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  • Profile photo of TSAUTSAU
    Member
    @tsau
    Join Date: 2010
    Post Count: 2
    October 30, 2010 - 11:42 pm

    Hi
    thecrest- I completely agree, you must be one of the few great property managers because you are willing to share your knowledge on the topic rather than pretending its some big complex mystery! And yeah, our property attracts tenants who are reasonably secure and have tidy car interiors! (which is something I would have never though about until you mentioned it). I also agree that in some circumstances getting a professional PM to select tenants and/or clean up if a tenancy goes bad would also be a justifiable idea.

    However, with some research and given the right property people can easily manage the investment themselves saving money and helping to not support the majority of property managers who are basically useless.

    Profile photo of TSAUTSAU
    Member
    @tsau
    Join Date: 2010
    Post Count: 2
    October 29, 2010 - 10:56 pm

    Hi All,

    I have been reading on here for some months and have finally decided to post and hopefully help at least one person!

    I really don’t understand why so many people use property managers… If the property is in reasonable condition, the suburb is ok, and the target tenants are going to be someone such as professionals or a family it seems that the odds are stacked against getting into trouble. Managers seem to cost money for no return, especially when the property is in the same city as you POPR. Most people who get to the point where an IP is within their opportunities are going to be a decent judge of character also.

    We just purchased our first IP and immediately asked the property manager for a full history of the tenant, on receiving that we gave the manager 7 days notice (as we had no contract with them I thought even 7 days was generous), called the tenant to let them know that we were the new owners and self-managing, we dropped around for a cup of tea and to discuss if they would like us to do anything to the property for them (to establish the relationship), got ALL THE FORMS from Consumer Affairs, dropped over to sign them up and replace some smoke detector batteries and away it all went.

    I had no knowledge of renting property going into this. I spent one day during winter reading forums, each states consumer affairs site, studied up the landlords rights and tenants rights here in VIC, made a spreadsheet and chatted to a few people from work. All up, including the meetings with the tenants maybe 20 hours. In a year I save $2000 in management fees, that means my income from this part time ‘job’ was $100 per hour plus I know more about my investment which equals less risk.

    So I believe have a go yourselves! If I was maybe the CEO of a publicly listed company then yeah, I would be busy and use managers (haha, probably to manage my offshore bank accounts though) but I’m not. I work 40 – 60 hours a week so why not spend some time to better control the investment myself.

    Remember, if you get the right tenants then they want to stay there as much as you want them to!

    Also remember, real estate agents aren’t that smart, they’re real estate agents not astrophysicists so you can probably do it better yourself !!!

    … or maybe I’m just nieve … we will see :)

    Cheers

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