Self Managing from Interstate

[Robear]

I have a long term excellent tenant in Queensland and a property manager who is pretty slack. He recently turned up unnanounced for an inspection and made the tenant quite upset.

This has made me think about self managing the property from NSW. I get along well with the tenant and payment is never a problem. The tenant also keeps the property in immaculate condition. I inspect it myself once a year.

From what I can gather I have to give the PM 90 days notice in Queensland but if they agree this can be reduced. Is that correct?

I have a list of tradesmen for plumbing, electrical and other problems that I can call but are there any other issues that might be difficult to handle from interstate?

Thanks a lot
Robear

 

[GoAnna!]

I think the toughest thing is knowing the market rent and negotiating those rent rises.

I am sometimes quite astonished at the rents my interstate PM suggests (and achieves)

 

[s_t]

From what I can gather I have to give the PM 90 days notice in Queensland but if they agree this can be reduced. Is that correct?

It depends what is in your contract with the pm. Mine is 30 days.

 

[Robear]

Thanks to you both.

For some reason the management agreement for this property has disappeared from my folder so I'm not sure what the termination details are. From the Govt websites I came across the 90 day figure but I'll give them 30 days and see what happens.

This particular agent has been lax in keeping the rent up to market. I did some research myself recently and discovered all similar properties were achieving $85 to $100 a week more than I was receiving.

I insisted they put the rent up which they reluctantly did. The tenant took the large increase without question as they knew they had been on a good wicket for years.

 

[GoAnna!]

This particular agent has been lax in keeping the rent up to market. I did some research myself recently and discovered all similar properties were achieving $85 to $100 a week more than I was receiving.

Wow they sound expensive at half the price!

 

[kyliej]

Although they may be great tenants now, things happen in the lives of even the best tenants, they lose jobs or get divorced, stop paying their rent or leave the property, then you will have to deal with that from interstate. Its difficult to get an agent to take on a property in the middle of rent arrears. Why dont you ditch your agent and find one of the many great agents that will increase your return and the value of your investment property.

 

[Modal Harmony]

Quite agree with Kyliej. If your propertry is on Brisbane southside (or Logan City area), let me know and I'll PM details re our property manager. She is managing 5 of ours and is excellent.