Hi PC, I have a friend that is looking for help in managing their boarding house. This could be from full service, including day to day operations or it could be just sourcing tenants. Any idea where I could find such property managers? I heard they are a bit more specialised and many property managers won't take on multi-tenant properties?
Considering boarding houses in general is a niche market, a good property manager would be harder to find. I would suggest starting out with speaking to the local real estate agency and see how they would manage it and for how much, depending on the owners needs. Then hedge their bets with a competitor. If the numbers stack up and the agency has capacity I would think that's the best way?
Most real estate agents won’t touch them. Too intensive, different rules to normal residential homes tenancies... I know of one quality agent in Geelong. He does share houses / student accom. He might have a network of others that provide the same. Braden from Fresh property management.
Leaving a boarding house without a live-in manager is asking for trouble, a possible solution would be to offer free board to someone who would manage it in house.
Live-in house keeper/minor maintenance/cleaner - board costs you loss of one room (about $200-300/wk) but saves on other costs (cleaning common areas, noise issues, light bulb changes, putting bins out, damage etc).
Methinks you might need more than people skills, unfortunately boarding houses attract people who cant find other accommodation due to drink/drug problems, and you may find yourself dealing with all the problems that come with that as well as getting to know the local police very well ...
