Back to group

Creating Wealth Through Property Investment (GROUP)

Are your Investment Property's managed by an agent?...

Share By Kim Wilson | August 16, 2011 at 05:22 PM

As a Director of a Rental Department I would be delighted to hear any feedback from business chicks about properties that are under management with agents. As a landlord what are positives and negative experiences you have received? Thanks in advance. x K

comments

Comments (7) | Add a comment

1.
Emma Isaacs
By Emma Isaacs NSW | August 16, 2011 at 09:18 PM

Yep, they are! Every one of them. I wouldn't even think of managing a property - leave it to the experts I say!
I've had nothing but positive experiences with my property managers - I think it's about being fair and reasonable on both sides and I trust them to advise me and look after me and my tenants.
I take my hat off to all property managers - I can't imagine it's an easy job at times.
Emma Reply

2.
Laura Nel
By Laura Nel WA | August 17, 2011 at 12:03 PM

We have had 2 properties under management in the past and I would have to agree with Emma, leave it to the experts.
You have all the tools to act efficiently if any problems arrise and do it in a very professional mannor. The whole process from choosing the tenant to collecting bond, rent and doing the inspections is important but much easier for a Property Manager because they are the third party. It takes the personal factor out and creates a pure business transaction which as a landlord I prefer. I have never had a bad experience with a Property Manager.
Laura Reply

3.
Maria P M
By Maria P M VIC | August 18, 2011 at 04:17 PM

I've thought of managing the Property myself, however Agents have access to a whole database of experts in the field if you need a maintenance problem (for example had issues with my water heater... long story carpets were soaked and there are blowers you can get to dry the carpet out - never knew that one if I was managing myself). They have the expertise and I trust what they are doing on my behalf. Though previous to the agent I currently have, I practically managed the property myself although I was paying them to do it... It wasn't good at all. I just think that the PM was managing too many properties and there were plenty of mistakes where money was incorrectly deposited into an account. Very messy - was not happy. When I selected my next agent, I looked for a professional, established, well experienced property managers who knew the market well, not just someone who offers a slashed maintenance fee. Hope that helps. Reply

4.
Julie Crockett
By Julie Crockett NSW | August 18, 2011 at 04:44 PM

I have all of my investment properties managed professionally except one. The property I self manage is in the Pilbara and I have a signed lease with a large company for that one.
If there are any maintenance issues with the property I am contacted by the company and they have access to local maintenance people who fix any problems. This way I'm not paying 8.8% management fees. There have been no problems with this arrangement.
I usually recommend having investment properties professionally managed but you need to screen PMs well so that the property is regularly checked.
I've had one horror story (property in S.A.) when the first lot of tenants took off one night owing six weeks rent and the next lot of tenants trashed the house which was 18 months old at the time. I had to replace all the window coverings and repaint the house. I sacked the property manager and have since found a very good property manager. It wasn't all bad as I had Landlord insurance.
It's imperative to have good communication with your Property managers.
Julie Reply

5.
Barbara Kowenzowski
By Barbara Kowenzowski VIC | August 18, 2011 at 06:39 PM

Look for a senior who has experience in the industry. No offence to property managers reading but l find the juniors managing rent roles in agencies get overwhelmed, underpaid and are transient.

My properties are managed by a variety of senior people who play an integral role within their Real Estate agency.
Cheers Barbara
ps Don't forget, property makes money for you in the long term and it is a business so a tenancy issue every now & then is part of life. :) Reply

6.
Nicole Prince
By Nicole Prince VIC | October 5, 2011 at 10:46 AM

Hi Kim,
I have managed my own place in Perth - but got too hard from the distance. I currently have three property managers. Two are brilliant. They keep me informed and nothing is a problem. The third makes me wonder why I am not managing it myself. My tennants are late with the rent randomly. The first time it happened I rang them to find out where my payment was for the month and they were not aware that they were late! They do not respond to phone calls, they rented the property for less than what I discussed with them, but I'm stuck in the 12 month exclusive clause ...... just counting down the days to get rid of them. Reply

7.
Jess Parzakonis
By Jess Parzakonis NSW | December 3, 2011 at 08:57 PM

I just found out today that we don't need to pay for water usage on our rental properties, only the sewer and drainage part. I wish our agent told us that years ago! I have recently started managing our latest purchase as it will only be rented for a year. All others are managed by an agent, as I don't have time! Reply

post a comment

Comments (7)

  •