No, you can't manage it yourself – or at least not well

So you own an investment property or you are just about to buy one, and your friend says: “You don’t need a property manager – save yourself the money and do it yourself. Seriously, how hard can it be?”

It always makes me laugh when I hear such comments. I wonder if these people also do things such as change the brakes on their cars, or give themselves an annual health check-up. Property management is a professional field, and doing it yourself can cost you money, in addition to countless frustrating hours.

Let me give you a run-down of what a property manager might do in a typical week.

• Photograph and market properties
• Negotiate new leases and lease renewals between tenants and owners
• Negotiate rent reviews and rent increases between tenants and owners
• Counsel tenants who fall into arrears
• Counsel owners during the tougher times of owning an investment property
• Plan maintenance now and into the future
• Understand the many different aspects of maintenance, including general repairs, insurance claims, warranty issues, building maintenance, etc.
• Prepare and lodge landlord insurance claims
• Understand the terms relating to landlord and building insurance policies
• Offer financial assistance and planning for owners and tenants
• Evict tenants who have failed to pay rent
• Understand all relevant legislation – for example, you must know the Residential Tenancies Act 1997 and the VCAT Act & Owners Corporation Act 2010 in Vicroria
• Prepare notices and applications and present documents and cases within a tribunal or courtroom should disputes arise

I don’t know about you, but I think that’s a lot to know and deal with on a day-to-day basis. And after being in the industry for 17 years, I know there are some really poor property managers out there who would be lucky to return a telephone call let alone attend to half the items on the list above – but there are also some amazing property managers.

So the next time you are out looking at employing a new property manager, find a great one. Don’t haggle over the difference in management fees, which is no more than the price of a cup of coffee a week. You will always find people who will do it for a cheaper price, and at the end of the day you get what you pay for.

Funnily enough, in the past two weeks, I have been referred clients who have been paying low management fees and are unhappy and frustrated with the lack of service they have been receiving

A great property manager will not only save you money in the long run, but will also make you money. Isn’t it worth paying that little bit extra?

Leah Calnan is the director of Metro Property Management in Victoria and is the chairwoman of the REIV Property Management Chapter.