I have a relatively new apartment in Brisbane and the forecast over-supply is quite a worry. My resident PM maintains a zero percent vacancy rate in his building, while the neighbourhood vacancy rate hovers around 6%. The building is new, so for how long this great record will last I do not know. My question is, are those who invest in new property developments generally better off engaging the services of a resident PM, as opposed to a PM through a local agency?
James whereabouts is the apartment situated ?
If you own a single unit in Brissie (I own 2 blocks for this very reason) i would always use the resident PM.
Likely they have purchased the Management Rights and have a greater incentive to perform.Remember subject to the Property Management Agreement you have signed you can always get out and change in a flash.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard, thanks for your response. My unit is in Bowen Hills. With such low vacancy rates within the building, it makes no sense to change my property manager. However, I have noticed an increase recently in websites offering DIY property management. Do you see these a threat to the resident-PM business model, or does the prospect of vacancy deter most landlords from pursuing the DIY method?
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