Hi all just about to settle on an IP in Footscray melbourne we have given ourselves 3-4 weeks to do a quick make over then rent it out. I have never owned an IP so would greatly appreciate any advice on dealing with agents and the traps you can fall into when signing up with a property manager. I havent contacted any agents yet but feel it is probably wise to use a local agent as most people looking to rent look at the agents in immediate area.
Any other tips on how to pick a good manager from a bad one would be awesome or even a referal to someone you know.Thanks in advance guys
no one with advice out there, common guys i'm sure you all have a learning experience in dealing with a prop manager to share with everyone that just might save us all some heartache..
Hi James
One thing to check is the amount of notice needed to terminate the agreement. Most agents try for 90 days, which is 3 months too long if there are problems. I would suggest no more than 30 days, that should give them time to sort any issues out.
I would suggest going with someone local, but the main avenue these days is the internet. Check that they advertise rentals with http://www.realestate.com, the biggest of the real estate sites. If not, find someone else who does.
Someone nearby is better able to keep a general eye on things.
Marg
Hello James
I've always used Nelson Alexandra for properties in the inner north of Melbourne. I have been happy with their service and have never had any problems with any of my tenants….. or they with me
http://www.nelsonalexander.com.au/Hope this helps
ElkaThanks to both Elka and Marg for your replies good point Marg on the 30 days notice.
marg4000 wrote:Hi James
One thing to check is the amount of notice needed to terminate the agreement. Most agents try for 90 days, which is 3 months too long if there are problems. I would suggest no more than 30 days, that should give them time to sort any issues out.
I would suggest going with someone local, but the main avenue these days is the internet. Check that they advertise rentals with http://www.realestate.com, the biggest of the real estate sites. If not, find someone else who does.
Someone nearby is better able to keep a general eye on things.
Marg
hey marg,
sorry for asking you this but when you said "One thing to check is the amount of notice needed to terminate the agreement.", did you mean the agreement with the Tenants or the Property managers?
thanks once again
Pretty sure property managers Trance
I have only one IP and the property manager i use is great, When i was looking into different companies i was overseas and many of them didn't even bother to answer my email enquiry. many of the ones which did just passed on their phone number and said to call them during business hours. Which was a bit hard to do in the middle east. As i like to do alot by email as i can do it outside of normal hours having a manager who was willing to get and retain clients through email was important. Maybe try canvassing the agents via email and seeing what the response is like, my opinion is that if they can check and reply to an email request in which you have given te details of the property then when you do contact them by phone they can already know what sort of tenants you want and give you informed answers. My IP has been rented nonstop for over a year with tenants bidding for the right to live there. I have had no costs for advertising as the real estate agent has a good steady supply of tenants.
Damo
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