what your PM does that you as a landlord are not comfortable doing?
I expect him to be invisible.
I just want to see the rent coming in every week with regular increases.
Even if the PM just rings me and repeats the whinges parrot-style before asking me "what do you want me to do?", it is somehow easier hearing this second hand. And a good PM will filter out all the **** and simply give me the facts; eg air-conditioner is faulty, rather than subjecting me to the accompanying story about the tenant's last electricity bill or how they are 8 months pregnant and the heat is really affecting them etc etc.
I expect a good PM to notice when a lease is coming up, when the tenant is going bad and to know what do do about it!
How to plan maintainance and have a good rapport with a group of trades(people). To attend professional development, be knowlegeable about landlord tenant act.
To be a good communicator (able to use an email, scan a pdf, and use skype)
to be mature enough, to have a heart, and to know it their gut when the wool is trying to be pulled.
To understand that an insurance policy is 'written in the negative'
and to be a good enough negotiator, not to have to end up in the tribunal!
I expect them to have their own investment properties.
Apart from that, I expect them to be able to have a wonderful life and a good rapport with their local community, and be well respected!
I've enjoyed reading the posts so far on what a self managing vs using a property manager, so I thought I'd start a thread on what a property manager actually does, or what your PM does that you as a landlord are not comfortable doing?
What do you seriously expect from people with limited experience on $45k per year and no uni qualifications in property??
oh... I'm happy that I don't fall into this catergory! B.Ec Sydney, CIV Training and Workplace Assessment, Fully lic. R.E agent, Interior Design - CATC, pending JP(Qual) + being a seminar and information junkie....
Lura, you sound like a really good PM.
It sounds like you could run a rent roll out of your house, get word of mouth recommendations and keep it tight and working well, but perhaps that would not be valuable like a rent roll would be attached to an agency. Is that right?
It sounds like (if you were not trying to build up a rent roll to sell later) you could make a pretty good living being a PM, and working from home. Are you planning on building up a good business and then selling the rent roll to an agency?
Perhaps there is a niche market here. It sounds like good PMs are as rare as hens teeth, so you could be like a boutique selling agency, except a boutique property manager.
If I wasn't self-managing I would ask you to manage for me because you sound like you know exactly what you are doing.