Does the investor prefer to self manage or appoint a professional property manager?
• Management fees are freely negotiable. • It is generally easier to self manage a residential property than a commercial property. • However, it is important to note that professional property managers have the experience and resources such as information on applicants for lease from National Tenant Data. This will help minimise trouble from a tenant on rent default, poor conduct etc. When a tenant is in breach of the terms of the lease, the owners must comply with the Residential Tenancies Act to deal with the situation. Otherwise, the owners may suffer financial loss as well as breaking the law. • Commercial property management will require a higher level of skills and knowledge than residential property management. This is especially so in the case of retial properties.
