Can I do my own property management on my rental unit?

Question: Anon asks: "A realty business assisted me to find a good tenant for my rental, but I would like to take care of the property management on my own. What are the do's and don'ts?"

Answer: Zani van Wyk, Principal of Property to Link, gives a few pointers and things to look out for:

- A binding contract: It is non-negotiable... The owner and lessee must both sign a rental contract to protect both parties; my advice would be to contact a lawyer to assist with this.

- Inspections: The owner is responsible to do an entry inspection with the tenant.

Make a list of every fault and whether or not you as the owner/landlord will fix these problems.

Both the owner and tenant have to sign the document (this is called a Snag List).

It is also a good idea to take as many photos of every room in the property as possible for future reference. At the end of the lease, an exit inspection has to be done with both parties physically present again.

- Deposit: The owner has to put the tenant's deposit in an interest bearing account. When the rental contract expires, the owner has to pay back the lessee's deposit and the acquired interest earned on the deposit. The lessee may request a bank statement for the period of the lease.

- Notice period: According to the Consumer Protection Act, a tenant may give a month's notice (i.e. 20 working days) to end the rental contract.

- Rent: The owner has to collect the rent himself/herself directly from the tenant (monthly) and issue the tenant with an invoice.