Thanks redwing,
it was in the Ray White colour section.

You mentioned Landsdale, which got me interested as that is where I live. Blocks here have almost doubled in the last 4 years.

Jsandso

Hi Marisa,
Yes we are managing our IP’s our self and in my opinion it’s ok to do when you live not to far away and have not more than 2-3 IP’s to look after.

We used to use a small RE Agency to setup tenants for us. They where screening the applicants, done all the paperwork and condition report. After the tenants moved in we took over and managed it our self. The tenants are paying with direct debit or money order.

We had a bit of a bad experience with our ex PM.

The last tenant wanted to break the lease and moved out 6 weeks before the lease was up. We rang the PM and ask her to find a replacement tenant. The previous tenant agreed to pay for advertising. She advertised for 6 weeks and always told us that she did not even get one phone call. We did not care to much as the ex tenant were still paying the rent. But towards the end of this 6 weeks we started to get worried and ask why she can’t find a tenant.

She had all sorts of excuses and we decided to put an ad in the paper our self’s and also advertised it on the Internet on various pages. On the day the ad was in the paper we got 5 calls before lunch and a few more over the next couple days.

We believe that she was just lying to us and gave these properties preferences which she was fully managing and not only setting up a tenant. We think that they were just using the ex tenants money to print there Agency name in bold red letters in the paper.

Since then we do it all our self as we live only 30min away from our IP’s. It is time consuming when you are in the process of finding new tenants. But once the tenants moved in there is not to much to do.

Haven’t had any real dramas yet only a few phone calls about a blocked drain or a leaking toilet or a tenant who knocked on my door at 9.00pm because he locked him self out and did not have our number.

I don’t mind this little disturbances, specially when I think of the $1200-$1500 per IP a year I save on management fees.

I believe that a PM does not care to much what kind of tenant he puts in your place. The sooner he has got a tenant the sooner he gets the letting fee. If the tenant is bad he gets kicked out and he can put a new tenant in and again he gets his letting fee. If the tenant is good then he still makes $25 per week just for collecting the rent.

Someone just told me that he had a bad experience with a tenant from hell, all windows but 2 were smashed, kitchen trashed, doors needed to be replaced. Just because the PM missed that the tenant was just released from prison.

I prefer to meet the potential tenants in person, have a little chat with them and then I’ll let my gut feeling decide. I had tenants with written references and recommendations from previous private landlords and a PM. But this family was totally broke and could not get the money together for the bond and 2 weeks rent up front.

If you got spare time to find a tenant, to do all the paperwork, to do a prop. condition report and don’t mind a phone call once in a while from your tenant, then I think you are better of to manage it your self.

If you should decide to manage your self, then I would get the “Landlord’s Handbook” it contains helpful info and most standard forms (samples only). You may get a copy from a newsagent or a bookshop.

jsandso