Property management: Should you do it yourself or leave it to the experts?

They're back. Investors have returned to the market and with that comes a need to make some key decisions. The biggest is probably; do you or don't you? I'm talking about property management.

I see it as the DIY dilemma of real estate. 

Think about it. You decide to retile the bathroom. You get a quote from a professional tiler. You have a heart attack. You decide it can't be that hard. You will do it yourself for half the price.

Uh oh. Fast forward three months. You've had more trips to the hardware store than you can count, a trip to hospital and the cost of the project is already in line with the quote you laughed at....and it still isn't finished.

It can be the same with property management. You get a quote from an agent and decide 'it can't be that hard. I'll save money and do it myself.'

But just as not everybody can conquer the DIY renovation, the same is true of property management.

It's much more than securing a good tenant and ensuring the rent and bills are paid. There is the slightly tedious reality of always being on call to manage any maintenance and tenant issues. Then there are the countless 'other' issues that come when dealing with people, personalities and property and it's when the inevitable, unexpected, sometimes the truly unbelievable, happens that the DIY owner will be left wishing they had left it to the experts.

Ewan Morton is managing director of the Sydney based Morton & Morton.



Ewan Morton

Ewan Morton

Ewan Morton is managing director of the Sydney based Morton & Morton.

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