Issues you will Run into if you Self Manage your PropertyYou may think that if you decide to self-manage your property you will end up saving money. While this may be a valid point, this could also mean the exact opposite. Self-managing is possible as long as you have the knowledge about the market and as long as you know the rules and regulations within your area when it comes to property investments. Otherwise, you could end up spending more money compared to hiring a property management Perth company.
There's a lot to know, and it's only becoming harder to self-manage your rental property: Changes to the Residential Tenancies Act 1997
Sure it is possible to self-manage your property, but you have to be aware of the issues you may encounter if you decide to do it on your own.
One of the most common issues of self-managing your property is getting a bad tenant. Unlike the professional property management Perth company, you may not have the expertise and the experience in looking for the right tenant for your property.
Another issue that you may encounter should you choose to self-manage your property is not knowing how to determine the correct rental price for your property. For you to be able to come up with the right price for your property, you must have enough knowledge about your current market; knowledge and understanding about the market that comes naturally with property managers.
Lastly, among the most common self-managing issues are late rentals. You have to understand that once a tenant misses a rent, you have to take care of it immediately. You should not tolerate late payments as this may lead to more problems in the future.
These are only three of the most common issues you may encounter if you choose to self-manage your property. If you decide to do it on your own, make sure you are prepared to face these issues and avoid further problems. Or you can just hire one of the best property management Perth companies and take comfort in knowing that your property is in good hands.
Thank you for this report. Thank you for your management services over the years they have always been first class.
Linda and Allan, Morley