How to find a good PM? What to look out for?
While another PM currently looking after our Sydney Granville property is absolutely 7 star. Communication all through emails and phone, no difference to the dealing with our Frankston agent. Although it's only a short 30mins drive we've only met her once when some damages in the kitchen needed repair and some updates required. She organised all quotes and tradies to go in had appliances replaced, cupboard doors re-laminated, new carpet, new vanity, resealing, touch up here and there, full house clean etc all within an amazing few days so the property can be up on the market to minimize our rent loss. We eneded up only needed to pay just over $2k for the property to be ready to go again. Yes $2k! Not to mention about her professional advices and help bargaining her suppliers for a better price, no fear to claim bond (every single cents) for us, and she even kept an eye on the property take photos when she just so happen drove past. We cannot thank her enough! Plus we bought at the right time. Capital growth over $100k within 2 years. (Anyone bought in Sydney 2 years ago would hav good CG i guess)
And our Frankston PM on the other hand did everything the same but OPPOSITE! over $50k on repairs, min. Rent, min. Growth....we can't even refinance after a good 7 years of pain, what's the point holding on and wait for the boom time? By then we would of gone broke and would of missed out a lot of other opportunities.
So if you're planning to buy IP, if it is a house, make sure it doesn't have any 'potential' repairs such as ivy near the house, old warn fence etc because replacing appliances is no hard work while controlling mother natures is near impossible - if you have the time to watch it grow then ok. Ivy grows over fence line, into gutter causing blockage of drain, heavy rain fall, roof leaks....all these will not be mentioned in a building inspections. You really just need to use some common sense and think about it if you were to live in it for a long period of time, what would come off or collapse first. How would the garden look like and what would you need to do to maintain it. May be someone should invent a software with renderings of garden prediction and potential costs involved.
With the finding of a 7 star PM, I'd suggest recommendation from owners who have had problems is the one reliable way to go and it will benefit yourself and your pocket a long way. Those said my PM is very nice I recommend him is of no use. We don't pay nice people to not do their job. We pay those who can think outside the square and most importantly work for landlord, those who stand by you. Interview a PM with key questions such as how many bond claims he's done, who are the team of tradies they deal with, how does he handle nasty tenants, bring up as many difficult situations as you can and see what he says and why. Simply by judging the way a person talks can give you insight of what your looking at. How many pieces of real info thats useful to you within his 5 mins talking? Was that you feel really good coz he said it's a great property and you look fantastic? Or within the 5 mins he's given you an idea of the market and what touch up he thinks the property needs to achieve max rent?
We've learnt a good lesson. Just wana share with you. Hunting for another Syd IP now therefore still have to hunt another PM. Does anyone have other tips on finding PM to add onto the above?
