NSW Property managers exclusive for investment properties

I noticed my previous thread on why it is so difficult to find a good property manager from 2017 is still being replied to - so obviously this issue is real.
Why is it so hard to find a good property manager?

Rather than tacking on the question to that thread, I have a follow up question that may steer the conversation in another direction.

So I've switch managers since then and its still crap service. Nothing ever being managed properly and I'm constantly find myself needing to step in.

Someone mentioned to me there are managers exclusively for investment properties. Not part of the real estate arm where the PMs lack experience and are overworked because of the high agent to property ratio and so do such a bad job.

Has anyone used these exclusive investment property managers before - i'm not sure what they are called. I don't mind paying a bit more for the job actually being done properly! At the moment, I may as well manage my property myself, but I don't have the time for that.

If you have used them:
1. Do you find them any better than the real estate ones?
2. How much are their fees generally?
3. Is there any you can recommend in Sydney? I'm around Hornsby Hills area.
4. Is it important to find one local to the property? I find that in the area I'm at, the tenants like to be able to pop into the real estate office in person once in a while. And sometimes when there are issues with the property, I find agents closer to the property less hesitant to pay the property a visit.

 

I'm obviously quite biased, but there's plenty of companies out there. Some with local offices, some that work from home and ones that have an office but cover a larger area.

They're not always better, like anything it comes down to the person and the company you're dealing with.

The systems and tech that are available now cut out a lot of need for tenants to visit the office, but does depend on the demographic. I tend to do key handovers at the properties, even though I have an office - you mind find someone that does that.

Personally (again somewhat biased) I think the majority of people that run their businesses - especially small businesses, have more skin in the game and tend to do a better job and are more committed - which again means they may spend more time on your property than Joe down the road.

Make your own judgements and I'm sure someone here will know someone in the area. If not, good old Google will spit something out.

 

I'm not sure I really understand?

What other rentals are there out there that aren't IPs?

Or do you mean a company that only does property management and isn't also a real estate agency?

I find no difference between the 2. Like @Lil Skater I find that the better ones are owner operators where the licensee is heavily involved in the day to day running. My PM has a mere 3 people in the company and they are on top of everything.

 

I am also biased, but separate to having my own property management business, I also use @Tom Rivera for my QLD properties and @D.T. for my Adelaide ones and have found the service, communication and accountability so very much better than what I'd experienced the previous decade (esp in QLD) from PMs that work for sales focused agencies.

Also I've found the fees to be totally comparable, and possibly more negotiable for investors with multiple properties. I know my fees are the same or lower than other sales agencies in Sydney.

In terms of location, I know both Tom and DT cover the whole city and I don't find it to be an issue. Because they're the owners of the business and inherently understand what an investor is after, they'll work around location restrictions to make it work. I know personally the software I use and the ability to sign documents electronically & having a network of trades makes it possible to cover a large area.

 

I use exclusively property management companies in QLD.

I've found it's very dependant on the actual manager. I have two properties with the same company, and a different 'manager' for each.

With one, communication lacks badly, and I'm finding myself having to follow up everything, otherwise nothing gets done. I have to manage the manager. I'm rather disappointed with the service.

With the other, they're on top of everything, they're very quick to action, and generally fantastic.

I'm very close to asking for the good manager to take over my other property too.

 

1. Do you find them any better than the real estate ones?

Yes, they specialize in property management, some have been PMs for over 15 years. I found my good PMs in real estate firms leave to become Sales Agents.. and then you are left with a newbie.

2. How much are their fees generally?

They are still competitive with price (they have to be, otherwise, people wouldn’t use them).

My IP in a major city charges 6.6% (inc GST)

My IPs in regional city charges 7.7%, but again this is the going rate.


4. Is it important to find one local to the property? I find that in the area I'm at, the tenants like to be able to pop into the real estate office in person once in a while. And sometimes when there are issues with the property, I find agents closer to the property less hesitant to pay the property a visit.

IMO- Yes
I think from a tenants perspective, they are likely to stay if the PM provided good service. For e.g. my tenants recently locked them selves out of their unit. My PM, who is based 5 mins away, was able to go there with the spare key straight away.

 

I was just trying to change to a rentals only agency, turns out they wee out of the office, gone home early or something, when I caught up with them, they were not really interested....i.e...not wanting to grow business, went to another that also does sales cause I remember the owner was growing the business and also was a easy person to talk too, turns out his staff have far less to look after per person, and have a significant staff.

So, you just cant make such easy assumptions on either type of business.

I wonder why you have to step in all the time, what things could they possibly be doing wrong in the first few days or week ? Maybe it is you possibly ?

 

Thank you everyone.