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PMs, overrated

Discussion in 'Property Management' started by LifesGood, 10th May, 2016.

  1. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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  2. Scott No Mates

    Scott No Mates Well-Known Member

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

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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  4. Mumbai

    Mumbai Well-Known Member

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

    brettc Well-Known Member Business Plus Member

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    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.
     
  6. bob shovel

    bob shovel Well-Known Member

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    That's the cheaper PM's in Perth, that's what 7% fee gets you!
     
    Perthguy likes this.
  7. D.T.

    D.T. Adelaide Property Manager Business Member

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    Do you have any stats on this? Can you ask Wayne in SA if he'll send me brochures like that :p
     
  8. jins13

    jins13 Well-Known Member

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    I am tempted to rent the place myself. Really enticing
     
  9. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    Perth WA
  10. brettc

    brettc Well-Known Member Business Plus Member

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    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.
     
    D.T. likes this.