Is it worth getting a property Manager if I have someone to rent my house ? I have no experience in the rental market but could say 6.6% ??
Can it be that hard ?Hi mcollins,
I would suggest you get a property manager to look after and report about your property to you. This way you can be hassel free and not have another problem to worry or commit yourself to thinkin every night before you go to bed.
The cost of a property manager is claimable on your tax return, so why not do it for a little piece of mind and one less worry.
cheers
s.i.sAlso gettin a property manager is like employin someone, becareful of the cheaper property managers unless you have a good deal or service that you both provide for one another.
hi mcollins
If you have someone already i wouldnt get an agent. I property manage my own property and started with no experience. agents just cost money and dont do anything for it. As for knowledge they are not that knowledge at all. After a year dont it myself i have had no problems. My wife however has a property manager and has had many issues. in the long run she has to sort any mess out anyway. Save your money and invest in a couple of good landlords/property management books. this is a must. The only time id consider an agent is if the property was remote or a large distance away from me
good luck
hi mcollinsIf you have someone already i wouldnt get an agent. I property manage my own property and started with no experience. agents just cost money and dont do anything for it. As for knowledge they are not that knowledge at all.
It’s interesting that many beginning investors think they know how to manage properties yet you will not find professional investors managing their own properties – they know the value of a good team.
You are right that some PM’s don’t know much and don’t earn their fees. But there are some true professionals out there that do earn their fees.
Now for a quick disclaimer – I am married to the best property manager in Melbourne – Pamela Yardney, director of Metropole Property Management (MPM)
As an investor a she has a different mindset to the average PM – she knows what landlords want. Maybe that’s why she gets 5 or so new proeperties brought over each week for management from other agents.
I’m not saying this to blow my own trumpet – but many investors must think MPM adds value.
A great example is that of the leases signed for clients in the last 2 weeks one was for 5 years , one for 3 years and one for 2 years. Our landlords were thrilled with the extra security this gave them.mcollins – if you have no experience in this field use a professional PM. The problem is how do you find a good one.
Click this link to find 12 probing questions to ask a PM and for a report on the type of services you should expect from a good PM
http://www.metropole.com.au/reports/bonus_report2.htm
Good luckMichael Yardney
Metropole Properties
http://www.metropole.com.auMichael has some good points, but if I was a beginner investor with a bit of time, and only one property, I would definitely look at having a go myself. It is one of the best ways to learn what is actually involved in managing a property, and you have a better understanding when you do hand over your properties to a PM.
Of course, if you majorly stuff it, you could be in strife.[
]Cheers
Melmcollins,
one of my properties was a leaseback by the vendors. Sounds perfect solution. No need to worry about scratched paint as the sellers move out and new tennants move in. No leasing fee. No vacancy rate. Every landlords dream.My nightmare. They signed a 6 month lease. They stayed about 10 weeks. Stopped paying rent. Vacated the property. Left a full skip bin on the property. The owners of the bin tipped the contents upside down in my driveway as the tennants had not paid for the bin removal and couldn’t be located. Tennants filled the recycle bin with non-recyclable garbage which the garbos refused to take. The place stunk of urine – not sure whether it was the dog or the kids. The place was filthy. The garden was dying. etc etc.
Thankfully I had income protection insurance and a property manager. The property manager took it to court (uncontested.) And the insurance company paid up. Would I be bothered being my own property manager? No. Was this IP miles away? About 5km and I almost went past it each day on my way to work.
Your choice!
Fibejebe.
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