How to self‑manage your rental property

Managing your own rental property can be a rewarding way to stay hands‑on with your investment and save on property management fees. But it also comes with legal, financial and practical responsibilities worth understanding before taking the plunge.

This guide walks through the ins and outs of managing a property, whether you’re new to the scene or just want a refresher.

What does it mean to self-manage a rental property?

Self‑managing a rental property means you take on the responsibilities typically handled by a property manager. This includes:

• advertising the rental property
• finding and screening tenants
• preparing lease agreements
• collecting rent
• organising repairs and maintenance
• managing compliance, and
• resolving disputes.

Can I manage my own rental property in Australia?

Yes, in Australia you can legally manage your rental property.

However, it’s important to understand what’s required and to comply with your state or territory’s tenancy laws. To know if self‑management is the right choice for you, consider if you:

• have the time to manage tenant communication
• are comfortable with administration and record‑keeping
• understand (or are willing to learn and keep on top of) tenancy laws, or
• prefer a hands‑on approach to property investment.

If you’re someone who’s often short on time, or if you would be managing your property remotely, using a property manager may be a better option.

Getting started with self-managing your rental property

If you decide to be the manager of your own property, the process usually comes down to a few key steps.

• Start by preparing the property to ensure it meets all safety and compliance requirements and complete a detailed condition report.
• Next, set a fair rental price, advertise the property and screen applicants carefully.
• Once you’ve chosen a tenant, use the correct lease agreement for your state or territory. Don’t forget to give a copy to your tenant.
• When the lease starts, collect rent consistently and stay on top of repairs and routine inspections. Provide rent receipts and respond to issues promptly.
• If issues arise, such as rent arrears or disputes, make sure you follow the correct notice periods and legal processes.
• Keep clear records of all communication with your tenant, rental payments, inspection notes, and any repair or maintenance invoices. Good documentation helps support smooth tenancies and can be essential if issues occur.

Pros and cons of self-managing a rental property

Benefits of self‑managing a rental property

• Lower management costs – no ongoing property management fees.
• Direct communication with tenants – faster issue resolution.
• Greater control – you make all decisions about tenant liaising and maintenance.

Disadvantages of managing your own rental property

• Time‑intensive – requires availability during business hours. You might also have to attend to issues outside of business hours
•  Staying up to date – not being up to date with tenancy laws may lead to disputes or fines.
• Emotional involvement – managing rent arrears or disputes can be stressful.

Is self‑managing a rental property right for me?

Self‑managing a rental property can be a cost‑effective and rewarding option, but it requires:

• organisation, and
• a solid understanding of your responsibilities as a landlord.

If you’re confident managing compliance, tenants and maintenance, self‑management may be a practical way to stay in control of your investment.

Do I need landlord insurance when I self‑manage my property?

When you manage your own rental property, you’re often the first to deal with issues like tenant disputes, damage, or unexpected legal situations.

Landlord insurance may help cover you against:

• Loss of rent due to tenant default – for example, if a tenant unexpectedly stops paying rent and you need financial support while resolving the issue.
• Tenant‑related damage – such as malicious acts and vandalism by tenants or their guests.
• Legal liability – for situations like a visitor or tenant injures themselves on your property due to something like a loose step or faulty handrail, if you’re legally responsible.

Explore GIO Landlord Insurance

Cover your rental property with GIO Landlord Insurance

Covering your property is just as important as managing it well. GIO Landlord Insurance can help cover your property for things like:

• loss and damage caused by events like flood, storm and fire, including bushfire
• theft, vandalism and malicious damage by tenants or guests, and
• up to $20 million in legal liability for injury or property damage to third parties.

To learn about all exclusions, limitations and conditions in our policies, read the Product Disclosure Agreement (PDS).

Get a quote for GIO Landlord Insurance

Read more:

• How you can reduce the risk of a home insurance claim being declined
• How to deal with a gas leak
• How to detect, prevent and fix water leaks in your home

Insurance issued by AAI Limited ABN 48 005 297 807 trading as GIO. Consider the Product Disclosure Statement before buying this insurance. The Target Market Determination is also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.

The information is intended to be of general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon the information. Please make your own enquiries.