Healthspace Property

The 7 Biggest Mistakes Self-Managed Landlords Make

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You want to self-manage your property?

While this may seem like a good idea at first, you may soon realize it is best to leave the rental property management to professionals. There are several mistakes you can make as a landlord who self manages their properties.

Making these mistakes can end up costing you a lot of money and even forcing you to sell your property. Here are some of the biggest mistakes self-managed landlords make when self-managing their properties.

  • Is there a binding lease with tenant(s) in place?

    One of the first mistakes that a self-managed landlord can make is not ensuring that the lease is signed and binding. It is important to ensure this step is completed so that tenants do not have the ability to terminate.

    For example, you need to beware of the tenancy agreement that has moved to a rolling monthly arrangement. This allows the tenant to provide 4 weeks notice and can put your income and your investment at risk. We help ensure this is not the case and protect your income and investment.

  • Have all tenant leases been accurately summarized into a Tenancy Schedule, and critical dates recorded?

    An accurate and up to date Tenancy Schedule is an important tool for the owner as it is a 1-2 page summary of the detailed leases. Examples of dates we might ensure are captured for you are rent reviews, lease expiry, option terms and tenant insurance. We are shocked at how often these important dates are overlooked. When we work on your behalf we ensure this doesn’t happen!

  • Are you monitoring market forces for similar assets?

    What sale evidence and leasing evidence is available from market transactions will reveal the rise (and sometimes fall) for your asset?

  • What that could mean for you and your tenant(s) at the next lease expiry?

    In the event that market forces shift, tenants may choose to move to another property and/or request a rent reduction. It is essential to be aware of these factors at all times, not just at lease expiry.

  • Is the tenant(s) bank guarantee or cash bond up to date?

    Often, bank guarantees have expiry dates and need to be updated. Our “critical dates” diary system ensures there are key events that are never missed.

  • Has the tenant provided evidence of current insurance policies?

    The tenant must carry insurance for ISR, public liability and often, plate glass, and other cover. A copy of the tenant full insurance policy should be obtained annually.

  • Is the tenant(s) maintaining the air conditioning unit (and other plant) correctly?

    Tenants are often required to maintain the Landlord’s property including air conditioning and other plant as part of the lease. It is important to ensure that tenants are complying with these obligations.

Find out more about the The 7 Biggest Mistakes Self-Managed Landlords Make

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Want to find out more?

Interested to learn more about how the Healthspace Property Team can help increase your property returns and help you avoid the common mistakes of self managed property? Get in touch with our team.

07 3257 3363 0413 487 630
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