There are other names I could have given this thread such as:
"Fed up with property managers"
"The Redcliffe Peninsula - Deception Bay Investors co-op"
"Stuff 'em, lets do it ourselves"
You get the idea
I am on the 6th agency for property management in 7 years, all previous incompetent to some degree and given the flick. Some of these left me out of pocket, one who was so unbelievably incompetent (I disposed of after 3 months) I ended up lodging a complaint with Fair Trading due to what they cost me and their attitude - and got all $$ back . Don't mess with me
My latest agent, has made some effort greater than previous ones but I still have to chase. I was about to send an email to the agency owner who I dealt with originally, and give him a bit of a serve but just received an email from my PM with a promise to send through what I have been waiting for for over a week. (I am in-between tenants, issues with last tenants bond and what has to be retained/claimed for, finding new tenants etc.)
7 years ago before I bought this IP I was well aware of the advantages of using a PM versus doing it yourself. It seemed to be a no brainer - pay for a PM to look after your IP to avoid all the issues of self management. 7 years on and 6 PM's later in the Redcliffe - Deception Bay area, I have got to the point where I could not do any worse than use a PM. I would be comfortable in taking it on myself - subject to a few issues from living interstate. I spend just as much time managing the manager as it would take just to do it myself - why not eliminate the middle man!! In some cases I have ended up looking after issues myself - quicker. To put it bluntly - it is too time consuming to use a PM!
Now, I can arrange maintenance and repairs if necessary from interstate, and lets face it - most of my PM's have not had reliable trades people (handymen etc) that they can call on. But this is what I am paying for in PM fees! It's a bit like paying NRMA/RACQ membership for breakdown service but they don't have any reliable mechanics to send out if needed, and only searching for someone when they get a call - and a month later you are still waiting on the side of the road. I am usually one step ahead in repairs and maintenance so tradespeople are rarely needed but there are the unexpected issues or issues caused by tenants which are beyond your control.
Inspections - now that is a problem from interstate for self management.
Showing prospective tenants through house after last tenant vacates - another problem.
I don't have anyone I can comfortably ask or rely on to do this who lives in the area, unlike some people on here who do have friends or relo's near their IP.
So, the idea of this thread is to put feelers out for those who have rentals in the area and not happy with their PM, may consider self management to solve the problem but faced with the issues above of not living local.
I am thinking that we may be able to help each other out to an extent - it may not be on as regular basis as we would like if using a PM, but half the time the PM may as well not bothered - so not such a big disadvantage. And I think a better relationship/understanding is possible if dealing direct with tenant.
So a co-op is probably the most suitable term/name for helping each other out.
I am not jumping ship from my current PM at the moment but it may be necessary in the near or distant future and I would not waste time with any more PM's. I am interested in hearing from those who "may" be interested in helping others out in doing inspections, showing houses (it's bit more difficult), recommending tradies etc. (To the best of your ability, no liability - friend helping friend.) I am in the area usually once every 12-18 months, sometime more often when I have been renovating or passing through. I would be happy to do an inspection for someone and have done so, plus drive-by's for friends on and off this forum.
Just a thought at this stage, and this thread will stay alive for as long as I have an IP in the area so don't be afraid to add to it a year or so after last post. By looking outside the box for a solution to a problem we may find an alternative which fits us perfectly - and open to suggestions from anyone who has been in the same situation. Using a PM for limited services such as finding a tenant is one option, but if they are not looking after the whole package there is the potential for them to not care as much in selection and providing their real opinion if they don't have to deal with any problems which result once rented.
"Fed up with property managers"
"The Redcliffe Peninsula - Deception Bay Investors co-op"
"Stuff 'em, lets do it ourselves"
You get the idea
I am on the 6th agency for property management in 7 years, all previous incompetent to some degree and given the flick. Some of these left me out of pocket, one who was so unbelievably incompetent (I disposed of after 3 months) I ended up lodging a complaint with Fair Trading due to what they cost me and their attitude - and got all $$ back . Don't mess with me
My latest agent, has made some effort greater than previous ones but I still have to chase. I was about to send an email to the agency owner who I dealt with originally, and give him a bit of a serve but just received an email from my PM with a promise to send through what I have been waiting for for over a week. (I am in-between tenants, issues with last tenants bond and what has to be retained/claimed for, finding new tenants etc.)
7 years ago before I bought this IP I was well aware of the advantages of using a PM versus doing it yourself. It seemed to be a no brainer - pay for a PM to look after your IP to avoid all the issues of self management. 7 years on and 6 PM's later in the Redcliffe - Deception Bay area, I have got to the point where I could not do any worse than use a PM. I would be comfortable in taking it on myself - subject to a few issues from living interstate. I spend just as much time managing the manager as it would take just to do it myself - why not eliminate the middle man!! In some cases I have ended up looking after issues myself - quicker. To put it bluntly - it is too time consuming to use a PM!
Now, I can arrange maintenance and repairs if necessary from interstate, and lets face it - most of my PM's have not had reliable trades people (handymen etc) that they can call on. But this is what I am paying for in PM fees! It's a bit like paying NRMA/RACQ membership for breakdown service but they don't have any reliable mechanics to send out if needed, and only searching for someone when they get a call - and a month later you are still waiting on the side of the road. I am usually one step ahead in repairs and maintenance so tradespeople are rarely needed but there are the unexpected issues or issues caused by tenants which are beyond your control.
Inspections - now that is a problem from interstate for self management.
Showing prospective tenants through house after last tenant vacates - another problem.
I don't have anyone I can comfortably ask or rely on to do this who lives in the area, unlike some people on here who do have friends or relo's near their IP.
So, the idea of this thread is to put feelers out for those who have rentals in the area and not happy with their PM, may consider self management to solve the problem but faced with the issues above of not living local.
I am thinking that we may be able to help each other out to an extent - it may not be on as regular basis as we would like if using a PM, but half the time the PM may as well not bothered - so not such a big disadvantage. And I think a better relationship/understanding is possible if dealing direct with tenant.
So a co-op is probably the most suitable term/name for helping each other out.
I am not jumping ship from my current PM at the moment but it may be necessary in the near or distant future and I would not waste time with any more PM's. I am interested in hearing from those who "may" be interested in helping others out in doing inspections, showing houses (it's bit more difficult), recommending tradies etc. (To the best of your ability, no liability - friend helping friend.) I am in the area usually once every 12-18 months, sometime more often when I have been renovating or passing through. I would be happy to do an inspection for someone and have done so, plus drive-by's for friends on and off this forum.
Just a thought at this stage, and this thread will stay alive for as long as I have an IP in the area so don't be afraid to add to it a year or so after last post. By looking outside the box for a solution to a problem we may find an alternative which fits us perfectly - and open to suggestions from anyone who has been in the same situation. Using a PM for limited services such as finding a tenant is one option, but if they are not looking after the whole package there is the potential for them to not care as much in selection and providing their real opinion if they don't have to deal with any problems which result once rented.
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