Searching for PM in Clayton Sth, VIC

[Potus]

Finally found this forum after someone posted a link on Whirlpool.

So, I'm planning to rent out my house that I purchased last year in Clayton South in one of the streets off Westall rd. I'm currently residing in it for 12mnths to renovate and meet FHB conditions.

My goal is to keep the property in the best condition as possible as I intend to move in within 2-3 yrs. I'm willing to accept lower rental income to achieve this.

Do I approach PMs by sending them an email asking for a charter of services and their fee structure?

I heard bad things about Century21 in this forum but haven't read any anecdotal evidence? I understand they are the dominant REA in this area from my research.

Can anyone recommend a PM? Is there a local independent PM or should I stick to the bigger REAs?

From my research, I'll be comparing PMs according to the points below (anything else?);

Inspection Freq.
Letting [$]
Re-Letting [$]
Management [$/W]
Marketing [$]
Statement [$/W]
Sundries [$/W]
Urgent Repairs Theshold [$]
Termination fee [$]
OFI fee [$]
Maintenence supervision fee [%]
Tenant DB check (TRA/Tica) [$]
EOY Financial Statement [$]

 

[D.T.]

You've got a long list of things you want to compare PM's on, but all of them relate to price. Surely there's more variables to that equation?

How about whether they invest themselves? Or what their area knowledge is like? Or how efficient their systems / processes are?

 

[The Y-man]

We use Harcourts CLY - more for historic reasons than anything else.

The Y-man

 

[Potus]

We use Harcourts CLY - more for historic reasons than anything else.

The Y-man

Historical in the sense that you've been with them for a while?

What is their service like? Would you say they are proactive?

Thanks.

 

[D.T.]

Samantha from Qura from these very forums looks after that area, probably worth the chat?

 

[Potus]

Samantha from Qura from these very forums looks after that area, probably worth the chat?

Cheers, will do.

 

[jetski]

Hi, Im a property manager around inner suburb in Melbourne.
Hope this helps:

Do I approach PMs by sending them an email asking for a charter of services and their fee structure? - You can, try to find local agents as its easier, and they are more experienced in the area. But fee is not everything, good service and good property manager is the most important thing for your property investment. When they are closer, they are also easier to take people through for open inspections

I heard bad things about Century21 in this forum but haven't read any anecdotal evidence? I understand they are the dominant REA in this area from my research. - Not sure, I would suggest interviewing the property manager that's going to manage your property. Sometimes its the person, not the company

Can anyone recommend a PM? Is there a local independent PM or should I stick to the bigger REAs? - Try interviewing them, maybe 2 or 3.

From my research, I'll be comparing PMs according to the points below (anything else?);

Inspection Freq. - they should do 1st inspection after 3 months, then once every 6 months, so they should do it anyway. Sometimes if they have too many properties in their portfolio, inspection might not get done.
Letting [$] - depends, around 3.3 to 5.5 %
Re-Letting [$] - around 2 weeks or 1.1 to 2.2%
Management [$/W] - between 5.5 to 8.8%
Marketing [$] - they cant make money on this, usually around $350 - 400 depending on the website they use. Plus professional photos and for lease board if required (maybe add extra $$180)
Statement [$/W] - $2 to $5 /mo
Sundries [$/W] - maybe key cut
Urgent Repairs Theshold [$] $1800
Termination fee [$] - maybe break lease fee for tenant?
OFI fee [$] - usually part of leasing fee
Maintenence supervision fee [%] - maybe a percentage, different company has different structure
Tenant DB check (TRA/Tica) [$] around $12 if required per person
EOY Financial Statement [$] maybe around $5-10

Usually lease is 12 months, which can be extended. Otherwise you can give tenant 60days notice to vacate, 65 days before the lease ends, if you want to move back in.

Hope that helps.
-Jetski-

 

[Genia]

The good thing is that you can always change your PM.

When I was renting out my property I have invited 3 PMs to do estimation.

First one over-quoted, the second one walked around my property with an unhappy face. The third one has pointed at the good features of my property and gave realistic estimate. Some other PMs were not willing to come to my place after 6:30pm so I never met them.

But over the last 4 years, they assigned me another PM, then the agency was sold (or joined) to another agency, and then I got assigned another PM, and then another, now is the third one. I don't even bother to remember their names any more.

Feel confident to negotiate the rate and other fees. I know the agent who charges 5% incl GST and works with all Eastern side of Melbourne. But I cannot tell if he is good or bad. You can just use him as example when negotiating the rate.

The best of luck!!!!

 

[Potus]

Hope that helps.
-Jetski-

I appreciate your effort into answer all my questions! Thanks.

 

[The Y-man]

Historical in the sense that you've been with them for a while?

What is their service like? Would you say they are proactive?

Thanks.

Yep - we bought the unit through the agent and the guy who ran the PM side was a really interesting Italian guy. He retired after some years, but we never moved it.

They're ok - all the usual stuff like inspections, reporting when things need reporting etc.

The Y-man