Hi everyone
Any ideas out there on how to get reasonable service from Property Managers? Recently had to get rid of mine as the service was appalling – wouldnt return phone calls, had no idea about what was going on with the property and it became a game as to what day/how much rental payment would go in every month (wasnt due to tenant – they paid on time every month). Am tempted to self-manage but have heard too many horror stories…After 2 years got totally fed up and am now on the lookout for a decent one – surely not too much to ask??!! Any ideas?
Interview a couple of PM in the area. Look for someone who has been in the industry for a number of years and has plenty of experience. ask them to provide contacts eg. current landlords that you can speak to and ask questions about their experience with this PM and maybe others in the area. look for someone who is an REI Member and accredited PM. a good PM should be able to provide certificates of training that they have done (this will show some commitment by the PM). If you let me know what area you are in i may be able to reccomend a couple of PM’s for you to speak to. If you are in VIC there is no exclusive period for managment of a property so if you are not happy you are free to take the property eslware. You may also want to put your issues in writing to the director of the company as they may not be aware that the PM is not doing their job properly and to your satisfaction.
Bottom line you need to be comfortable with the person you choose, confident that they will keep you informed of the good and the bad and have the experience and knowledge to manage your property.
If i can be of any assistance please let me know.
Good luck[biggrin]
Hi Callander thanks heaps for the advice – the property in question is in the Queanbeyan area (next to Canberra) and PM was with a major agency which is why I was surprised the service was so appalling. Interviewing other landlords is a fantastic idea I never thought of.
The trouble with the property management in some of these smaller towns is they dont have the competition that a major city might have and so bad service tends to be glossed over and its rare you meet someone who is on the ball. I thought I was being a landlord nazi at first but then figured that expecting rental payment every month at the same time was what they were being paid to do so bugger it!
Thanks again[biggrin]
lucylu
We have been dealing with a property manager that sounds just like yours. totally pathetic and useless.
they are over in Busselton WA. if anyone intends to rent out there, PM me and ill tell you who to steer clear off!
we were going to turf the PM, but property is waiting settlement so only a month to go till its all over with(IF the buyers finance does not fall through).
lucylu,
I am in Canberra and I have a friend that is a PM with a large agency and they can’t keep staff and it is no wonder as PM has 1,300 properties to look after herself! She is absolutely exhausted and has just resigned as she is burnt out. Agency doesn’t care they just rack em and stack em at your expense.
No one looking after that many properties can look after your investment like you would. Why don’t you give it a go to do it yourself, I have managed my own when I only had the one property and never had a problem.
Good luck
Jenny1
Hello,
Yes my experience with franchise agents is terrible and I steer clear of them. Interview a number of the small time operators. They are in business to survive and need to fight for every cent.They are gerenally more presonalble and provide a better quality serivce.
Good luck. Sorry dont have IPs in that area!
Mat
Thanks for all the advice everyone – I feel a lot more confident on knowing what to ask for now. Although the idea of self managing sounds enormously appealing; over the weekend was toying with the idea of setting up a website where people with self-managed IP could access advice, leasing forms etc as from speaking to other landlords in my position there seems to be quite a demand out there.
Just also wanted to say this forum is fantastic – is great to mix with like-minded peple so willling to share advice![biggrin]
posted by Jenny1
‘they just Rack em and stack em” ha ha I havent heard this said about Propertysand PMs before but it makes sense!
ha ha classic.
Im sure it would be tough tryin to look after 1300 propertys yr self!Definately consider managing it yrself !!!
I do this currently with property that is 1300kms away from me and it works a treat.You have to get the right tenant in of course.We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
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