Interstate PM - would it work?

I have two properties in a QLD regional centre. So far I've had many frustrations with my PM there and am looking to move.

I have an excellent Victorian based PM who manages all my Victorian properties. I want to ask them about the possibility of 'remotely' managing my QLD properties.

I'm not too concerned about losing access to a trusted network of QLD tradies, because few of them have proven to be any good anyway.

Obviously initial letting and inspections are the challenge, I know franchises of the same brand can team up like this and have one do the groundwork and the other do everything else, but there isn't' a sister agent in town.

I'm wondering if they can pair up with another local agent and split the commissions in some way.

Is this option worth investigating at all?
 
Would self managing be an option given the circumstances?

The funny thing is I've felt I've been self managing as I can't trust any maintenance request and have to investigate further (i.e. is it REALLY a problem for the tenant and/or are we getting value for money from the tradies).

Unfortunately I can't really see how I could self manage unless I fly up to QLD every tenant changeover... hmmm... but for the cost of a 're-lease' (a weeks rent) you could easily buy a return airfare)...

Perhaps I could partner with a local agent to do the opens/etc and then take over ongoing management and 6 month inspections...
 
Some agents offer a placement-only service so then you could do the management yourself (sounds like you basically are, anyway)
 
Agents are restricted by license conditions so unless they have a licence for QLD the they would be operating outside of their licence and insurances. The only exception is for agents who are located within 50km of the border eg: Albury agent handling Wodonga.
 
Some agents offer a placement-only service so then you could do the management yourself (sounds like you basically are, anyway)

Yes of course! Interesting... This combined with 2x a year fly ups might actually work. I wonder though, there wouldn't be much incentive to choose a good long term tenant... quite the opposite really!

Agents are restricted by license conditions so unless they have a licence for QLD the they would be operating outside of their licence and insurances. The only exception is for agents who are located within 50km of the border eg: Albury agent handling Wodonga.

Good to know. Thanks.
 
Hi David

If the VIC PM is part of a franchise and/or has someone on the ground in QLD then it can work well.

The need to be present for inspections/opens isn't too frequent - and if your current PM is on the ball, efficient and proactive then it makes sense to use them over the mediocre options that are available locally.

I've dealt with a company that uses this model - they operate out of Syd but have local PM's on the ground in most cities/regional hubs for the face to face stuff. It seemed to work quite well.

Cheers

Jamie
 
Probably better to either self manage if you're capable using a local agency near the property to vet and place a tenant. OR
fully use a local agent near the property. Can't expect a PM or REA to be too motivated if they have to split income commission with another REA.
Tenant selection is 95% of the success formula and can't be done at a distance.
Good luck.
Cheers
crest133
 
most agencies could not manage this.

licencing is per state. $2000 per year
legislation is different per State would need a pm who knows both.
form and paperwork different and would cost.
would need 2 trust accounts $1000+ per year.
 
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