Roomies..[
]Since its getting harder to find +ve cash flow properties, would it be worth looking at property managers first !. [?]
See todays tip.
Being a rental manager must be about the most thankless job in the world. You’d be constantly abused by tenants and hassled by pesky landlords too.So if you find a good rental manager then make sure that you provide positive feedback and affirmation about the quality of service that you’re receiving.
In fact a good rental manager will be a key player in your advisory team. S/he will ideally call you before a problem gets to crisis point.
It’s an excellent idea is to educate your property manager about the sort of properties you want to buy because s/he often hears about opportunities well before they hit the market. Don’t forget to oil the wheels of progress by offering some kind of incentive, which is just another way of creating a win-win outcome.
If you get a PM now, explain you will hire their services as you accumulate properties. At the same time asking him to inform you of bargains before they reach the general public. [
]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Sounds like a plan! I am currently trying to build a NZ property managers list so people have a central place to look. Does anyone have any good property managers they would like to share with everyone?
Best Regards
marc
[email protected]Hi Arty,
I know a an investor who has his own personal property manager. This lady used to be his PA when he was working as an accountant(!), now he’s a full time investor.
She takes care of all his rentals for him, has open for inspections for rentals(!) and takes really good care of all the maintenance thats required.
Ah, one day I might have my own personal property manager……
Sue [
]Be careful not step on the flowers when you’re looking at the stars
How do you find a good PM ?
I gathering an estate agent is not a good idea, as they are looking after many many rental properties for many people, so to them if they cant fill your property they will fill another one on their list.
So i guess a private/contractor PM is best bet to ensure they have a common interest in the rental returns you may make from your property.
Does anyone have good ways to find a PM that will work for you ?
Web searches/yellow pages etc.It would be worth getting chummy with a PM now, to spot bargains.[
]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Hi Arty2003,
I have spent the last 3 hours searching the net trying to find forums, newsgroups and web sites any recommendations of PM’s in NZ – I could not find one ! I am very glad I have boardband!
I want to create a NZ wide list for PM’s – PM’s that have been recommended by forum members. I will be adding our Wellington PM to the list today…
Help!
Best Regards
marc
[email protected]Zanis1 im in Victoria..
I worried that I will pull one out of the yellow pages and find out that ive been ripped off, ie with their rates or service.
Does anyone know the rates for PMs ?.. ie 2% and they do repairs, find tenants ?
[]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Hi Guys
One of my PMs charges 8% + GST. Finds tenants, can have repairs up to $200 done without asking me.
Other PM charges 10% + GST. Finds tenants etc.
This one is rather expensive. However you can get a lower rate if they manage more than one property for you.
All the PMs in this town have the same charge rate.Regards
I was speaking with a PM yesterday from LJ Hooker who quoted me 6% of rent plus first weeks rent as a letting fee. They then have authority to spend up to $150 on repairs with out prior approval.
It’s always worth while trying to negotiate with them particularly if you’ll be providing them with ongoing business.
BB
Muppet and Betty, [
]Thanks for that, I didnt know that they got such a high percent. Would this come out of the “maintenace budget” calculated when you first see if the deal is worth proceeding with. [?]
Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)
Muppet and Betty, []Thanks for that, I didnt know that they got such a high percent.
Spare a thought for landlords in the UK. Pommie property managers charge 12.5%-15%[
]However it must be said that gross yields are generally higher there.
WAyne
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]The topic ‘Todays Tip – PMs’ is closed to new replies.
