The Benefits of Self Management

If you have properties for rent the question of agent versus self-management has likely been cause for some deliberation.

Property investment is widely regarded as one of the keynote asset classes. Viewed over the longer-term, property (a growth asset) is proven to produce returns at a height that can rival those of cash and fixed interest securities.

With this information in mind the million-dollar question is: how much control do you want to have?

 In the past, self-managed/private landlords (those with privately owned and controlled properties) have had very little access to the level or quality of tools and devices by which real estate agencies would manage properties. Through RentBook, private landlords now have access to the proper management tools with which to competently control their properties. You will find that the benefits of self-management are ineffably advantageous IF organised and run with proficiency, compliance and a degree of malleability.

1. Self-managed landlords retain more direct control over their property and any dealings therein whilst also remaining free from the constraints of agent’s fees and commitments. Similarly, a central concern of many property owners is being assured of priority – while your property is understandably of the upmost importance to you, an agent generally only gets around 6% commission – that’s approximately $36 per week on a property that rents at $600 per week. Moreover, agents tend to work on volume so can be handling 40 or so properties at any time.

2.  

   Private landlords gain the advantage of knowing that their investment is incontrovertibly the topmost priority for those who subsequently benefit the most from this level of focus: the landlords themselves and their tenants.

In effect, the advantages of a privately managed property impact upon many areas. For one, landlords obtain unequivocal control over the prospective tenant screening process, which serves to strengthen the likelihood of ensuring ultimate compatibility. 

Furthermore, private landlords are in a position to make sure their tenants are genuinely at ease and secure in their knowledge and understanding of any information proffered to them or procedures that might need to be implemented. On that note, landlords will find that the risk of potential future disputes can be significantly diminished by implementing a watertight tenancy agreement that has been composed in compliance with the law as decreed in the Residential Tenancies Act of each state.

A self-managed landlord is able to take advantage of both the latitude and the milieu to offer assurances and preclude any possible fears regarding their reputability that a tenant may have. Such situations can be eased through the simple act of sitting down with them and going through the tenancy agreement together. Indicate the most commonly recurrent misdemeanors relating to the misuse or misrepresentation of the Residential Tenancies Act (minimum notifications, rates, etc) and highlight your own strict adherence to the Tenancies Act.