1. As a Landlord Setting the Rent too Low or too High is a Big Deal
2. Failing to Monitor Arrears
3. Attempting to Self-manage a PropertyMs Cantro said self-managing a rental property might create headaches for landlords, especially if they’re not able to commit the time or resources necessary (which they might not realize until after they’re in too deep).
“While it can be tempting to save a small percentage of rental income by self-managing your rental property, the benefits of appointing a property manager can far outweigh the costs,” she said.
“Property managers are able to conduct regular property inspections to identify maintenance issues, have systems in place to find and screen prospective tenants, and have access to databases that list tenants with a history of defaulting on rental payments, damaging property and eviction.
“If a dispute arises with a tenant, they are also familiar with the relevant legislation and can follow the correct procedures to help resolve the problem as quickly as possible.”
4. Neglecting Maintenance“As a landlord, once you have been alerted to maintenance issues, it is your responsibility to act on these or authorize your property manager to do so as soon as possible,” Ms Cantro said
“If a maintenance issue arises and you are slow to fix it, you may be legally liable if your tenant injures themselves. It is also important to ensure that all maintenance is completed properly and to appropriate standards.”
5. Inadequate Insurance“Landlord insurance cover can protect investors from many of the risks associated with owning a rental property, provide peace of mind and ease a landlord’s concerns about receiving regular rental payments if their tenant damages the property or absconds,” Ms Cantro said.
“Standard building and contents insurance policies usually don’t cover landlords for these risks.
“Landlord insurance can cover property owners for malicious damage by tenants, accidental damage, legal liability for occurrences on the property that cause death or bodily injury, and loss of rental income as a result of property damage or a tenant absconding.”