New here - Property Manager help

[AlbertChan]

Hi all,

I am new here

Just wondering, I have only 1 I.P is it worth having a Property Manager managing it or should i do it myself. Obviously there are many complications with doing it myself...

Any recommendations for Bankstown area / western suburbs in sydney?

Thanks!

 

[wobbycarly]

My personal preference is to use a PM.

Before you self manage, ask yourself these questions:

• Do you know what comparable properties rent for in the area?
• Are you familiar with the Tenancies Act in the state in which the IP is located?
• Do you have the time to screen applicants?
• Do you know how to screen applications (tenant defaults, references, etc)?
• Do you have contacts with tradesmen who can perform maintenance for you?
• Do you have the time to manage said maintenance?
• Will you be able to "say no" to tenant's unreasonable requests?
• Are you prepared to kick someone out for not paying rent, even if they pull the "But how will I tell my kids?" card?
• What will you do if someone is late in paying?
• (Favourite) Do you want to get a call at 2am on a Sunday to hear that the HWS is broken?

I would feel that I'd be too soft-hearted to have to do some of this directly with the tenant. With the PM in between us and the tenant, we can make unemotional decisions, and the PM can just "blame the landlord" as they are "just doing their job".

However, there are others who would ONLY self-manage - I'll let them put forward the counter-argument!

 

[AlbertChan]

Thanks for all your info Rob.

I think I am steering towards a PM.

Don't really want to deal with all that.

The PM costs are tax deductible so I guess it makes it an easier decision.

Cheers!

 

[Ed Barton]

Thanks for all your info Rob.

I think I am steering towards a PM.

Don't really want to deal with all that.

The PM costs are tax deductible so I guess it makes it an easier decision.

Cheers!

if you have the time and can spell N O then self management is for you. if not get a pm, a good one.

how do work out a good pm? trial, error and recommendations.

 

[Tesla Rules]

or you could do what I have found myself doing for the past decade p ay handsomely to keep a dog (PM) and then find myself doing most of the barking myself ( sourcing tradies, carrying out repairs, responding to emergency requests the very nano-second I leave Syd for a (rare, much deserved\) holiday ........