Self Managing IP

C

chrisp

Hi Guys,

Firstly let me say, I love this forum and have found some really good advice about taking the step to self manage my IP.

I've checked my agreement and there is nothing stating that I need to give the PM a period of notice.

Even though the Lease still has 1 month left to go can I end the agreement effective immediately? If so, is a couple of days a reasonable amount of time to expect them to have all the documentation ready?

Thank you all for your time.

Chris
 
If you under stand all the rules or a lot of them, have the time, and have a solid gold tenants who will never default, then self manage and save 5%.

If not, it is very unwise decision. Surf tenant default and self manage posts to see what has gone wrong.

Peter 14.7
 
They may get pissed off with only 2 days notice and take their time giving you all your documentation. I'd give them a week - How do the tenants pay? and how often, because if they pay to PM, you will need time for the tenants to change their payments and the PM has to do the adjustments from rent. I manage all my IPs except one in Melbourne and I have changed PM there but can't remember how long it took.
 
Thanks guys,

I'll end the agreement at the end of this months rent cycle. That gives them a few weeks.

Peter 14.7
I've got a really good tenant. Been there for 2 years and never missed a payment.
As my PM didn't bother showing up to the yearly inspection yesterday I got to have a nice chat with my tenant. He is also unhappy with the PM and is happy to deal directly with me. Plans on sticking around for a few years minimum.
As I have been mainly responsible for managing any maintenance issues with the I.P. I find it a waste of money when the PM doesn't actually do anything other than call me to let me know there is a problem. It is then easier for me to deal with.

Thanks again for your replies.

Chris
 
chrisp said:
Thanks guys,

I'll end the agreement at the end of this months rent cycle. That gives them a few weeks.

Peter 14.7
I've got a really good tenant. Been there for 2 years and never missed a payment.
As my PM didn't bother showing up to the yearly inspection yesterday I got to have a nice chat with my tenant. He is also unhappy with the PM and is happy to deal directly with me. Plans on sticking around for a few years minimum.
As I have been mainly responsible for managing any maintenance issues with the I.P. I find it a waste of money when the PM doesn't actually do anything other than call me to let me know there is a problem. It is then easier for me to deal with.

Thanks again for your replies.

Chris
Click to expand...

Sounds like a very poor PM.

If you can get tenant payments made by auto deposit to your account. Peace of mind for you and if tenant objects this is a flag. Learn up on the rules re notice, written, verbal, inspections, etc.

Very few of us select a bad tenant, they go bad with time. They lose jobs, have babies, get a new partner on drugs, get into drugs, have flat mates who party, they can die!

Good Luck and we all assume you have landlords insurance with either EBM or Terri Scheer.

Peter:)
 
Peter 14.7 said:
Sounds like a very poor PM.

Very few of us select a bad tenant, they go bad with time. They lose jobs, have babies, get a new partner on drugs, get into drugs, have flat mates who party, they can die!

Peter:)
Click to expand...
Very true. I've had all of the above. The problem is, when it came to the crunch, I had to deal with it. Most of my past (and current PM's) could not satisfactorily deal with the situation. I'm not saying they are all bad, in fact I've had a few brilliant ones. The problem is I'm currently in a situation where the time is right for me to take this IP over. The fact that the agent has turned over 4 PM's in the last 11 months has forced me to act.

Thanks for your advice.

BTW I do have landlord insurance. Learnt the hard way....

Cheers,

Chris
 
Hi Chris,

Not one size fits all. Some people/properties are suited to Agent managed and some are suited to self managed, so I say go for it give it a go.

I have come across some pretty bad property managers, although this may not be to do with the agent themselves, maybe they are managing too many properties and therefore cant manage yours properly.

The laws are getting more and more complicated however I think its good because atleast it clearly states what you need to do. Also the government websites now have heaps of information and resources for DIY landlords.
 
Last edited by a moderator:
I'm considering doing the same thing. Excellent tenant and unhappy with current PM. In terms of handover material what can I expect to receive?

Keys
Signed lease
Copies of any correspondence
Copies of past inspection reports
Copies of tenant application and references

Anything else missing?
 
oneguy said:
I'm considering doing the same thing. Excellent tenant and unhappy with current PM. In terms of handover material what can I expect to receive?

Keys
Signed lease
Copies of any correspondence
Copies of past inspection reports
Copies of tenant application and references

Anything else missing?
Click to expand...

Copy of the tenant ledger - probably the most important part! This shows the payment history of the tenant and also where they are currently paid up until.

Also make sure you have the agent provide you with a transfer of bond form, all you'll need to do is sign and return to the bond board for transfer of the bond.

Good luck! :)
 
Very timely thread as I'm considering self managing also.
Why is it so hard to find a PM, that can actually do what they promise :confused::rolleyes:
 
The issues I've found is that its all exciting to get a the new management (as a Property Manager) and its easy to say what you going to do but actually doing it is a different story. Very frustrating for a landlord.

I've actually done some videos (and blogs) about managing your own property that may help. Amateur quality but content should help haha.
 
chrisp said:
BTW I do have landlord insurance. Learnt the hard way....

Cheers,

Chris
Click to expand...

Don't forget to notify your insurance company that you will be self managing. Some don't insure when self managing, others charge more. But they may refuse to pay if you don't notify them and you have a problem.
 
Hi Chrisp, its unusual its not part of the lease, here in QLD you must give an agent 90 days notice how did you go?

There are options though still to get out of it,
1 being if they agree
2 you can pay them out their owing management fees and take the property over on payment
 
Jenni, its interesting how different the law is in each state, and also how differently people read the law in each state. In QLD the reference is to a minimum of 30 days, to a maximum of 90 days, depending what is written in the box. If the box is empty, the minimum is 30 days. I have been told that the wording of the Act pretty much confirms it is against the Act for a termination to be less that 30 days. Regardless of the relationships of the parties. Go figure?
 
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