the truth is that self-management exposes you to risks that could result in higher costs in the long term.
So, we’ve created this short guide to 5 things landlords overlook when deciding to go it alone.
1. Lack of Understanding of Legal Obligations
The rental market in Queensland is regulated by laws and regulations that have been established by the Residential Tenancies Authority (RTA). The purpose of these regulations encompasses various aspects, such as lease agreements, tenant rights, and landlord duties. As a landlord, failing to adhere to these rules can lead to significant legal and financial ramifications.
Key Considerations:
- Lease Agreements: Ensure all agreements are documented and comply with RTA guidelines.
- Tenant Rights: Understand and acknowledge tenants’ rights regarding privacy, repairs, and upkeep.
- Eviction Procedures: Adhere to procedures to prevent wrongful eviction claims.
2. Time Management and Availability
Effective rental property management necessitates a significant time and effort investment. To properly manage your property, you must be accessible to answer tenant queries 24 hours a day, seven days a week, handle maintenance issues, and respond to emergencies while juggling other professional obligations.
Key Considerations:
- Availability Round the Clock: Stay ready to tackle issues at any hour.
- Maintenance Routine: Regularly check the property. Promptly fix any repairs.
- Emergency Preparedness: Have a plan in place for repairs or tenant conflicts.
3. Tenant Screening and Relationship Management
Securing trustworthy tenants is vital for your property’s success. Landlords often overlook background checks leading to problems like rent defaults, property damage and legal issues.
Key Considerations:
- Thorough Background Checks: Verify employment status, credit history and rental references.
- Lease Agreement Terms: State rules and expectations in the lease contract.
- Tenant Communication: Build relationships through interaction and prompt issue resolution.
4. Marketing Strategies and Vacancy Handling
Effective marketing is key to minimising vacancies and attracting quality tenants. However, without help reaching an audience and showcasing your property’s best features, this might be challenging.
Key Considerations:
- Online Listings Utilisation: Make use of websites and social media platforms.
- Property Presentation Practices: Make sure the property is kept clean, well taken care of and professionally photographed.
- Competitive Pricing: Research the market rates to establish a competitive rental price.
5. Handling Repairs and Maintenance
Any landlord has the duty to keep their property in good condition. Ignoring repairs can damage the property, dissatisfaction among tenants, and potential legal problems. As a landlord, you may not have access to the resources and connections that professional property managers do.
Key Considerations:
- Regular Inspections: Plan inspections to detect and address maintenance issues promptly.
- Trustworthy Contractors: Establish a network of contractors for repair requirements.
- Budgeting: Allocate funds for repairs and ongoing maintenance.
Risks of Managing Your Rental Property
While managing your own property in Innisfail might save you money initially, the risks and challenges could outweigh those short-term savings quickly.
From ensuring compliance with Queensland laws, to screening tenants, handling maintenance tasks and maximising your rental income through effective marketing strategies, the obstacles of self-management are quietly substantial.
A single misstep in dealing with property matters or troublesome tenants can expose you to lawsuits and damages that far surpass any costs of professional property management services.
The majority of property owners who also juggle careers and other responsibilities beyond being a landlord find it impractical to handle everything themselves.
Instead, think about the benefits and peace of mind that come with enlisting the services of an established local property management company, like One Hive Property Group.
With our understanding of the RTA guidelines and the local rental market, we ensure that your investment meets all requirements and performs at its best. From screening tenants to handling inquiries, legal documentation and coordinating maintenance tasks through our network of contractors, we’ve got you covered.
Ready to simplify your rental property management? Contact One Hive Property Group today, a professional real estate agency in innisfail for expert assistance and support. Call us on 0439 451 915 or write to us at info@ohpg.com.au to learn more about how we can help you manage your property effectively.