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9

March

2013

Self Managing Landlords

Posted by Kim frederiks

SELF MANAGED LANDLORDS MUST BE AWARE

If you are a self-managing landlord you must be aware of your responsibilities and your potential risks that you face. Nearly half of these investors do not have adequate insurance.

Consider the folllowing,

  • About  75 per cent of investors are currently using professional management with an agent or have used them in the past.
  • Do-it-yourself property management may seem an easy way to save money.
  • Does the time commitment outweigh the cost savings, especially when these costs are tax deductible!
  • Do you have the time to screen tenants, conduct inspections and attend to maintenance issues at anytime?
  • Ensure your rent is being paid on time.

Remember that even if you opt for our agency to manage your property, the correct type of insurance will add another layer of protection to your Investment.

We recommend that all our landlords take out "Landlord's Insurance" with a reputable company. This type of Insurance is designed to help protect Investors from many of the risks associated with owning a Rental Property. These risks can include

  •  damage by tenants 
  • accidental damage
  • legal liability and loss of rental income if a tenant absconds or leaves a property unable to be re-let while damage is repaired.

This can also provide peace of mind if the unforeseen should occur, as well as ease a landlord’s concerns about receiving regular rental payments.

Remember that a property manager will conduct regular property inspections to identify maintenance issues, ensure the tenant is looking after the property and, if required, liaise with appropriate tradespeople as soon as possible to address any problems.

If you are currently self managing your rental property and you you would like to utilize our services, please call Chris on 0403770035

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