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TayloredProperty
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@tayloredproperty
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November 7, 2011 - 12:08 pm
Carlin,
Which state are you in?
TayloredProperty
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November 7, 2011 - 12:06 pm
Terri Scheer are without a doubt the most comprehensive policy I have ever come across. Its $265 per year per property, and there is multi property discount so it goes down a bit too. They just pay out in more cases than bank related products.
If you are privately managing, the best one I have seen was through SGIC, but of course have not made a claim or anything like that with them, but it looked to be a much more comprehensive policy for private management.
TayloredProperty
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November 7, 2011 - 12:01 pm
oh and FYI, you can get out of any contract in SA with either 60 or 90 days written notice depending on the type of contract used, in most cases you can get out earlier by speaking with the principal of the business. Hope that helps!
TayloredProperty
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Post Count: 14
November 7, 2011 - 12:00 pm
Hi David4000,
I wasnt even aware Debbie was doing this, but I would recommend her too.
I started a post myself about this exact problem a few weeks ago, and was overwhelmed with the response, check it out here: https://www.propertyinvesting.com/forums/property-investing/general-property/4338597
I am based in Glenelg, but have 2 properties out that side of town, and looking to get more, so feel free to shop me too! my website has plenty of information on it if you want to browse… hahaha tayloredproperty dot com dot au
The right property manager makes it enjoyable having investment properties. The wrong one makes it a nightmare!
TayloredProperty
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Join Date: 2005
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November 7, 2011 - 11:49 am
OHMYGOODNESS!!!!
I am just overwhelmed by all of these comments, thank you so much everyone for putting in such great responses, this is such a big help to my business, and it certainly seems as if a common thread is developing here…
I am also pleased, as it seems that the things that have annoyed you, I already have systems in place in my business to overcome these, so we must be doing something right!
To answer one of the questions about how many properties should one person be responsible for? Well average across Australia, would probably be somewhere between 100-200.
200 is WAY too many, and 100 is just enough. Even at 100 this is the absolute most I consider to be doable, but it has to be in a business that has good systems and processes. If the business is not functioning well as a whole, then 100 can quite easily be too many.
They have to have support of a receptionist too, just to help field calls, as tenant enquiry can quickly overload an already stressed manager.
Unfortunately the problem is that 90% of property managers out there are overworked and extremely underpaid. I dont blame them for doing a bad job, it really isnt their fault. Its their bosses that need to realize they are making a huge mistake, but I wont be telling them that! The worse they are, more business for me!
Also, I started the property management business as a specialist company, as I firmly believe you cannot do both well. A real estate sales business is extremely different to a property management business.
So for you investors out there, I have some tips for you!
1. Stick with specialists, less chance youll get forgotten as there is no hungry principals chasing commission cheques, and forgetting about your property
2. Cheaper is never better. Good value yes, but cheapest will always end up costing you more… Its your biggest asset!
3. Most important rule, find someone who does what they say they will. One who doesnt over promise and under deliver, less chance of you having to 'manage' your property manager if they do what they promise.
If you ever have any questions about property management, feel free to ask away, so I can begin to pay forward all this lovely help youve all given me! Thank you so much everyone, you have no idea how fabulous this is!
Remember, it is far better to aim high and fail than to aim low and achieve!
TayloredProperty
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Join Date: 2005
Post Count: 14
October 17, 2011 - 2:18 am
You cant guess what the market will do. You can only find a way to make money in the current market, and any capital growth you get is just a cushy bonus (re your idea of holding it long enough)
I am a big proponent of just getting into the market, but research how you can make money in this marketplace, and dont dwell too much on what will happen in the future, you cant control that, you can only control today.
Good luck
TayloredProperty
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October 16, 2011 - 2:11 pm
Meg,
Even though it is now a moot point, you had it right, it is definitely the responsibility of the tenants to have contents. I think it could differ from state to state, but in SA, we have it in our leases that we advise tenants to get contents insurance.
Shame on your property manager for getting that one quite so wrong…
Good luck!
TayloredProperty
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Post Count: 14
October 16, 2011 - 2:08 pm
Just remember you get what you pay for!
I know I am biased a bit, but having been on the other end of it too, going for the cheapest property management fees was a painful lesson to learn…
The most important skill you need to look for, is a PM who does what they say they will. If their voicemail says they will get back to you by the end of the day, and your call isnt returned until the next day? Or if their websites say customer service is their focus, and when you call the office, you get a rude receptionist? Test them out before even meeting them. A good PM will find these simple things easy to do, usually its the simplest things that are the hardest.
Good luck!
TayloredProperty
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October 16, 2011 - 2:03 pm
Hi Johk,
Just to put more bad news into your costs, property management is a little bit more expensive than just the 8%. I am not sure which state you are in, but in SA, there are varying other costs on top of the 8%, the main one being the letting fee, which is charged at the beginning of the tenancy, and can be quite painful.
There are solutions around this of course, look for an agency that can offer an all-inclusive fee, no hidden charges, with it all rolled into the one monthly fee, that way you can budget confidently, always knowing what is coming up, and what you need to top up. This is more expensive than 8%, but works out the same, just spreads the cost over the year, and avoids the initial hit at the start.
Good on you for researching it so thoroughly. Property investing can be fun, but harsh if you dont research!
TayloredProperty
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Post Count: 14
October 16, 2011 - 1:57 pm
If you make it clear how powerful word of mouth can be, I am sure they can be persuaded to let you out earlier, if you speak with the principal of the agency, not the property manager.
I know that I don't care if my clients have a 2 year agreement with me, first of all I want to know if I can fix the problem, if not, I would much rather let them walk yesterday, than have them locked and signed up with me, telling their friends and family, and damaging my brand.
Good for you in deciding to select a new manager though, the right one can make you forget you even own an investment property!
TayloredProperty
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May 4, 2011 - 1:45 pm
oops im sorry i forgot to say how much…
I think we'd be happy to let these go for $199 for the pair, will get you 50% off the current price! Msg me if you have an offer!
TayloredProperty
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May 4, 2011 - 1:44 pm
I have two cheap tickets if anyone wants them? I purchased these last year for $298, but holiday plans have intervened, so we cant make it. Emy from PI has said they are definitely transferable.
The conference in Melb last year was amazing, but I'm pretty sure Skydiving all weekend in Cairns will be more fun!
Perhaps not so good for the future plans though… hahahaha