Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

rpm logo latest

14 questions to ask landlords tempted to DIY

By Sharon Fox-Slater
01 December 2014 | 1 minute read

If our landlord insurance claims are anything to go by, tenancies that are self-managed by investors go pear-shaped significantly more often than those managed by a professional.

On the surface, property management seems simple, so you can understand why some landlords are tempted to do it themselves – however, the complexities are soon revealed if something goes wrong!

Here are a few questions you can call on when discussing the issue with landlords who are contemplating going down the DIY route:

Advertisement
Advertisement

1. Could you bring yourself to evict a family, or a person who has fallen on hard times?

2. How would you go standing up in a tribunal and arguing a case?

3. Do you feel comfortable with the tenant having your phone number and being on call 24 hours a day?

4. Are you informed about tenancy legislation?

5. How will you manage the tenancy if you go overseas or on holiday?

6. Are you available to supervise tradespeople, at short notice, if required?

7. How will you find out if tenants have previously been evicted or have a poor rental history?

8. How will you verify that tenants are who they claim to be?

9. Are you organised and assertive enough to chase up late rent immediately?

10. Do you know the warning signs for a clandestine drug laboratory or marijuana grow house? 

11. How good are you at record-keeping?

12. Will your landlord insurer cover you if you self-manage – and, if so, will the premium rise as a result?

13. How much will you save, after tax, by managing your property yourself?

14. Once the potential stress is taken into account, is your time worth more, or better spent, on other priorities?

14 questions to ask landlords tempted to DIY
Sharon Fox Slater
lawyersweekly logo

ABOUT THE AUTHOR


Sharon Fox-Slater

Sharon Fox-Slater

Sharon Fox-Slater is the Managing Director of EBM RentCover, which protects more than 150,000 rental properties across Australia. She commenced a role with EBM back in 1993 and was part of the core team that helped launch one of Australia’s first landlord insurance policies into the market. She was also the first woman in Australia to complete the Advanced Diploma in Insurance Broking, and is well equipped to educate property investors and property professionals about the value of aligning with a specialist landlord insurance provider.

Listen to other installment of the Real Estate Business Podcast

 

Subscribe to our RPM
mailing list

 

Do you have an industry update?

top suburbs

12 month growth
Queenton
69.76%
Flying Fish Point
69.61%
Point Piper
69.17%
Glenelg South
69.02%
Pretty Beach
69.01%
Bar Beach
68.9%
Northampton
68.7%
Kembla Grange
66.91%
Boomerang Beach
66.67%
Gnarabup
66.67%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.