Self Managing Investment Properties
Investors will often feel that they would like to self manage their properties but a word of warning, do make sure that you know all the RTA laws that will be relevant for your particular property.
Rental laws do change and get updated on a regular basis and it is also imperative for investors to make sure that they keep up to date with these laws so that they do not end up not taking the right steps which ultimately could cost them money.
Tips for Self Managing Investment Properties
1. Know the law so that if you do have to go to court you have taken the right steps otherwise you will have no hope of winning. Laws and processes are there to be followed so make sure that this is done.
2. Plan for self managing. Write up a set of steps for finding tenants, screening tenants and installing tenants into the property and all the required paperwork that goes with it is best set up in a check list to ensure that the process will run smoothly.
3. Make sure that inspections are carried out on time and diarise any follow up steps that need to be done. A landlord is entitled to inspect the property for damage (usually every 3 months) so make sure these inspections take place. There is a two-fold benefit here:
- you will see how the property is being treated by the tenants and
- you will be able to keep on top of maintenance and hence keep your repair costs under control. Provide your tenants with maintenance request forms and also keep a log of any requests (your own findings as well) and keep a track of who is doing the repair and when it is done.
Make sure that your contractors are registered and they have insurance. Build up a reliable base of contractors who will respect what you want done, won’t over charge and get things done to your standards.
Filed Under: Featured • Property Investment
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