Is this what having a property manager is like?

It's up to landlords to hold their PMs to account. A big part of this is regular contact, particularly when milestone dates arise (inspections, end of lease approaching). A professional and competant PM will contact their client when these key dates are approaching.

The consequences of not personally keeping tabs on your PM and property can be very serious, from lost opportunities to increase rent or change tenants, to lack of periodical maintenance which can lead to fixtures requiring replacement much earlier and unexpectedly, compared with if they had been properly and regularly maintained.

Exactly,

We may as well manage it ourselves, and save a packet.

I however, are time poor, so have to settle for micro manageing PM's.

Where are all the good ones......

They shouldn't be that hard to find?

F
 
That’s your problem – The bigger offices lose track of it all, they have so many managements they can’t service each and everyone to the fullest. A major problem is, a PM brings good money – At least $60k seems to be where the good ones start at, here in Brisbane.

Most office’s can’t justify these costs and still live in the dark age of PM’s only earning half that.

No excuses at all, but this is something investors forget time and time again. The big guys only care about sales; your managements are only of real interest when you wish to sell them.

Start looking for an office with a smaller rent roll, who can offer a proper hands on approach and service.

Most of the time, the rental side of a real estate agency acts as a contact base for sales.

Brings in enough cashflow and already has contacts when landlords are ready for selling properties.

That is what the agents are really intested in!

F
 
That's why there is a surge in specialist property management companies now...we don't have to worry about the sales side.
 
That's why there is a surge in specialist property management companies now...we don't have to worry about the sales side.


Interesting point Lura. I wonder how such specialist PM companies maintain a balance between providing attentive service to tenants and landlords with making a decent profit? How many properties would be required in a rent roll to profit and pay staff? And how many properties does each staff member manage on average?
 
It depends how many staff and commission etc.

I was at one with 300 properties and 6 property managers, and another one had 700 odd and 4 property managers and 3 assistants.
 
I've analysed a lot of businesses in the past and having consulted to small business owners (in the hospitality field) it comes back down to overheads.

Each business needs to assess their owner diminishing marginal rates of returns to find the position that best suits them.

So for your questions Kate - it depends on the businesses owners. For example, a trainer I know of only does 20 properties - rent must be $500 + per week. Her clients are select but she also has other business ventures too.
 
That’s your problem – The bigger offices lose track of it all, they have so many managements they can’t service each and everyone to the fullest. A major problem is, a PM brings good money – At least $60k seems to be where the good ones start at, here in Brisbane.

Most office’s can’t justify these costs and still live in the dark age of PM’s only earning half that.

No excuses at all, but this is something investors forget time and time again. The big guys only care about sales; your managements are only of real interest when you wish to sell them.

Start looking for an office with a smaller rent roll, who can offer a proper hands on approach and service.

I’ve worked for the third largest QLD Ray White office in QLD, on a quiet month we would be doing $30million worth of sales, down to small “boutique” offices and a multinational in Brisbane’s CBD, I can assure you the big offices, in my experience lack a more personal, hands on service.

How can you honestly agree that someone with 2000 managements can give the same attention across the board, as an office with 500, when most principals won’t hire more PM’s than sales staff.

I can’t say that’s true for everyone, obviously. However, my current office does nothing to grow their rent roll other than accept management transfers from un-happy clients who come from these “big guys”.

I think this is what's happening with me!! I wonder if it's the same office I'm dealing with. Months have passed and the water usage bills still not paid and they're asking for a discount on future water accounts as they have to top up the pool. I said "no" and asked "why do they have to top up the pool" a week ago via email, still no reply.

I'm not sure what's going on. I don't even know if tenants are receiving the bills. They've paid for only one water usage bill in over a year.

How do I change property managers. Does the new manager get file from old manager???

In writing.

Read your management agreement and understand what the obligations are that the agents owe to you. If they have not satisfied all their obligations to you, you can ask to be released earlier.

If they don't give them notice anyway and seek new agents. Then once you have settled on new agents, advise the old agents that new agent will be in touch to collect all necessary documents.

The list I send and the information I get from agents is pretty poor. I had one ring me last week to go back to collect items that they had in their file which I had already asked at the handover....

Anyway, your new agents will handle everything else and you shouldn't have to speak with your current agents again.

That's how I normally work it because I get regular of transfers of new clients at the moment.

Wise words Josh_G!

I've managed to get one more water useage bill paid since I wrote this. :mad: Two more bills are outstanding and another bill will be arriving soon. It's been a big timewaster for myself and lots of stress but hopefully I'll be finished with this "unprofessional" mob by Monday. They are so useless! They told me yesterday they'd have my file ready for changeover by the afternoon but they didn't. :(

Thanks for all your help lura!!! Your website and business set up is fantastic!

I've learnt a huge lesson. If your not happy with the service, move on. It will only get worse and could end up costing you heaps (financially and mentally!!) if your property isn't managed correctly.
 
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