PMs, overrated

This is proof that you don't need the expertise of a property manager to rent your property out!

 

• But was he successful?
• How long did it take?
• Did they drop the price?

 

The PM's job doesn't stop at just renting the place out though.

Edit: I'm an idiot. Joke went over my head.

 

I would take a punt that LGs post was tongue in cheek. That photo looks horrible.

 

Yes. From the post heading I was ready to jump on and point out the differences in tenant-related claims between managed properties compared to self-managed properties in support of property managers (and yes I do appreciate there are good self-managers and bad property managers but speaking across the board). But it was very obviously tongue in cheek.

 

That's the cheaper PM's in Perth, that's what 7% fee gets you!

 

Do you have any stats on this? Can you ask Wayne in SA if he'll send me brochures like that

 

I am tempted to rent the place myself. Really enticing

 

Funny thing is, the body text of the ad made it very clear that he was looking for a professional couple! Hahah.

 

We don't keep stats on it but what we find in general is (with self-managers):

• lack of rental ledgers
• lack of understanding of periodic leases and lease provisions in general
• inconsistent provision of notices to tenants
• lack of routine inspections
• inadequate in-going or outgoing inspection reports (or none at all)
• owners tend to give more leniency to hard luck stories

All these things and more can make it more difficult to settle claims easily and fairly. No doubt there are some really good self-managers out there as well, in fact a PropertyChat member was recently highlighted to me as having exceptional practices, but across the board they tend to lack in understanding of the complex legislation and how it needs to be applied.

The reality is unless you are doing it full on as a self-manager (as some on PropertyChat do and I expect do it well), it is difficult to be able to keep up with the legislation and changes etc.