How many properties can you manage ?
- Thread starter Chomp
- Start date
ok well I'm in Perth so being generous you would be looking at a minimum of 10% per year of rental value for a property manager to look after the place.
Which for me equates to around 8k per year so that is a bit more than a few dollars per week which is why I self manage.
I'm thinking I could maybe manage ten tops and still work, which would double my holding now, but this is obviously why I asked the question.
Which for me equates to around 8k per year so that is a bit more than a few dollars per week which is why I self manage.
I'm thinking I could maybe manage ten tops and still work, which would double my holding now, but this is obviously why I asked the question.
I find it funny how everyone boasts about driving crap cars and 'delayed gratification' and then is happy to give away 10% of the rental income. Obviously it is not for everyone but it isnt rocket science and it most cases doesnt involve doing much at all. I would rather be more wastefull in other areas like beer, cars and eating out.
zero
0 for me
id rather be on the golf course, a good PM worth their weight in gold, they are part of every smart investors team.
0 for me
id rather be on the golf course, a good PM worth their weight in gold, they are part of every smart investors team.
ok so your are obviously doing well, If I could afford it then I would be doing the same !
We manage 4 IP's and both work fulltime.
Could easily do 10 or so if in same area and they are 300klms away.
Easy.
There are 52 weekends a year and we get holidays on top of that. Our IP's are on the coast so we must "suffer" that trip once in awhile to attend any probs or inspections, shucks it's hard...
It's not what you know it's who you know, mainly pertaining to trades you can trust when you cannot attend.
I have tried PM's and simply cannot trust them to act in our best interests even though they are being paid...
Recently in Melbourne for a wedding, it's Friday lunchtime and tenant rings us, busted hot water system.... yay!
Got onto our Plumber and Sparky, they jumped right on it and we got a call Sat morning 10:30am to say it's all up and running (new hot water 250ltr and upgrade to power board adding off peak and safety switch) for all up cost of $2k.
If that was our previous PM we had years ago now, that would not have been done before the Monday or Tues (tenants without hot water) and would have cost at least 50% more.
But each to their own and obviously if you can find that ellusive great PM.
Could easily do 10 or so if in same area and they are 300klms away.
Easy.
There are 52 weekends a year and we get holidays on top of that. Our IP's are on the coast so we must "suffer" that trip once in awhile to attend any probs or inspections, shucks it's hard...
It's not what you know it's who you know, mainly pertaining to trades you can trust when you cannot attend.
I have tried PM's and simply cannot trust them to act in our best interests even though they are being paid...
Recently in Melbourne for a wedding, it's Friday lunchtime and tenant rings us, busted hot water system.... yay!
Got onto our Plumber and Sparky, they jumped right on it and we got a call Sat morning 10:30am to say it's all up and running (new hot water 250ltr and upgrade to power board adding off peak and safety switch) for all up cost of $2k.
If that was our previous PM we had years ago now, that would not have been done before the Monday or Tues (tenants without hot water) and would have cost at least 50% more.
But each to their own and obviously if you can find that ellusive great PM.
I am my own "elusive great PM". Doesn't matter how many if they are trouble free. Five minutes maximum per fortnight per property to update the spreadsheet. More time must be spent when something breaks, but I prefer to arrange my own plumber and sparkie when a HWS goes kaput (two in the past year). I hate to think how long it would take and how much we would be paying if the PM looked after it
.As an aside, why is it always a Friday afternoon when HWS goes kaput?
I manage 2 of mine plus a granny flat all interstate.
Long term tenats so they have earnt some trust. I usually call or email them every 3 months and ask how things are going. Visit one of them every year and the other twice in 5 years.
Im a bit slack but they are dream tenants. If they were all long term tenants like those I could manage a stack of them.
In saying that our others are managed.
I think that Steve McKnight says that most property managers are topped with about 80 properties and if they are handeling any more then they are probably not doing a very good job. Im sure there are exceptions where they can manage more and other areas where managing 80 would be too much.
Mick
Long term tenats so they have earnt some trust. I usually call or email them every 3 months and ask how things are going. Visit one of them every year and the other twice in 5 years.
Im a bit slack but they are dream tenants. If they were all long term tenants like those I could manage a stack of them.
In saying that our others are managed.
I think that Steve McKnight says that most property managers are topped with about 80 properties and if they are handeling any more then they are probably not doing a very good job. Im sure there are exceptions where they can manage more and other areas where managing 80 would be too much.
Mick
How many properties do you manage?
I manage 7 properties and also work 4 days a week. I spend up to half a day per month on Gardening and maintenance. I have a good group of tradies who respond to problems very quickly usually within 24 hrs even when I am out of town. It just takes good organisation.
Cheers
Charlotte30
I manage 7 properties and also work 4 days a week. I spend up to half a day per month on Gardening and maintenance. I have a good group of tradies who respond to problems very quickly usually within 24 hrs even when I am out of town. It just takes good organisation.
Cheers
Charlotte30
I didn't bother managing our own years ago (no choice in the matter now), had a good agent on the case. When the boot is on the other foot, most pm's will manage in excess of 150 residential.
I find it difficult to understand how anybody could manage properties while working "full time".
How can you run a successful property business outside of regular business hours?
I can't afford to self manage, would lose too much time/money.
You do it after hours. Sort of like overtime. Do you do overtime?
It's not hard at all if you think about it and get your time management in order.
In fact it takes buggerall time anyway.
Quick check of bank account to see rents hitting the account.
Any overdue, jump straight onto them with email, text or phone call to see what the problem is and clear it up then and there.
Otherwise, a couple inspections each 12 months and the rest is simply passing on any maintenance issues to trades or do it yourself if you want to save a quid and happy to do it in overtime.
What's hard about that? The savings are immense and the feeling of having full control over your investment is unsurpassed.
I recommend it !!!
Well its not that hard really, if the tenants are good then there isnt much to do except make sure the bills are paid and any problem's are fixed quickly so they dont get upset.
By working full time I mean around 40hrs a week, I wouldn't classify managing 10 properties a full time business, as other posters have said you would need at least 80 for it to be a full time job.
I'm trying to gauge how many properties I can manage before I would have to get a full time PM, so I can keep my full time job (which pays a lot better) at the moment I don't think it is worth it..
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