$1000 cashback to let my property in melbourne

[MPmelb]

Howdy all,

I saw the advertising sign "$1000 cashback to let your property" in outer east Melbourne recently. My rental property is inner east so when I rang them they said they didn't service that area.

*Has anyone taken advantage of this type of offer? If so, what was your experience?

*Does anyone know a real estate agent that offers this type of offer in the inner east of Melbourne?

Thanks in advance

 

[D.T.]

It's just an incentive because they're looking to grow their client base quickly. I'd still compare a company that did that vs other companies on their own merits.

 

[Lil Skater]

I'm pretty sure I know the mob you're talking about.. If so, I believe they're the only ones that offer the cash back.

 

[MPmelb]

I'm pretty sure I know the mob you're talking about, if so, they're cheap... But you get what you pay for.

Yes, in an ideal world you would get what you pay for...but that's not always the case in real life!

I really doubt there's all that much difference between the best and the worst property managers out there.

Most owners could better manage their own IP if they just put in a bit of effort and stopped making the excuse they haven't got the time.

Why giving away 10% of your IP income to a PM when the net market yield is 2%?? Doesn't make sense to me.

 

[D.T.]

Yes, in an ideal world you would get what you pay for...but that's not always the case in real life!

I really doubt there's all that much difference between the best and the worst property managers out there.

Most owners could better manage their own IP if they just put in a bit of effort and stopped making the excuse they haven't got the time.

Why giving away 10% of your IP income to a PM when the net market yield is 2%?? Doesn't make sense to me.

I'd say theres a massive difference between good and bad PM. The same as there is between good and bad REA, or doctor, or mortgage broker or mechanic or photographer or et al

Also, property management is like $28 a week (using 350/w rent x 8% fee, adjust to suit your numbers). If thats less than an hours salary then it makes economical sense to 'outsource' it.

This is meant to be a passive endeavor, not become a 2nd job.

 

[MPmelb]

I'd say theres a massive difference between good and bad PM. The same as there is between good and bad REA, or doctor, or mortgage broker or mechanic or photographer or et al

Also, property management is like $28 a week (using 350/w rent x 8% fee, adjust to suit your numbers). If thats less than an hours salary then it makes economical sense to 'outsource' it.

This is meant to be a passive endeavor, not become a 2nd job.

using your example, $28 per week = $1456 per year, $14560 over 10 years, $29120 over 20 years, etc...bet you could find a good use for that type of $$$. And that's compounding money your saving - so imagine that money compounding at conservatively 5% p.a. Crikey that adds up to a lot of $!

And, now imagine if you had multiple IP's and the $ really starts to stack up!

Yes I know it's tax deductible you say, but you're still only getting a % back as it's a deduction (not a rebate).

It doesn't take the efforts of a 2nd job. And you don't need to train for years like a Doctor, or plumber or mechanic. It's really just common sense.

If your IP is maintained in good condition, then you'll only hear from the tenant about 5-10 times a year. The rest of the time the tenants just directly deposit the rent into your bank account.

Don't over complicate it or make it think it's harder than it is. That's what PM's would like you to think!

Now let me ask you a question. Who has the most interest at heart when it comes to your IP, and your money?

The answer just in case you're not sure...YOU do.

 

[westminster]

Then why are you looking for a PM?

 

[Lil Skater]

I really doubt there's all that much difference between the best and the worst property managers out there.

Being a PM makes it seem I'm automatically bias (and maybe I am?), but I can assure you there is a huge difference between the best and worst property managers.

It's not just the management fee a bad PM is costing you.

Self management isn't rocket science, it is true, however if you get a nasty tenant it may give you a better SANF to know you've got someone to take care of it.

If you choose to self manage to save the $, that's fine, just make sure you know what you're doing so you don't end up costing yourself the $1,500 a year you saved.

There's a lot of poor PM's, but there are few of us that actually love their job, and are bl00dy good at it too. I'd like to think I'm the latter.

 

[MPmelb]

Then why are you looking for a PM?

That's a good question

I've currently got a PM for my property and am disallusioned by their service. So I am definately considering DIY.

Melbourne is currently an over supplied rental market so finding the tenant will be harder. That's where a PM can be helpful.

 

[Lil Skater]

Melbourne is currently an over supplied rental market so finding the tenant will be harder. That's where a PM can be helpful.

Melbourne is still a busy market. Most are going like hot cakes in the Eastern Suburbs.

Provided the property is well presented and well priced, you shouldn't have too many issues leasing it.

