NSW Calling people who self-manage property in NSW - Lets form a community

Discussion in 'Property Management' started by Bill2255, 22nd Dec, 2022.

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  1. Bill2255

    Bill2255 Well-Known Member

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    I have couple of investment properties that i have been self managing for sometime. Right through creating listing to end of lease and then repeating the cycle.

    For me I don't find it hard or time consuming and everything done remote like an agent. Obviously some people need to be more engaged if the property requires more work or tenants are very demanding.

    I wanted to bring like minded people together who already manage their property and looking to optimise their process.

    What is the purpose?
    I want to make the process more efficient with help of technology. I reckon an excel based tool can easily be setup which can act as management software without paying monthly fees. Also, it is not that difficult or time consuming to implement.
    However, more importantly we have have a small community where we can catchup once a month, share ideas on how can we further optimise, solve problems.

    Who is in?
     
  2. wylie

    wylie Moderator Staff Member

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    I'm wondering if you would get the same result by attending the regular meet-ups and connecting with other self-managing owners there?

    I self managed for over 40 years, and also found it easy, rarely had a bad tenant, and went on "gut feeling" back in the day without internet or the data bases available now, and even after we could get internet, for a long time I couldn't advertise on re.com.

    I really do think if someone is already self-managing they either are pretty good at it, or they are not good at it, in which case they'd probably hand over to a property manager anyway.
     
  3. Bill2255

    Bill2255 Well-Known Member

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    Are you able to tell me more about regular NSW based meetups in this space. How do i find out the next meetup?

    Its not about being good at it or not. If you are brilliant, why not share the knowledge. If looking to further improve, highlight problem. There is always a better way of doing it.
     
  4. Simon Hampel

    Simon Hampel Founder Staff Member

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    Or you could, you know - discuss your self management challenges with people anywhere by posting about them here on PropertyChat? :rolleyes:
     
  5. Biffnar

    Biffnar Well-Known Member

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    we self manage here in Vic, but we use agents to let out. Curious, do you let out yourself and advertise on the main websites? I've heard agents get preference on these sites and your property will languish down the bottom....Also do you self manage with interstate properties?
     
  6. Bill2255

    Bill2255 Well-Known Member

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    Thanks However, that is not the point that would be redundant post.

    Actually it is mis-wording of the title. Too bad can't change it.

    I am looking to build a small working group of upto 5 people based in NSW of people who self-manage and looking to collaborate, share ideas and more importantly work towards streamlining the process. Would suit people with tech savvy, modern and forward thinking mindset. Format would be monthly zoom meeting.
     
  7. wylie

    wylie Moderator Staff Member

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    For probably the past ten years, we've had properties let by agents, as a "let only" when we had three houses (not all ours - we were managing our parents' houses as well by then) the week of my mother's funeral. So we handed them over and kept paying for "let only" from then on.

    Before having an agent do a "let only", I was using Cubbi to get on the main websites. I don't believe there is any preference or anyone "languishes at the bottom" because private landlords could not get on the sites.

    Our properties are within a ten minute drive of where we live. And about two years ago I handed over new townhouses to an agent to manage as I didn't want to fill four at once on my own. Then we handed the remainder to the same agent and whilst I never found managing our houses a problem, adding four to the mix just made it unwieldy.

    I don't miss it now I've not had to deal with all the forms and keeping up with the legislation for two years. I won't go back to self-managing again (though I had no issues doing it for so many years).
     
    Biffnar likes this.
  8. wylie

    wylie Moderator Staff Member

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    Why not do this via this forum as Simon suggests? Then more than the five of you can learn from it.
     
  9. jaydee

    jaydee Well-Known Member

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    Rubbish! I've successfully self managed multiple properties including advertising for tenants on all the major sites.

    It is easy once you have your systems set up. I get better results than agents as I am more pro-active in managing the process.

    However, I would not try to self-manage an interstate property.
     
    Biffnar likes this.
  10. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    I used the same process and never had an issue, dont self manage now as want to direct my focus and energy elsewhere and a good PM makes a world of difference, and essentially runs itself now.
     
    Tom Rivera and Michael Mitchell like this.

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