To self-manage or to not self-manage…

Do you need a Property Manager or can you Self-Manage?  

Did you know that Property Management Fees are Tax deductible?

This is often an interesting debate with some compelling reasons on both sides. There was recently a great segment on “Your Money” by Margaret Lomas.  We have attached the link below. Ultimately, it is your decision.  You must decide whether you want to be a property manager or an investor with your investment properties. 

https://www.yourmoney.com.au/real-estate/how-to-successfully-manage-your-investment-property/

We have taken the time to briefly outline the pros and cons for both sides of the coin.

PROPERTY MANAGEMENT PRO’S

SELF MANAGE PRO’S

Tax deductible Property management fees

Perceived cost savings

Choose and screen your tenants

Keeping close watch

Access credit/rental history

Personal standards upheld

Carry out frequent inspection

 

If required Attend tribunals on landlord’s behalf

 

Access pool of tenants & advertising power

 

Transparent programs/portals for landlords

 

Sound Systems to ensure quality control

 

Legislation updates

 

PROPERTY MANAGEMENT CON’S

SELF MANAGE CON’S

Inexperienced staff

No time to manage multiple homes

Property manager leaves

Unfamiliar with tenancy laws risk of breaking the law

Reactive agents

Costs too much of your time

Not enough training/systems in place

Difficulty screening tenants

 

Limits your time where you could invest