Property management course suggestions

[Mitch1]

Hi All,

Am looking to start a new development, units on one title so a buy and hold.
I live 10 mins from IP and am considering managing the property myself and am looking for some feedback on this. Including the pitfalls.

I do not work outside the home and youngest of 4 kids is 11. It is something I am interested in doing anyway but want to take the right approach, give it a shot and hold up my hands and hand it over if it doesn't pan out.

Have not got approval yet so have time on my hands to learn the ropes. If I never use it to manage them I still see the knowledge as a plus to have the extra insight.

Are there courses that are specifically geared to this that are worth doing as most of what I am finding on the net are geared towards Reiq quals. Am hoping to find one that includes the leqal side, how to set it up properly, book keeping specific to property (I was doing part time book keeping until recently but for restaurants etc )

Would love to hear your thoughts on self managed properties as have read a lot of positive and neg experiences on here!!

 

[thatbum]

If you're just wanting to learn it, then its probably best to speak to someone who is currently doing it or done it in the past. That's after reading every single fact sheet you can get your hands on in your state on the issue.

Unfortunately, its all rather complex, so while its easy to learn enough to get by - the rest issue is what to do if something goes wrong or is quite unusual.

There's also a healthy amount of dispute resolution skills that probably are needed for when you and your tenants disagree on something - and how to handle that.

 

[Mitch1]

Thanks for your reply. Yep that's a good idea starting off by talking to a PM. Having been a tenant and a landlord in the past with various issues cropping up on both sides of the fence, I am aware, on a small scale, these things can get complicated, messy and frustrating.

I do feel like it is a good area for me to try as a career path as I am over 'just book keeping/wages' and would welcome more of a variety, while still juggling family, and starting off small scale would give me some experience and let me know if I want to do this long term.

Will def look into approaching a PM on this. Cheers

 

[Cdro]

The Residential Tenancies Authority run workshops for self managing landlords - maybe that would be a good place to start? The last ones were in March, but I'm sure they'll run more. Here's the website:

http://www.rta.qld.gov.au/About-the-RTA/Education-and-outreach/Information-workshops.aspx

 

[Mitch1]

Thanks cdro, just subscribed to the open newsletter for info on the next workshop.

 

[Scott No Mates]

REIQ runs specialised PM courses - Property Management

 

[mattysavager]

Thanks cdro, just subscribed to the open newsletter for info on the next workshop.

To be honest, I became an excellent PM after a few weeks of working. All you need is an optimistic attitude, being personable but firm, and the ability to read and understand the RTRA Act. Some people have that, some do not.

The legislation is relatively straightforward - successful managers have strong negotiation skills. Many courses you will find deal in large part with managing 'clients' (owners), rather than tenants. Owners are MUCH harder to manage than the tenants

The RTA in QLD is very helpful with fact sheets and information for landlords - the most valuable experience you will get is earned by dealing with tenants. In my experience, that cannot be trained.

I have family members who self-manage and end up cleaning the property themselves rather than charging the tenant, or keeping rents unrealistically low, as they became 'friendly' with them. As long as you can remain objective, and treat it like a business, it can be straightforward.

You will need help when things go pear shaped, but that's what the forums are for, as every situation is different.

Matt

 

[Mitch1]

To be honest, I became an excellent PM after a few weeks of working. All you need is an optimistic attitude, being personable but firm, and the ability to read and understand the RTRA Act. Some people have that, some do not.

love the optimistic feedback here, I have a can do attitude and try to find out as much as I can in most situations, having 3 teens has improved my negotiating skills no end am more of the tough love style parent, they pay their own parking fines, so many fines around Uni, and we pay 25% of her uni fees each year only if above 80% mark overall or it stays on her hecs and they learn about debt, yep my kids education is also an investment

The legislation is relatively straightforward - successful managers have strong negotiation skills. Many courses you will find deal in large part with managing 'clients' (owners), rather than tenants. Owners are MUCH harder to manage than the tenants

yep I can see why that would occur

The RTA in QLD is very helpful with fact sheets and information for landlords - the most valuable experience you will get is earned by dealing with tenants. In my experience, that cannot be trained.

I am old school in that dept. nothing like on the job training and no course will prepare you for every eventuality though I do need to learn the basics and learn how to set up a 'business structure' to run it as smoothly as possible!

I have family members who self-manage and end up cleaning the property themselves rather than charging the tenant, or keeping rents unrealistically low, as they became 'friendly' with them. As long as you can remain objective, and treat it like a business, it can be straightforward.

wasn't able to be objective with our first IP
though having lived on 3rd world, oops developing islands for several years, being the white minority and dealing with racism/break in's/theft from staff etc and of course kids, I have hopefully toughened up enough, the mafia mum experience at the kids school is surprisingly similar here

You will need help when things go pear shaped, but that's what the forums are for, as every situation is different.

am so impressed with the level of help and support here on SS so thanks to you all for this feedback will take it all on board and learn from it

Scottnomates, will look that up as I am still interested in a course for the discipline aspect, thanks


Thanks Matt, I know it's not going to be a rose garden in PM world but really thought I would get the thorns responses first, don't worry though, I have read through so much here, it's amazing what you learn, the 'what happened to the phone line' was a real eye opener! Can't recall who posted but good info to store!