Before enlisting a property manager, you need to weigh up whether it is the best option for you. According to the Real Estate Institute of Australia (REIA), property self-management is not uncommon. Despite 54.3% of occupied rented properties in Australia being managed by real estate agents, 22.7% are self-managed by landlords.
REIA’s research officer Evgeniya Hawthorne said, “Although investors who choose to self-manage their properties avoid paying management fees, the amount of work involved should not be underestimated.
“There is a cost to managing your own property. Investors have to keep themselves up to date with relevant legislation and regulations – something a professional property manager does under their continuing professional development.”
The value of a truly qualified property manager cannot be overemphasised, especially as we navigate the quickly evolving issues affecting our community. Changes to the Residential Tenancies Act (some already in play ahead of full changes originally scheduled for 1 July 2020 but deferring to 1 January 2021 in response to the termporary COVID-19 legislation), the cladding “crisis”, the growing impact of domestic violence and, the critical state of emergency currently occurring as a result of COVID-19 are only a few reasons to consider putting the care of your property investment into qualified hands.
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