Managing your own rental property

SOME landlords choose to manage their own rental properties mainly as a cost saving measure and to keep a close eye on their investment.

It is possible to manage your own property successfully, however it's important to remember the legal obligations of a landlord, and keep up-to-date with these obligations as they regularly change.

Failure to manage a property within the bounds of the law can be the cause of future problems for both landlords and tenants, and can be costly.

Tony Franke from Ray White Toowoomba Range & Highfields emphasises the advantages of engaging a fully qualified property manager.

"There are many benefits for both landlords and tenants when a property is managed by a fully qualified and experienced property manager," Mr Franke said.

"Not only will the property manager be up-to-date with the latest laws, but they are also able to find the right tenant through marketing, reviewing prospective tenant databases and referring to tenant blacklists.

"They have access to great systems and technology for document preparation, inspections and managing maintenance.

"Tenants also benefit by knowing their legal rights will always be of importance when issues arise.

"It is important to remember if you plan to manage your own investment property, to check with your insurance company to ensure your property remains to be covered."

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