Self managing in qLd

Some insurance companies will not accept landlord insurance when owners self manage - not licensed, no systems, higher risk of default - are some of the excuses they gave me and I am licensed just not running the property through the office I worked in at the time.
I self-manage my two investment properties and I haven't had any problems getting insurance. Mine is done through RACWA but I know SGIO do it ... and you don't need to be a licensed agent. Check that it covers you for storm damage as well as tenant defaults. We had huge storms in WA this week, which I covered on my blog ... with posts coming on checking your insurance and why you should manage your own property.

The info on the RTA site will start you off in managing your own property.

  • Draft up the lease agreement, be specific as possible with pets, carpet cleaning or whatever you want, ie. a boat parked in the driveway.
  • Do your inspections regularly.
  • Keep everything in writing between you and the tenant and document any changes.
  • Check the rent is paid into your account when you expect it and notify the tenant if it isn't.
  • Be as specific as possible with your Property Condition Report and take photos. Provide the copies to the tenant.
  • Lodge the bond with the relevant authority (or a bond bank account).
  • Communicate with your tenant and be flexible in their requests. I have a great working relationship with both my tenants I believe because I'm honest, approachable and I'm flexible.
  • Keep records of expenses for your end of year tax.
  • Check the meter is read for gas, electricity and water at the start of the tenancy.
  • Check the phone is not connected in your name!

Phew, I think that covers it for a starter ... lmk if you need any further help!