It's IMPORTANT to ask yourself: - When arranging Property Management documents and tasks do I have a thorough understanding of the appropriate Residential Tenancies Act? This is a highly specialised aspect of Real Estate. It is fraught with the danger of litigation in almost every task you undertake.
A competent Property Manager not only possesses a strong understanding of their role, they continually increase their knowledge of insurance requirements, changes to legislation and industry and market trends to ensure all clients achieve the highest level of service at all times.
If you are considering managing your own investment property then it's wise to consider the following points:
- Do you possess a thorough understanding and knowledge to maintain a fair and professional relationship with your tenant?
- How much do you know about the tenant selection process?
- Do you know how to lodge your tenants' Bond money in accordance with the Residential Tenancies Act 1986 requirements and within the required timeframe?
- Do you know the right procedure when dealing with rental payment arrears?
- Do you have a concise knowledge of laws to effectively represent in Court?
- Could you successfully terminate your tenancy and recover possession of your property without the need to go to Court?
- Could you complete a valid Property Condition Report with enough detail to stand up in Court if necessary?
- Do you know the correct procedure when the tenant has absconded and abandoned goods remain at the property?
- Would you be able to recover any outstanding debts?