Investment character – Should I Use a character Manager Or Self-Manage?
A character Manager is the person who manages your similarities, maintains and upgrades them whilst acting as a liaison between you and the tenants.
The question often comes up about whether we self-manage our similarities or use the sets of a character Manager. We made the decision to have a character Manager for all of our similarities. Yes, this is a service we pay for, however in Australia, the costs associated with engaging the sets of a character Manager are tax deductible.
Here are some of the responsibilities they complete:
– Collection of rental payments.
– Conducting regular character inspections with written reports and recommendations.
– Arranging maintenance and quotes from tradesman.
– Payment of character expenses for example rates, insurance, body corporate fees, maintenance.
– Preparing rental and financial statements.
– Conducting rent appraisals and setting rent appropriate to the local market.
– Processing rental applications and tenant selection.
– Lodging and applying for rental bonds.
– Minimising loss of rent by change of tenancy.
– Maintaining a specialized open-communication relationship with the tenant.
– Managing the time of action when a tenant vacates the character for example cleaning, yard maintenance, return of keys.
– Managing the argument resolution course of action if a tenant is in argument of their bond.
– Instigating and managing the time of action if the tenant becomes in breach of the agreement.
The reality is all of these responsibilities need to be completed by someone, for you to have a well-managed character portfolio. The question is do you have the time, skill, contacts and interest in completing these responsibilities, or do you pay a character Manager to do them for you?
The character Manager is acting on your behalf to ensure the tenants care for your investment. They also ensure the character is achieving the maximum return possible in the specific market.
On our character investment journey, we have not experienced any challenges with our tenants that have directly affected us. Yes, a number of situations have occurred including tenants not paying rent, hot water systems dying in the middle of winter, tenants with disabilities requiring additional sustain, termites and the consequent obstacle protection treatment, plus other stories. Our character Managers have managed each situation, whilst keeping us informed along the way on the action being taken. Their skill, time and contacts have seen each situation resolved smoothly.
I believe the decision on whether to self-manage or pay for a character Manager, is a personal decision dependent on your personal circumstances.