Though we may find it difficult to manage the rental property on our own, it can save us a lot of money i.e thousand of dollars. According to statistics, “1 in every 4 Australians consider it best to manage the property on their own.”
But, why 1 in 4, not all?
Property owners go with self-management only if they can follow the manual schedule of maintenance & inspections. Also, they’ll need to carry out the activities like finding tenants, screening them, doing documentation & creating lease agreements. All this will require their time & attentive mind. If someone is ready to do it all, then he can be considered as a best fit to manage his rental property on his own, for sure!
Here are some of the detailed descriptions of the tasks, that individuals need to accomplish to manage their rental property:
To make sure, everything is running fine, a property owner must create a schedule for regular inspections of the following:
This is not it. The property owner must prepare a good budget to change the carpets & paint the walls timely. Besides, toilet seats, taps, showers, and other items that become out of order after must be replaced.
Tip 1: A property owner can forget to make timely inspections. Here comes the role of tenantden’s property management software that will send timely reminders for inspections.
After a specific period, there arises the need for maintenance & repairs, to ensure the property does not pose a serious risk of heavy damages. The maintenance is not only indispensable from the ‘Damage’ point of view; rather it is important from the ‘Health’ perspective as well. If things are left uncleaned for a long time, it would be difficult to control the attack of the pests & harmful bacteria & viruses from entering the bodies.
A homeowner's business mind may restrict him from carrying out small repairs as he wants to make savings, but who knows, if the small repairs turn out to be something big in the future. So it is advisable not to put off the maintenance & repair work.
Here again, tenantden’s subscription-based software can prove to be of great help to the landlords that’ll send them reminders of the timely maintenance & repairs. Well, a subscription is highly cost-effective and you won’t regret paying it. That’s a guarantee.
Well, a property owner may choose to omit hiring a realtor to manage the property to save some dollars. But it’ll definitely increase their workload and may cost their mental health. Here are some of the activities which a property owner must accomplish himself if he chooses not to hire a realtor for property maintenance:
The government of every country has some rules & regulations concerned with tenants & landlords. Both the tenants & landlords must comply with it to avoid any legal complications.
If a property owner hires a property manager, he may sit back & relax, as the property manager knows all the legalities and will make sure that landlords do not violate any of them. But, if the homeowner chooses not to hire a property manager, then he should become familiar with all the legalities before renting tenants.
It is one of the most difficult tasks that a landlord can ever do. He usually ends up contacting his family and friends to ask them to help him with finding tenants. He would also spend some dollars for some social media ads. But there is no guarantee that any of these things will prove to be worthy.
A property owner needs to screen the tenants on his own based on self-set judgemental parameters. Doing it every time a tenant approaches you, becomes boring and frustrating. But it’s important, so a property owner has to do it unless you have hired someone to do it for you.
Before allotting a place to a tenant, a property owner needs to carry out some necessary documentation because the government of every country instructs all the landlords to do it. Besides, lease agreements are needed to be prepared meticulously as missing out on any clause may cost high.
Tip 2: Tenant Den’s software that provides property management services can help you with all aspects of tenancy, be it finding the suitable one or doing documentation & creating lease agreements before renting them.
It’s tiring to maintain the rental property on one’s own, as it involves fulfilling several responsibilities. One can miss out on important things about property maintenance if he is already piled with other homely tasks. Sure, we are not suggesting you hire a property manager, but yes, there is the best substitute for it – Tenant Den’s Rental Property Management Software.