DIY LANDLORDS - Comparing Self-Managed Online Platforms

Browsing through the forum, I see a lot of self-managed property owners who had both good experiences and bad experiences of managing the property without a PM. I was just wondering, how many of these landlords use management platforms like Instarent, Cubbi, Rentbetter, or Eezirent.

I looked into their websites and they seem to have a lot of traction (especially Instarent), but all of them have similar functionalities. So my questions are -

1. What are the challenges of using these platforms and are they missing any important features?
2. In the worst case, what happens when you need a PM to deal with an issue? Will these companies provide support?

My apologies if this has been discussed on a different thread. The idea of a tech solution seems exciting, but I wanted to hear from someone who had first-hand experience using these tools before signing up with them.

Thank you in advance! Appreciate everyone's time.

PS: I'm not a property investor, just curious and also helping out a friend. I understand the downsides of not having a PM and that it's not bad until it's bad, but my question is more towards understanding the upsides & downsides of these platforms.

 

Your post does not sound genuine. You say that you are not a property investor, so if you are not a property investor why would you be signing up with any of those companies?

Is this for a Uni exam?

 

They will lavish you with praise for your insight, generously offer all the assistance that they can provide, 5 star customer service, personal attention, the most senior property manager in the office until you sign on the dotted line, then leave you in the lurch as you will become too needy, require too much feedback, reassurance, raise the lack of detailed supporting documentation and slowly lower your expectations of a successful outcome at Tribunal.

 

My apologies for not being clear. This was my first post and thank you for flagging it.

As I mentioned, I'm helping out a friend who has a property in Robina and is currently with RayWhite. We were discussing these platforms the other day and it seems to be an option that he would like to explore, therefore the research. They seem to be big but I don't know anyone who uses them.

Also, I'm not a student anymore (recent pass out) - need to update my profile

 

OK, well if it's for a friend, then this is something for your friend to research.

 

Imo the best help you can give your friends here is to help them get rid of the idea to self manage and stay with a PM.

 

100%

 

I don't have first hand experience of the tools, but I work in the residential tenancy industry in the way (particularly with the disputes) and it sounds like the tools help with the easy aspects of property management, but not at all with the hard parts.

Which seems pretty useless to me.

 

Thank you for the advice!

Would be great if you can please elaborate on the reasons so that I'm better loaded with information. What do these platforms lack?

 

If you friend cant be bothered to ask the question, and they are the ones with the property…..

why would your friend want the info filtered through you?

 

Just let your friend know about this site.....then it's up to him to do the research on his own property.

 

These platforms lack human interaction. They cannot:

- advise whether an application is potentially a strong one or has red flags
- build a relationship with the tenant so issues can be resolved efficiently and fairly
- determine if property is sufficiently clean/dirty/damaged
- provide continuity to realise whether eg a leaking tap is an ongoing issue or a one-off

Just a very short list of examples.

 

Cant wait for someone to turn up with a recommendation

 

I use Eezirent for advertising (on re.co & domain) as well as NTD checks. Once you have your properties loaded with photos and details it is really quick and simple to get an ad online. When I need to re-advertise for tenants, I can complete the update and advertising process in less than 5 minutes at a cost $130 per ad (until leased).

I self manage in WA and think it best to read up on the requirements for your particular state. These are readily available and easy to use.

 

I took the self-manage bit further....
I built my own software to manage payments.

It sends PDF payment requests by email (it's a thing when your tenants are idiots that cannot remember to pay every 1st), SMS to remind them to check their email, auto receipt when payment is made and provide me with report for tax time.

All the rest of the docs and stuff is done with files organised in an encrypted storage.

 

Wow!

When I sign up a new tenant I simply put their payment schedule into Outlook calendar (eg fortnighly payments). I always recommend that rent is paid by scheduled payments. If payment is not made on the day, I send a simple email reminder which normally sorts the issue, otherwise a Breach Notice is sent. Fortunately, haven't had to Breach for quite a while.

 

That's super cool!
I guess these platforms claim to have the same functionality.

How do you tackle maintenance issues?

 

Noted. Thank you for your answers and the tips!

 

* As recommended before, first thing: learn the act!
Like sit and read the boring document that is the real act, not any website that made it simple.
You don't have to remember everything, but at least you should know the basic stuff and where you might find an answer.

* If you can, have relationship with tradies. Mainly plumber, builder and electrician.
I personally have close friends that can do everything. If they cannot - they know who can.
If you don't have such friends, find someone local who gets recommended by people and whenever you have anything - send them over and pay them immediately. Tradies that get paid quick without needing to chase you will remember you and be happy to work for you.

* Have a tenancy solicitor you can turn to. For fee.
I have a mate who's my solicitor. He's close enough to want to do it for free, but I pay him anyway even if don't want to so I can turn to him whenever I want without feeling I'm using him.

* Make sure you ask the tenants to call you immediately when things happen.
Then respond to it as fast as you can.
Let them know you're attentive to their needs.
Most tenants are normal people who just wanna live in the property, pay for it on time and get on with life.
If you make them feel and know you're not just some greedy investor who sees them as money making creatures - they'll keep the place in a much better state. They will also let you know when things are starting to fail.

* Be prepared to spend money. Have an IP means maintenance. It's part the whole deal. Sometimes - you spend more then you get and it seems waste of your money. It's not!

* If you feel you're being taken for a ride, be quick to act.
Even though most tenants are normal people, you might get the odd entitled pricks that think the world owe them something.
If you hit one of those - find the way to get rid of them and move on. It might (again) cost you money, but ****** tenants can be stressful. They know where your property is and they can do all sort of damage.
You have ways to maybe recover some of the money, but it's a long and nasty trip. No one wants it.
I've got such tenants now and we're in a few months chess game: moves and counter moves.
I believe I'm check-mate them, but it's still to be seen in 14 days.

*** HAVE LL INSURANCE!

 

Just get a PM and be done with it. It's such a no brainer decision for the vast majority of Australian real estate locations. And you're reducing your legal liability (aka risk) by a ton.