Property Investment Blog

New call-to-action
All Posts

Common Mistakes for DIY Property Managers

Managing your own property instead of using a professional property manager can save you 5-9% of your weekly income, but you’ll need to be aware of the legal implications, tenancy legislation and paper work to avoid the pitfalls and common mistakes.

1. Sourcing and Placing Tenants

Professional property managers usually have access to potential tenants which come through their website or office and you might not have access to.

The best thing you can do it place it in as many online websites and newspapers in your area as you can to maximise your chances of find a good tenant.

Many DIY property managers fail to adequately check a tenant’s history.

Tenants inquiring about renting your property may have a bad rental history and have chosen your listing with the expectation that you won’t look into their history unlike a professional property manager.

2. No Lease Contract

A lease contract is legally enforceable and contains information on the agreement between the tenant and property manager.

This includes the amount of rent to pay, length of the lease and the condition the property should be left in upon vacating.

3. Not Asking for a Bond

A bond is security deposit which is held by the property manager in the event that the tenant causes damage to the property or fails to pay all the rent owed by the time they vacate.

4. Not Filling Out a Condition Report

The condition report is to describe the condition of the property and the contents within. It is for the protection of both tenant and property manager.

5. Not Complying With Tenancy Laws

Each state has different tenancy laws. If you don’t comply with them you may be issued fines.

If you’re not interested in keeping up to date with your legal obligations or treating property management as a job instead of a hobby, then hiring a property manager is probably the right option for you.

You’ll get a professional service and the fee is tax deductible.

Learn more about pros and cons of hiring a property manager or doing it yourself in this blog post.

Real Estate Investar Editor
Real Estate Investar Editor
Real Estate Investar provides intelligent software, tools and data to help you save time and make money in the residential property investment market.

Related Posts

5 Property Investment Strategies

The great thing about investing in property is that there are a multitude of ways that everyday investors can make money. There are different property investment strategies that can be used, depending on what your goals are and what you’re trying to achieve. These strategies can also be used on a range of different priced properties in different locations, meaning that there is always a strategy that you can use in most market conditions to help achieve some great returns. Here are five property investment strategies that you can consider using on your next property purchase.

6 Essential Members of Your Property Investment Team

Raising the initial capital to buy into real estate can be difficult for some investors, so can tempting to bypass identifying professionals whose help will be needed. Real estate investment is much like running your own small business. Whether you have 1 or 100 properties in your portfolio, you will need to make decisions about tenants, property management, and maintenance and keep thorough records of all transactions and dealings.

Find and Assess Subdivision and Development Sites Like a Pro [On-Demand Webinar]

Prospecting for new, feasible development sites is hard. Which is why Real Estate Investar is excited to be partnering with Archistar. We aim to make identifying and assessing small scale property development opportunities as quick, painless and accurate as possible. We are thrilled to be adding Archistar's deep-dive property development software to our already powerful suite of tools to make property development easier for investors. Level the playing field and use the same platform that Mirvac, Frasers and other major property developers are using to assess their next site! Real Estate Investar members will have access to the Archistar "Starting Out" package with the following features: National access Find Sites - search, site details, filter and digital planning library Map Visualisations - base package which includes zoning, overlays, heritage, building height, contours, flooding, bushfire and basic satellite imagery Assess Sites - quick estimate (residual land value) and due diligence reports Domain Listings and Suburb Insights Commercial Real Estate Listings