Property Management general info

[astolatproperty]

Hello,
I am a beginning property investor and I have been researching property management companies as I would prefer to have someone else managing my properties.

I have some questions that I would love to get feedback on from more experienced investors:

Would you prefer a percentage charge or a flat fee?
If a flat fee than how much should it be?
Would you use a fully online property management system or should it have a physical branch?
What are the most important things you look for when choosing a property manager?
Would you be happy only contacting your property manager via email or do you want a phone number or should it be in person?
Is it better to have a system that is fully automated online for you and sends out scheduled reminders or do you like a person doing everything?

Also if you have any other general comments/advice I would really appreciate it!

I would like to get information from all over Australia and particularly the Canberra market,
Thanks,
Danni

 

[wobbycarly]

I don't understand what you're trying to achieve from these questions, as they are somewhat a matter of personal opinion. But I'll chime in...

Hello,
I am a beginning property investor and I have been researching property management companies as I would prefer to have someone else managing my properties.

I have some questions that I would love to get feedback on from more experienced investors:

Would you prefer a percentage charge or a flat fee?
If a flat fee than how much should it be?

No real preference, but if your property is a low-rent place, then you may want to pay a %age, if it's high-rent, then a flat fee. Whatever's cheapest!

Would you use a fully online property management system or should it have a physical branch?

How would "fully online" work? How does a website perform inspections, accept cash payments, interview tenants? Or do you mean the paperwork side of things?

What are the most important things you look for when choosing a property manager?

They need to know the legislation, be proactive in managing the property (do a search on here for all the stories of reactive PMs who only let the landlord know there may be an issue AFTER the tenant is weeks in arrears, the tenants have skipped town and the place is full of rubbish), they need to be a bit hard-nosed so they can crack down on dodgy tenants.

Would you be happy only contacting your property manager via email or do you want a phone number or should it be in person?

Must have a phone number. We have PMs that we've never met in person.

Is it better to have a system that is fully automated online for you and sends out scheduled reminders or do you like a person doing everything?

Also if you have any other general comments/advice I would really appreciate it!

I would like to get information from all over Australia and particularly the Canberra market,
Thanks,
Danni

Hope that helps in your thinking.

 

[alexlee]

Hope your property management business goes well, Astolat.

 

[matto_]

agree with carly.

Fairly individual in terms of answers to the questions.

For mine - good property manager would be proactive - and able to pre-empt the easy questions (ie. what would comparable rents in the area be).

They would also not bother me for minor issues - however I would like to know what is going on.

Have had PM's from the two ends of the spectrum - really good, and really bad.

 

[wobbycarly]

Hope your property management business goes well, Astolat.

Yeah, but thought I'd humor him/her

 

[7smurfs]

agree with carly.
Have had PM's from the two ends of the spectrum - really good, and really bad.

I agree... Though the majority that I have found in my research for a decent PM have been really bad.

I found communication to be a severe issue with PM's. Might be because I am young and small timer compared to other clients however it doesn't compell me to build a portfolio using their company if they simply 'forget' about me and my requests.

I ended up with a PM that was easily contactable and had allowed me to amend the contract to my terms and no exclusive authority period.

I pay the standard market rate however which is 7.7%