Once you purchase an investment property, you can manage the day to day tenancy yourself or partner with an experienced property manager.

Choosing the right approach comes down to your available time, location and how hands on you want to be with your investment.

Managing the property yourself

Looking after your own rental keeps you in direct control of your property and removes ongoing management fees. It works well if you live close by, enjoy dealing directly with tenants and have the time to handle property upkeep.

Managing your own property means taking responsibility for:

• Finding and screening prospective tenants, including credit checks and reference calls.

• Complying with Residential Tenancies Act rules and Healthy Homes standards.

• Organising prompt maintenance and repairs with trusted tradespeople.

• Lodging tenancy bonds with Tenancy Services within 23 working days.

• Conducting scheduled property inspections and keeping written condition records.

• Tracking rental payments and managing tenancy reviews.

Working with a property management company

If you have a busy work schedule, own property outside your local region or prefer to keep an arm's length relationship with tenants, a professional property manager is a practical choice.

Property managers generally charge a fee between 7% and 10% of gross rental income collected. In return, they take care of the entire tenancy lifecycle on your behalf.

A property manager can support your investment by:

• Marketing the property and selecting suitable tenants.

• Ensuring the home meets all current Healthy Homes standards and council guidelines.

• Coordinating emergency maintenance and routine trade repairs.

• Collecting rent, managing arrears and handling bond documentation with Tenancy Services.

• Completing detailed photo inspection reports on entry, routine visits and exit.

• Managing tenancy reviews in line with market movements and legislation.

Property managers can also pay regular outgoings directly from your rental income, including council rates, insurance premiums and body corporate fees.

Because property management fees are generally deductible as an operational expense against your rental income, using a manager often saves you time while giving you peace of mind that your investment remains compliant.