Hi everyone,
My wife and I just purchased an investment property and have just received the agreement from the Real Estate office detailing rules, fees etc.. Using an agent rather than having all the rent makes the difference between a +ve and -ve geared property for us. We have brought the place for the long term and can handle repayments regardless, but am wondering what is involved in handling renting out a plcae yourself. Are you better just using an agent?
Cheers
DannadsDannads,
I notice you are in Qld. Me too(Gold Coast). Aaron & I have 5 I.P.’s, four of which are managed by ourselves.
Seriously, it depends on the property(low maint.etc…) and on the type of tenants.
I can tell you ‘the worst’ horror story about LJ Hooker Southport Property Management dept.
If you do use someone to manage your investment for you just make sure you keep tabs on ‘them’.
Could go on & on – good stories – bad stories.
It’s just whatever suits you best.
Cheers big Ears!!! Susie
(and soon to be kia ora bro!!!)OOOPS!!! Having a blonde day. Only answered half your question.
We find it pretty easy managing them ourselves.
You can download a lease from http://www.rta.qld.gov.au
We have all the rents directly deposited into our account. I ring our tenants once a month, ask how they are & if they need anything (maybe not for everyone but we find they love us for doing this).
“quote” you’re the best landlords we’ve ever had!!Cheers big Ears!!! Suss
Hi SusieL, how do you go with landlord’s insurance? I thought you might need to go through an approved agent before they would insure you. Just curious. Thanks, Jim.
Hi Doogs,
No, not at all. Insurance is insurance no matter who the manager is.Cheers big Ears!!! Suss
Hello Dannads,
After my own experience renting one of my IP’s to “a friend of a friend” i strongly recomend that you use the agent. I was too easy/soft with my new tennent, allowing rent to fall behind because of sad stories (car rego, work not paying etc etc) … and anyone with a heart does start to feel sorry for these people… eventually i had to come down hard, demanded that papers get signned officially (up till then everything was verbal BIG MISTAKE)… finally got my bak rent, then she moved out….
i had to do a TON of chasing, make a TON of phone calls, and vowed to not get myself in the situation again… but i had it good i guess, my IP’s interior was still intact .. could hav been worse…
But then again thats my point of view… an agent hopefully knows the legals involved with management, handles all money, hardly ever bothers you unless there is a problem, and if u hav a good agent, is able to be trusted with future tennent’s…
Hope its helped
Jason.
Hi Dannards,
I do both. I use an agent for units and do it myself on the houses. No major problems either way and only the occassional hiccups both ways. I think it’s more of a case of how much you want to control the situation and if you want to put in the extra effort to receive larger rewards
The more you owe the more you grow[
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