Hi Investors,
Just wondering anyone would like to share their experience with agents who manage their properties.
What the pros and cons with manage your own investment properties?
I employ someone personally to manage all of my Qld properties as i have never found a property managing agent gives them the same care and respect and the reporting i require.
Inter state properties are difference and i use a property manager.
Sure like everything there are good PM's in and around Brisbane i just haven't found anyone i trust enough.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
My wife manages most of ours and does a good job. She's proactive, personable and has a good understanding of tenancy laws.
She only does it due to the hassle we had with previous PMs not doing a very good job.
Self managing is doable – but you need to treat it like a business. Otherwise, you're better off using a good PM (they can just be hard to find).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Employ someone personally is a great idea! Do you pay an hourly rate?
The rental commission paid to agents is so small that they can't afford to allocate the time necessary to each property, or to problems before they occur. Search for a personal recommendation for an agent or be prepared to do it yourself. Make sure you have tenant's insurance.
Ive done the management my self before and it can be worthwhile financially but it can take up your time. If youve got plenty of free time id recommend it if not id say just say property manager but do interviews to try and locate a good one. Don’t want to sound rude but if you find a bitchy property manager they probably aren’t going to put up with a crappy tenants nonsense which is what you want
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
It would depend on how many properties you had. I managed 3 for a year & hated it, never again. Maybe if you manage only one and you live nearby it might work.
Something to be aware of is that your insurer mighty charge you a higher premium if you are self-managing.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Quite happy to pay for a professional property manager. The key is finding one which can provide value to your investment portfolio, being proactive with maintenance and tenant requests, applying consistant pressure on rents as warranted. They are the gate keepers to your most value assets after all.
If you had the time and inclination self managing may be worth it, but I personally believe that I like to invest, not buy myself a lot of jobs.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
I recently had a tenant complain to my property manager that the lounge room light was too bright. Hopefully your tenants are more civilised than mine
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Dim tenants?
The Dark Knight wrote:I recently had a tenant complain to my property manager that the lounge room light was too bright. Hopefully your tenants are more civilised than mineAhhh geeze. They sound like a handful!
Post them out a light bulb.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Not the brightest bunch but they do pay on time
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
We have had a few different real estates manage a few of our properties, I only found one that gave it 110% like it was his own but he has since moved agents and I have not been impressed by his replacement……I will probably follow him to his new agent. I find if you keep in touch with them and they realise you care about your business it helps.
Agree Mandy so often the management is as good as the person doing it and when they move on the service levels drop.
I gave up 9 years looking for a number of property managers around Brisbane to manage my portfolio and ended up hiring a lady full time.
Sure I know I could do it for half the price that what I pay her but the peace of mind is well worth it and all the little extras she does makes a massive difference to me and my workload.
Wow betide any of my tenants who misbehave or even worse get a day behind on their rent.
She has teeth that makes those on my pet boxer look quite blunt.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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