Amongst other things, managing your property includes:

• Finding and vetting prospective tenants.
• Completing tenancy agreements - they are available off-the-shelf in book stores or from the Department of Building and Housing website. 
• Arranging bonds.
• Collecting rent (and chasing up late payments).
• Dealing with tenants’ problems and enquiries.
• Inspecting your property regularly.
• Arranging for maintenance and repairs. 

Managing it yourself or using a property manager?

You can either do this yourself, or engage a property management company to do it all for you for a fee.  Property management fees can vary significantly but in general can be between 4% - 8% of the rental income.  The level that the property manager is involved in the property can also significantly vary, from sourcing tenants to full maintenance. 

One advantage that a good property manager can bring is their contact network – including trades people (useful to take care of any maintenance issues which might arise).

You can find a list of property management companies in your region by searching under ‘Property Management’ in the Yellow Pages.

Whether you choose to manage the property yourself or employ a property manager depends on whether you have the time, how comfortable you are dealing with tenants, and whether you can afford to pay a property manager.

This material is for information purposes only. You should seek professional advice related to your individual circumstances. While The National Bank has taken care to ensure that this information is from reliable sources, it cannot warrant its accuracy, completeness or suitability for your intended use. To the extent permitted by law, The National Bank does not accept any responsibility or liability arising from your use of this information. Our lending criteria, terms, conditions and fees apply.