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I have a PM - should i also see the place myself occasionally

Discussion in 'Property Management' started by Seal, 4th Apr, 2016.

  1. Seal

    Seal Well-Known Member

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    I have an IP in Brisbane that Lu Bracher looks after well. I am going up to Brisbane for other reasons. Is is worth trying to have a look round my IP with Lu (for one of the inspections). Any advice?
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    As long as the inspection reports are good and you're being kept up to date with everything, not really.

    If you're planning on doing a renovation maybe go along on one of their routine inspections (or between tenants) so you can get an idea of what you'd like to do.
     
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  3. Marg4000

    Marg4000 Well-Known Member

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    Absolutely.

    We always inspected our properties at least annually. Keeps the PM on their toes and a good chance to get an idea of future improvements or looming repairs. Also gives you the chance to discuss the property with the PM and keep up to date with rental trends in the area. Most of our PMs encouraged our attendance.
    Marg
     
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  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Totally up to you.

    Personally - I wouldn't bother. If the PM is on the ball - the inspections are routinely carried out and are fine - then I'd find other things to do up in QLD :)

    Cheers

    Jamie
     
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  5. Xenia

    Xenia Adelaide Property Manager Business Member

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    Depends on the property and PM
    I have lots of properties that have never been seen by owners. Makes it a bit difficult to organise msintenance sometimes - they need a bigger push than other landlords but other than that, landlords do not ever need to be involved, except by choice.
     
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  6. Ed Barton

    Ed Barton Well-Known Member

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    What have you to lose? I wouldn't see this as a 'condition report' (that's why you have a PM), but more of a planning report. eg - the carpets, paint etc will need redoing in x years.
     
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  7. See Change

    See Change Timing Lord Premium Member

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    We usually don't inspect properties unless we're planning on doing work on them .

    We have bought and sold one without ever seeing it

    Cliff
     
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  8. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    I spent half of Saturday this weekend at an IP which is currently vacant working in the (tiny) garden. The PM makes sure the house is tidy and in good repair, the condition report comes up fine, they're probably not even going to suggest that it needs to be done. These bushes do block a fair amount of natural light into the living room.

    2 hours with a pair of clippers on the tree and shrubs with some general weeding thrown in, the street impression is significantly better and there's plenty of natural light. The entire house feels much better. You're no longer seeing weeds between the pavers in the backyard.

    I'm not suggesting my PM isn't doing their job well, in fact I think she's great. There is a point to how much a condition report will point out however. There's a lot of little things that can make a difference to how marketable the property is, or how much the wear and tear accumulates. I've never seen some of my IPs either, but if at all possible it's worth periodically visiting the property if only between tenants.
     
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  9. Moych

    Moych Well-Known Member

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    Assuming the other reasons your going to Brisbane are personal, then attending an IP inspection at the same time may allow you to claim any travel and/or accommodation expenses (incurred to attend that inspection) at tax time.
     
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  10. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    The only IP I visit myself on a regular basis is my vacant block of land to see what new and wonderful items have been dumped on it.

    Apart from that I have no need to go along unless the agent advises theres a specific issue which I may attend with them or arrange another time to have a look.
     
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  11. Ricky Adelaide

    Ricky Adelaide PM in Adelaide -Elizabeth Salisbury Modbury Business Member

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    Trust but verify:D. Your PM may be great but if you are in the area and can arrange to see how the PM is with your tenants, you will sleep better at night knowing they really are managing this relationship on your behalf and this is a huge part of their role - as good relationships more often lead to good tenants. As a picture is worth a thousand words, the other thing to be mindful about is all sorts of things can be absent or not photo'd at a periodic inspection. Most of the time this is not a issue but being at a inspection every once in a while yourself will give you a better idea of where you, your PM and your tenant are at- even if you only go once a year as an example.

    Or Dont..... its your property and ultimately you get to decided what works best for you ;)
     
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  12. JacM

    JacM VIC Buyer's Agent Business Member

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    If you can attend from time to time it's a good idea. In between, ensure that entry condition reports and routine condition reports are comprehensive and backed up with photos.
     
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  13. datto

    datto Well-Known Member

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    I agree with trust and verify.

    I regularly check to see what's going on. A drive by every now and then. Go in and knock on the door pretending to be spreading the Lord's word and check out what you can, maybe an unuathorised pet, loud music, drugs (then ask to join the party lol).
     
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  14. JacM

    JacM VIC Buyer's Agent Business Member

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    Or a lanyard with something around your neck claiming to be there to talk about electricity.. that seems to give you the right to turn up really often!
     
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  15. balwoges

    balwoges Well-Known Member

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    This ^
     
  16. Seal

    Seal Well-Known Member

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    thanks everyone for feedback. i was speaking to my PM today about some repairs that are needed, and am going to have a look round when i am up there in a few weeks time.
     
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  17. DiligentPM

    DiligentPM Well-Known Member Business Member

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    Absolutely...we love meeting our owners in person and Lu would too. Also, its critical to intimately know your IPs...Martin and I visit our IPs located outside Brisbane once per annum
     
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  18. dabbler

    dabbler Well-Known Member

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    If things line up, I would, I do for some repairs or problems and for preventative reasons.

    Whenever we travel to an area where we have interests, we will go and check the street and outside, in one street we found 2 new houses constructed a few doors down & one abandoned looking place that had been all fixed up and looked the part again, PM won't tell you about that, this activity can increase value.

    Also Peter brings up good point, part of the reason we also like to look is to keep an eye on vegetation, if it will take me 30 mins of pruning here and there, prefer that over blocked gutters and water damage, a lot do not pay much attention to this sort of thing.

    I also think it shows you have an interest.
     
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