Although it does pay to have access to realestate.com, NTD etc

 

[Spades]

using your example, $28 per week = $1456 per year, $14560 over 10 years, $29120 over 20 years, etc...bet you could find a good use for that type of $$$. And that's compounding money your saving - so imagine that money compounding at conservatively 5% p.a. Crikey that adds up to a lot of $!

And, now imagine if you had multiple IP's and the $ really starts to stack up!

Yes I know it's tax deductible you say, but you're still only getting a % back as it's a deduction (not a rebate).

It doesn't take the efforts of a 2nd job. And you don't need to train for years like a Doctor, or plumber or mechanic. It's really just common sense.

If your IP is maintained in good condition, then you'll only hear from the tenant about 5-10 times a year. The rest of the time the tenants just directly deposit the rent into your bank account.

Don't over complicate it or make it think it's harder than it is. That's what PM's would like you to think!

Now let me ask you a question. Who has the most interest at heart when it comes to your IP, and your money?

The answer just in case you're not sure...YOU do.

Good luck if you go down the road of self PM.

I've had a tenant default in the 1st month and tried the drib/drab repayment scenario thereafter.Eventually tenant didn't respond to calls/txt/call in by PM,left cards/notices.
How much time does that take + add-on VCAT and police warrant to remove.

Again good luck,i'd rather set and forget than a SANF.

Cheers Spades.

 

[Spades]

It doesn't take the efforts of a 2nd job. And you don't need to train for years like a Doctor, or plumber or mechanic. It's really just common sense.

If your IP is maintained in good condition, then you'll only hear from the tenant about 5-10 times a year. The rest of the time the tenants just directly deposit the rent into your bank account.

Don't over complicate it or make it think it's harder than it is. That's what PM's would like you to think!

Keep us updated on how you go self managing and handle the tenants,seeing it takes not much effort

Cheers Spades.

 

[MPmelb]

Keep us updated on how you go self managing and handle the tenants,seeing it takes not much effort

Cheers Spades.

Let me tell you, I've had experience with it in the past - and so have friends I know.

It's not as hard as you may think - but the key is you have to find and screen the right tenant. You have to stringently do the referral checks. That's where a good PM can help.

I self managed for years with no issues. No problems as long as your attentive to tenants needs, fix and maintain the place, treat them good.

I've got a friend who has had the same good tenant for 15 years and that's self managed. The tenant pays on time, doesn't complain, fixes things around the house. They have a great relationship.

A good tenant and reasonable owner makes all the difference.

 

[skater]

And, now imagine if you had multiple IP's and the $ really starts to stack up!

Yes I know it's tax deductible you say, but you're still only getting a % back as it's a deduction (not a rebate).

.

Well.....I've got more than a handful of IP's, and I use a PM for EVERY single one of them. I wouldn't even consider self managing, and according to my children, I'm a tightar$e.

There's more to a PM's duties than just collecting the rent. Sure, that's what they do MOST of the time, but ? rely on them for tenant screening & selection. They arrange maintenance. They pay bills. They keep on top of arrears and send out the appropriate notices on time (well, a good one does), they do inspections, they attend to tribunal.

Yes, I COULD do all of that myself, but that's one headache I really would rather not do. I can't check databases to see if the applicant is a good one. As I've got property in 3 States, there are different rules, so keeping up to date would be a PITA, same with inspections and maintenance, etc.

Give me a PM any day & I can sit back & forget about even having the damn things.

 

[MPmelb]

Well.....I've got more than a handful of IP's, and I use a PM for EVERY single one of them. I wouldn't even consider self managing, and according to my children, I'm a tightar$e.

There's more to a PM's duties than just collecting the rent. Sure, that's what they do MOST of the time, but ? rely on them for tenant screening & selection. They arrange maintenance. They pay bills. They keep on top of arrears and send out the appropriate notices on time (well, a good one does), they do inspections, they attend to tribunal.

Yes, I COULD do all of that myself, but that's one headache I really would rather not do. I can't check databases to see if the applicant is a good one. As I've got property in 3 States, there are different rules, so keeping up to date would be a PITA, same with inspections and maintenance, etc.

Give me a PM any day & I can sit back & forget about even having the damn things.

Your situation is different. You have IP's in different states so then it's wise to use a PM in those states.

To self manage you need to do reference checks. I always get 2 references - work and the previous landlord. And get proof of income thru payslips.

It's not for everyone and it's horses for courses. As mentioned I've self managed and used PM's so know both sides.

It takes up extra time to self manage, but at least you know what is going on with your place.

It's not as hard as most people think, but it's not for everyone because you need to have the right skills, the interest and the time.