It’s important to ask yourself “Do I have a thorough understanding of the Residential Tenancies Act and other associated statutes?”
This is a highly specialised aspect of real estate and it is fraught with the danger of litigation in almost every task you undertake. A competent property manager not only possesses a strong understanding of their role, they continually increase their knowledge of insurance requirements, changes to legislation and industry and market trends to ensure all clients achieve the highest level of service at all times. Agents are often engaged to pick up the pieces of poorly self-managed properties after it has cost the owner countless hours in trying to resolve conflicts with their tenant, not to mention the monetary cost.
If you are at all considering managing your own investment property, then it’s wise to consider the following points: