i would like to manage my ip,s but i am unshore of how to organize rent payments,lease agreements and bond payments.Could someone explain the process of setting these things up.
noelsy
Hi,
A quick search of the internet showed me a lot of links to free lease agreement templates. Regarding bonds, you contact the relevent Rental Bond authority in your state, their internet address may also have pertinent information. But most importantly, learn the rules and regulations – or pay a professional to do so for you. It would be a false economy to save 5% in letting fees only to find you missed an important clause that cost you thousands….good luck!
Originally posted by noelsy:i would like to manage my ip,s but i am unshore of how to organize rent payments,lease agreements and bond payments.Could someone explain the process of setting these things up.
noelsy
Noelsy
I’m not meaning to be rude or condesending, but the nature of your question suggests that you should not be manageing your own property.
Again I’m not trying to be smart – I am trying to be helpful. – You don’t know what you don’t know.
Part of my group of companies is one of Melbourne’s leading property management companies (www.rentingmelbourne.com.au) and I regularly see property managers who have had 2 or 3 years experience ask Pam, my wife and the director of that company,for help or advice over matters that occur daily.
Look for a good property and don’t be afraid to pay them 6-7% management fees . It’s tax deductible and a good property manager will add value to your property.
How do you find a good property manager. That’s not easy but have a look at this report. I hope it helps.
http://www.rentingmelbourne.com.au/html/s02_article/article_view.asp?art_id=109
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.auHi Noelsy,
If you are determined to do it yourself and not sure about how it all works, I would suggest doing a Real Estate Agent’s Rep Course, or similar, which includes basic training on Property Management – this includes info on all the standard forms (and how to fill them out!) and the legislative/ legal implications of managing a property. These courses are offered at a lot of TAFE colleges and at the Real Estate Institute in Camberwell (VIC). I did the one at Camberwell as part of my professional development, and would highly recommend it. From memory, I think it costs about $650. See http://www.reiv.com.au for more info.
Having said all that, I wouldn’t manage my own IP simply because I don’t believe it’s the best use of my time, as I aspire to be a professional investor, and while building up/ developing my investments, I don’t want to be organising tradies to fix the hot water services, etc. I think whether you choose to manage your own IP depends on your goals. If you’re thinking managing your own IPs might save you $, you could be right, but it might cost you in other ways.
Good luck with whatever course of action you choose, but don’t be afraid if you want to manage your own IP – it’s not rocket science [wink]
Leila
In regards to “a good property manager will add value to your property” – I’ve had four highly qualified property managers over the last 7 years and NEVER did one offer advice to add value to my properties…
I actually find property managers in real estate agentencies tend to be juniors who want to be realestate agents one day.
So I recon if you sit at home all day and have nothing better to do, then by all means manage your own property.
michael yardney, I’m not meaning to be rude or condesending, but the nature of your question suggests that you should not be manageing your own property.I must thankyou so much for your post, it was so helpfull,the bad name you pm,s have is earned not given thanks MATE.
noelsy[biggrin]
Originally posted by beacher:In regards to “a good property manager will add value to your property” – I’ve had four highly qualified property managers over the last 7 years and NEVER did one offer advice to add value to my properties…
I actually find property managers in real estate agentencies tend to be juniors who want to be realestate agents one day.
So I recon if you sit at home all day and have nothing better to do, then by all means manage your own property.
I agree with you, but I still stick to my comment that a good PM will add value.
Now I am biased because we own a property management company (www.rentingmelbourne.com.au) I am not an agent but Pam my wife is and runs the company with a team of 6 others. While our company is a licensed estate agency it does sell property. It only lease and manage them.
All property managers are experienced, and come from a real estate family background or have investments so they know how investors think.
It does make a difference.
But we are not the only ones. There are some great property managers out there.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.au
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