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 In Lifestyle Property Management

Should you self-manage an investment property?

Consider a range of factors including how much available time you have to commit, as well as the extent of your knowledge of the local property market to weigh up if a ‘do it yourself’ approach is right for you.

There is no hard and fast rule as to whether a landlord should hire an agent or self-manage their rental property. It is a decision impacted by numerous factors, both personal and professional, and what may be preferred by one individual may be opposed by another.

You may find the experience of managing your own investment property rewarding, as it could potentially save money and allow a more involved or hands on approach to managing your investment. Consider a range of factors including how much available time you have to commit, as well as the extent of your knowledge of the local property market to weigh up if a ‘do it yourself’ approach is right for you.

Here are some of the benefits of hiring a professional;

A professional property manager acts as a neutral intermediary in negotiations between a landlord and a tenant, a factor some landlords find very appealing. It’s an arrangement that balances the interests of both parties and removes much of the stress and emotion involved in dispute resolution.

A large difference between self-managing and outsourcing to a professional is the accrued level of experience and knowledge.

‘In engaging a specially trained Marshall White property manager to assist you with the ongoing management of your home, you will have access to the most up to date market, asset management and legislative information to ensure your investment reaches it maximum potential,’ says Amanda Smith from Marshall White’s property management team.

Marshall White property managers are constantly refining their market knowledge through participation in training sessions, team meetings and discussions with other departments, such as the finance team for specialised information.

A large difference between self-managing and outsourcing to a professional is the accrued level of experience and knowledge.

Additionally, Marshall White’s property managers have access to a national tenancy database to check tenants’ references. This streamlines the process of securing reliable tenants.

As maintenance issues arise, Marshall White property managers refer to a database of reliable, reasonably-priced tradespeople. Issues are promptly addressed and resolved, which goes a long way in maintaining positive tenant relationships over the longest possible period.

In many cases, the main perceived benefit of self-managing a property is avoiding the real estate agent’s management fee. Consider how much value this fee represents to you and whether it is financially advantageous in reality. It’s worth bearing in mind that professional fees usually only represent a small percentage of rental income and often qualify for tax rebates. Check with your insurer as some charge higher premiums for properties which are self-managed.

Weighing up these factors will help you to evaluate whether self-management or hiring a professional is the best strategy for your investment property. If you need any further assistance or would like a quote on the cost to manage your property, please contact our Marshall White Property Management Team (03) 9822 8711.

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