Reply: 1.1.1.1.1
From: Alan Hill
Lucinda,
Personally, if your going to be 'in the game' for a while, I think some self managing experience(at least initially) is invaluable. It certainly helps you make more 'realistic' evaluations of certain Property Managers comments later on!
If you are going to self manage though, here are my couple of tips:
1. Read, read and educate yourself as much as possible on property management BEFORE you start. There are a few good books out there plus read the standard Lease Contract(and understand it!). The standard 'Renting Guide' is also a must. You have to provide it to your tenants, so make sure YOU have fully read it and understand all it covers.
2. DO get Landlord Protection Insurance. For a couple of hundred dollars(tax deductible), if nothing else you will sleep much easier at night.
3. May sound obvious, but DO have a formal written lease in place and DO collect a Bond and lodge it as required. The standard lease will also include a Condition Report and this is vital to minimise problems for you later on in the event of disputes. NB. I had dinner a while back with some people who were telling horror stories about tenants in a property they had....did they have a formal lease, bond, landlord insurance etc? No. Sorry, they have only themselves to blame!
4. Screen your tenants carefully.
5. Check that rental payments have been made promptly. Don't allow habits to start such as paying even a few days late. Get onto it straight away and make it VERY clear that you REQUIRE payment on the agreed date or........
6. ......if problems do occur, be aware of what 'triggers' are in place for issuing an eviction order and the process that must be followed. I'd rather have a problem tenant 'out' and risk a few weeks rental vacancy than have the on-going hassles of a problem tenant.
7. Keep very clear written copies of all your documentation, phone calls etc.
8. Look after your property and tenants. Property Management is a two way street. You require certain behavior from them and you should be professional and prompt in your responses to them.
Good luck!