The ups and downs of Property Management
Property management is a lot like being on a rollercoaster. Seldom a smooth ride, there is going to be ups and downs, limited control with quick unexpected turns, it can lead you round in circles and the whole experience can become a mixed bag of emotions.
For some a worthwhile ride and for others not at all, and if it’s a ride you’ve never taken, what do you need to consider?
Firstly, forget everything you’ve heard. There is absolutely no wrong or right answer. For every 5 people that tell you should use a property manager, there will be 5 others telling you why you should not. Searching online for statistics, case studies or scientific evidence to justify your decision will all just be wasted hours, as none exists.
You are the only one that knows the answer, because only you can decide on the best choice relevant to your situation.
Ask yourself,
Do I like paperwork?
Am I organised and a good record keeper?
Do I have much free time?
How do I like to spend my free time and am I willing to spend less time doing the things I enjoy?
Are calls from tenants,(any time of day or nights sometimes) to resolve unexpected issues going to bother me?
Do I like reading legal documents?
There are many layers to property management and one size does not fit all. It is a tough gig; it commands patience, a level head, a non-combative temperament, and unshakeable emotional resilience. Whether it is your managing your own property or you have a property manager, the key is knowing how to roll with the punches, take the good with bad and still care enough to do it all again day after day.
An essential part of property management is having an understanding and a thorough knowledge of the Tenancy Legislation. Property management does not have a lot of grey areas, there are processes and procedures that need to be followed. If your goal is headache free property investment, that will not detract from your personal life, then a property manager could serve you well.
Think carefully and proceed with caution if your choice is to self-manage your own property.
Stay tuned as look for our future blogs as we give you tips on how to select a property manager.
