Managing Your Own Investment Property

Managing an investment property can be nothing short of trying to run a business. Your tenants are your customers and there are costs and taxes you need to take care of.

But you also save property management fees if you decide to manage your own property. And you can become your own property manager as long as you follow the law and handle all responsibilities.

How To Manage Your Investment Property?

Managing a rental property typically comes down to three key areas:

• Tenants

• Property

• Finances

You can take the DIY approach, hire help, or do a mix of both, but all three areas need attention if you want your investment to succeed.

Tenant Management

Your tenants are essentially your customers. Finding reliable renters and keeping them happy will save you time, money, and stress.

Attract and Screen Tenants

Market your property through online listings, social media, or local ads. Use high-quality photos and a clear description to stand out.

Once applications come in, screen carefully:

• Credit and background checks
• Employment and income verification
• Reference checks

Always follow state and federal fair housing laws. Once approved, have tenants sign a solid lease agreement (ideally reviewed by a lawyer).

Be Responsive

During the lease, you or a trusted representative should be available to:

• Handle maintenance requests quickly
• Address complaints fairly
• Answer tenant questions

Know your state’s landlord-tenant laws, including notice periods, property access rights, and eviction procedures.

Reduce Turnover

Vacancies eat into profits. Keep tenants longer by:

• Charging fair rent (check comparable listings in your area).
• Maintaining the property and handling repairs promptly.
• Building good relationships through clear communication.

Smooth Move-Ins and Move-Outs

Before move-in, prep the property: change locks, deep clean, and fix hazards. Document the condition with photos. For move-outs, communicate expectations, schedule an inspection, and review damages against your records.

Property Maintenance

A well-maintained property attracts tenants and protects your investment. Delaying repairs usually leads to bigger, costlier problems down the road.

Routine tasks include:

• Replacing smoke/CO detector batteries
• Changing air filters
• Pest control
• Servicing HVAC and other systems

Think long-term, too. Neglecting maintenance can lower property value and make it harder to sell later.

Financial Management

Rental property management isn’t just about rent collection—you’ll also be tracking expenses and planning for vacancies.

1. Get Tools or Help

Consider property management software or hire an accountant, especially during tax season.

2. Track Income and Expenses

Keep records of:

• Rent payments and deposits
• Maintenance and repairs
• Utilities, insurance, mortgage, and taxes
• Landscaping and other services

Plan for periods without rental income so you can cover costs even if the property sits vacant.

3. Stay Organized

Using a filing system for leases, tax documents, receipts, and correspondence is always a good idea. Always know where key records are.

Should You Manage Your Property Yourself?

If you are a busy landlord, you may not have the time or skills to handle everything. And as a landlord, you can either self-manage, hire a property manager, or use a hybrid approach.

If you decide to self-manage the entire thing, you will gain full control, lower cost but you will have to invest a lot of time. This is suitable if you have only one property to manage or if you enjoy hands-on work.

You can also opt to hire a property manager. This will put less stress on you but may cost 8-12% of monthly rent. In addition, you may also need to pay for setup, leasing, and maintenance fees.

There’s also a hybrid approach you can take, which means you can handle what you’re good at (such as finances) and outsource the rest (like repairs, tenant screening, and other areas).

Should You Pay Yourself a Management Fee?

If you’re self-managing, you can pay yourself a fee like a professional manager would charge. This means creating a formal management agreement with the tenant and tracking the fee separately from rental income.

Final Words

Managing a rental property will eat into your time and require commitment. But if you enjoy being hands-on with your properties, you can save yourself money.

On the other hand, if your schedule is packed or if you don’t want to take much stress, hiring a property manager can be worth the cost. Either way, staying on top of tenants, property care, and finances will help you get the best return on your investment.

Call us on 1300 889 743 or complete the no-obligation form and we’ll connect you to our expert mortgage brokers, who will make sure you get the best deal possible.