Many landlords don’t think about the immediate dangers of self-managing their investment property and sometimes think it is as simple as collecting the rent from their tenants.

This couldn’t be further from the reality of what it takes to manage the tenancy of your investment property… Can you afford to take the risk?

The immediate dangers in self-managing are leaving yourselves open to many risks including litigation or losing the control of your own investment property.

This is as simple as not having a lease in place, which can lead to the tenant actually squatting instead of having a tenancy. Without a lease in place, your tenants can possibly continue to live in your investment property even if you have requested them to move out. With no lease in place you cannot terminate the tenancy.

Also knowing legislation and knowing what notice periods to give the tenant for an inspection or a termination are extremely important and can land you at the Tribunal if these periods have not been followed.

Compliancy is another big one and has been spoken of frequently in the media of late. Owners can leave themselves at risk of litigation if their property does not comply with current standards, for example; ensuring the blinds are compliant so a child cannot strangle themselves, ensuring the smoke detectors are certified, the pool complies and that balconies are certified as structurally sound.

This may seem like going overboard but the truth is there are landlords facing such litigation risks due to tenant injuries or death from what has been considered uncompliant for occupied tenancy.

Our advice is – don’t risk it; you have worked hard in becoming a property investor and you want to receive the well-earned returns so don’t leave yourself open to risk and get the assistance of a professional property manager.

If you’d like to get some individual advice on investment and become a property investor or expand your portfolio please feel free to contact our New Client Consultants:

Sonia Greentree: 0438 752 032 or Angela King: 0408 284 053

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