Just wondering if anyone self manages their properties and if so how do you go about it?(heard you need forms or something) or if there is a website for NSW. Also before anyone starts ive all heard the horror stories but the current tenant has being in there for years n there has never being an issue. Besides if i self manage it it'll be cash flow positive
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Hi Tony,
Self managing is not difficult (when things are going right). You'll need to get up to speed with the tenancy laws in your state. The form you're refering to is a tenancy agreement.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
One thing I should have added is that if you decide to self-manage, make sure the landlord policy you have in place will allow you to do so (some will only cover properties that are being professionally managed).
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Tony, plenty of pros and cons on self managing.
Just a few thoughts. If you self manage then you will have to be very comfortable in increasing the rent when appropriate and be ready to be challenged by the tenant. ( and they will, especially experienced tenants)
Do you have the time or want to attend a rental tribunal when a tenant challenges a rise or other issue?
How will you know what market value is for your area?
Will you mind that the tenant can contact you 24/7. For any issue they see relevant.
Do have time to organise tradesman when required?
Management fees are tax deductible.
You probably wont have access to the Tenants database that property managers do. How will you screen prospective tenants?Its all possible but I've had enough hassles with tenants / storm damage to property and other time consuming stuff to realise its not for me. So best of luck whatever you decide.
Touche. I couldn't be bothered doing that. I'll just have to haggle on the managment fees i feel. Thanks for the advice
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Don't do it!!! It makes thing too familiar.
Is a pill if things go pear shaped and you don't live close by – you have to attend tribunal hearings in the location of the rental property
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