Transcript for: ‘3 Common Mistakes of Self Managed Property’
“At Beyond Property Management, we’re property investors ourselves and know a lot of investors and the investors that we see that choose to self-manage, generally do that for one of two reasons;
1: is either to save costs or
2: Is because they’ve had a bad experience with a property management agency, so therefore don’t value the role of a property manager.
So, let’s look at a few key areas where I’ve seen private landlords’ trip-up.
Mistake #1: Checks
The main one is in getting a tenant for a property; Unfortunately, the grim reality is that bad tenants will often private landlords to try and avoid the checks that a property manager will do.
Mistake #2: The Application
Many, many private landlords will skip processing an application properly. Then when they are are drawing up the lease, I’ve seen a lot of illegal clauses about rights of entry, exclusions from a property that it may not actually be legal to put in a lease.
Mistake #3: An Entry Condition Report
Another area that I see private landlords’ trip-up is with not doing an entry-condition report. This report is actually a really really important document because it is your evidence of the home at the start of the lease; and doing a thorough report is going to protect you at the end of the lease when you need that evidence and that may be in 10-years’ time, it might be in 6-months’ time but that’s a really important document to do thoroughly and properly.”
Want to find out more?
Interested to learn more about how the Beyond Property Management team can help increase your property returns and help you avoid the common mistakes of self managed property? Get in touch with a property manager from Beyond Property Management on (07) 3188 7651 to find out more today.