Should I used a Real Estate Agent or just rent it out my self? In this episode, learn the Pros and Cons on using a Real Estate Agent to manage your Rental Property VS Doing-it-Yourself (DIY). www.tenantmanagement.com.au

1. Tenant Management
Agent Managed vs. DIY
Renting Out your Own Property
My name is Michael Gilbert and I am from
tenantmanagement.com.au. For those who don't know me, I'm
a licensed real estate agent from Victoria and also in New
South Wales, and I've been in the game for approximately eight
years. I'm here to talk to you, and talk to myself in front of the
camera about using a real estate agent or renting out your
own property yourself. So, one thing I will start with by
saying is that there's "not one size fits all." There's no one
answer that's going to fit you and your next door neighbour.
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2. Tenant Management
Agent Managed vs. DIY
Your Rental Property
A couple of things I could mention to start with is that if
you're business-minded and you've got a strong
personality, well that's going to go heavily in your favour.
Also if you live within 2 hours drive of your property, of
your rental property, then it's going to be a lot easier
as well. Because a real estate agent will tend to go to
your property on average maybe about 3 to 4 times per
year.
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3. Tenant Management
Agent Managed vs. DIY
Using A Real Estate Agent
So let's look at the pros and cons of using a real estate
agent. So the first thing first is that they have a lot of
experience, they do it every single day, they're able to
handle different scenarios that's thrown up at them,
whereas when you're doing it yourself, you might not be
quite used to it, whereas they'll be used to that sort of
thing.
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4. Tenant Management
Agent Managed vs. DIY
Pros of Using a Real Estate Agent
Secondly is time. If you're using a real estate agent then
you don't have to spend as much time on managing
your own property, you've got your local real estate
agent who's actually doing it for you. If you were doing
it yourself, you may spend approximately 25 hours per
year, maybe more maybe less, that's depending on, you
know, repairs and maintenance, depending on your
tenants and how good they are.
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5. Tenant Management
Agent Managed vs. DIY
Cons of Using a Real Estate Agent
So the cons of using a real estate agent are that
obviously it costs money. Everything we love costs
money and using a real estate agent will cost you
approximately $1500 to $2000 every year, this depends
on the price and the quality of the real estate agent that
you're employing. Second one is that, the second con of
using a real agent is that you do lose some control.
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6. Tenant Management
Agent Managed vs. DIY
Rental Property Management
You have to rely on the actual property manager that
they're doing the right job, and in some places a
property manager does manage 200 properties, 300
properties, and there's a lot for them to handle and
they're not always thinking about your property.
Property manager are less tuned into your particular
property, whereas if you're doing it yourself, then you're
more tuned in and it's probably a bit easier to tune with
your tenants, make sure that they‘re happier. And if
they're happier, the tenants stay longer, which also saves
you money.
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