Why DIY Property Management isn’t for Every Landlord

Many of us love a bit of do-it-yourself (humbly known as DIY). However, there’s some aspects where, if you’re looking for a great job, then you should leave it to the professionals.

Property management in Perth falls under this category. While your rental property may be very special to you, you may not be utilising the best knowledge or practices to ensure you get a great return.

Want to know why DIY property management isn’t for every landlord?

Read more from the Perth property management experts at Thought Leaders Real Estate to find out.

Tenant screening not up to scratch

You have heard the horror stories that come hand in hand with bad tenants. Of course, most tenants are respectful and a great fit, but how can you really know that from the beginning?

Proper tenant screening before accepting just any rental application is your best tool.

Where DIY falls short in tenant screening:

·         Most landlords don’t have the experience in fully screening potential tenants

·         Nor do they have the time or experience

·         Limited information such as payslips, coupled with intuition only get you so far.

Perth property management with a reputable real estate agency utilises experience, expertise and resources (such as previous rental histories on industry databases) to make the right background checks and final decision.

Not understanding the legalities of being a landlord

Not understanding your own landlord rights and those of your tenants may potentially and unbeknownst to you, be in breach of the law.

What are the laws you should be familiar with?

·         Bonds and rent increases

·         Urgent and non-urgent repairs and maintenance (and their timeframes)

·         The frequency of routine inspections

·         Eviction notices and so forth.

Legislative frameworks surrounding Australian residential tenancies change. DIY property management may very well see you fall behind in the legal requirements, or even potentially being taken advantage of by your tenants.

In this case, ignorance certainly is not bliss. Rely, instead, on a Perth property manager who is consistently up to date with residential tenancy laws and both parties’ obligations.

Paperwork pile-ups or mishaps

Having a paper trail (soft and/or hard copy) is essential to great property management. However, private landlords can land in hot water if their documentation is insufficient.

This happens when security bonds are not agreed upon and lodged, too.

If in doubt, always put it in writing. Better yet, utilise a professional Perth property management team to do it all for you.

Ignoring inspections

Private landlords may not inspect their property because:

·         They don’t have time to organise back and forth with their tenants

·         Want to avoid confrontations or worse

·         They want to avoid any potential maintenance costs.

Failure to inspect your own property on a regular basis could lead to penalties and legal action.

That’s where you need a Perth property manager to carry out professional, routine inspections on your behalf.

Thought Leaders have the Perth property management services you need

Time poor and/or inexperienced? Worry not – Thought Leaders Real Estate are here.

We have the property management for your Perth investment property that will make your role as a landlord stress-free.

Need professional property management in Perth?

Contact Thought Leaders Real Estate for the best property solutions for buying, selling, leasing and managing property in Perth.