Hi everyone,
Just thought I'd get some ideas on how different people decide to manage their multiple properties.
I currently have 2 properties in Sydney. One I self manage, the other is managed by a CBD management company. The property being managed is close to the Sydney CBD where there are few major 'mainstream' agents. I am looking to get an agent for the property I self manage due to the 'dream tenants' leaving and other tenants moving in.
I am looking to get a third property in the near future and many more in the medium term.
Do you get one management company to manage all your properties within the same city, or do you choose to use 'local' agents to manage your properties within their area.
The pros and cons I see are:
CBD Firms:
– All properties managed by one company – PRO
– One property manager to deal with – PRO
– Not as much local knowledge – CON
– Companies names sometimes not as well known to renters – CONLocal Agents:
– Local knowledge – PRO
– Company names well known to renters – PRO
– Having to deal with multiple agents for multiple properties – CONI would really like to hear how you guys out there choose to manage your numerous properties.
Thanks,
Simon.
Local knowledge is one thing however there is something called the net nowadays. Most tenants find properties this way, so location for the agent is no longer an issue – it is the signboard & Domain.
Using a single agency gives you a little discount on your management fees as well as simplicity in recieving one statement for all properties. You may still deal with a few property managers as they may have several managers dealing with different physical locations (ie not separated by clients).
You have two choices as to how you will manage the tenancy agreement. You may choose to manage the agreement yourself, or enlist the services of a local managing agent.
I also have two investment properties and use separate property managers for both. They do a great job and I buy them a gift every Xmas or if a new tennant is found. They save me time more importantly and I'd shop around tomorrow if they performed poorly. I view them as, in a sense, part of the 'business' if that makes sense.
Cheers,
Gats!
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