When it comes to the day-to-day management of your rental property there are a few options open to you. You can take on the responsibility yourself or you can outsource it to a Property Management Company. There are pro’s and con’s for each and depending on your situation, one option may suit you better.

a) Managing the Property Yourself

Managing a rental property involves sourcing tenants and conducting the relevant background checks, doing a pre-inspection of the property before tenants move in to note any damage/faults that are already in place. Once tenants move in you have the responsibility of checking that rent is paid on a regular basis and conducting scheduled inspections to ensure that the tenants are looking after the property sufficiently (some insurance companies state that this must be done at set intervals for their cover to be effective). You will also be the first point of call should anything go wrong with the house, i.e. if a water cylinder bursts in…