If you are thinking about managing your own investment property, then it’s wise to consider the following questions to understand the potential stress that landlords might face:

• Do you possess a thorough understanding and knowledge of the Residential Tenancies Act 1986?
• Are you sure that you fully understand your obligations?
• Do you understand what count as breach of your obligation?
• Do you understand a landlord’s obligation under other acts affecting a tenancy, including Consumers Guarantee Act and Building Act 2004?
• Are you confident you know the right questions to ask and recognise the right answers before you place a tenant in your valuable asset?
• Can you perform a credit check with limited access to credit control databases?
• Do you know you may be liable for heavy penalties if your tenant’s bond money was not lodged appropriately within the required time frame, in accordance with the Residential Tenancies Act 1986?
• Do you know the right procedures for dealing with rental payment arrears without triggering a claim from the tenants?
• Do you know how you could represent yourself in Court with all compliant documentation?
• Do you know the correct procedure for a tenant who has absconded, and abandoned goods at the property?
• How would you handle demanding tenants who constantly claim their rights?
• Do you know when it is legal for you to enter your own rental property?

Why choose a property manager?

The list of questions can be extended further, and the stress can be more intensive, but all the stress will be gone if you choose the right property manager.
Managing a rental property is not a simple process of creating a rental agreement and collecting rent according to the agreed schedule. This is a highly specialised aspect of real estate and it is fraught with the danger of litigation in almost every task you undertake. Minor mistakes may cost you dearly!
The tenant may be entitled to compensation if you inadvertently breach their rights. Discrimination, consumer protection, building and other statutes all impact a tenancy. Tenant selection is not only time-consuming but signing up the wrong tenant could become a long battle full of frustration.
Legal procedures for bond lodging and recovering payment arrears have involved timeframe, notice and service periods. Any minor breach may result in huge financial loss. It might come to a point that property owners will have to appear in Court for any disputes with the tenants.
A poorly self-managed property will cost the owner countless hours in trying to resolve conflicts with their tenant and sometimes considerable financial loss.
In a nutshell, having a competent property manager is like getting the right insurance cover. A competent property manager not only possesses a strong understanding of their role to take care of all the questions above, they constantly increase their knowledge of insurance requirements, changes to legislation, and industry and market trends, to ensure all clients achieve the highest level of service at all times.