VIC Pros and Cons of Same/Different Property Manager

Discussion in 'Property Management' started by Traveller99, 24th Oct, 2019.

Join Australia's most dynamic and respected property investment community
  1. Traveller99

    Traveller99 Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    612
    Location:
    Settled
    Am close to purchasing an additional property for my portfolio and thought about the pros and cons of same or different property managers.

    Am currently very satisfied with my current arrangement but reaching out to people to see if I'm missing anything i.e. benefits of different property managers/companies for a growing portfolio.
     
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    7,283
    Location:
    03 9877 3000
    If you're really happy with your existing PM and the next property is in an area they service, I can't see any reason why you'd go elsewhere.

    * You already know what you're getting and you're very happy with that.
    * They may be able to give you a small cost saving on their fees or other things because you've got more than one property with them.

    Most property managers are fairly decent at their jobs, but often they've got more going on than they can easily handle. There are a few that are terrible and a few that are fantastic. I've generally found the terrible ones are also the budget PMs.

    If you think that your PM is fantastic, why would you consider going elsewhere? A budget PM might save you on their management fee, but will likely cost a lot more because they don't have the resources to do a great job.
     
    Last edited: 24th Oct, 2019
  3. Sackie

    Sackie Well-known cafe bum of the East Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    22,660
    Location:
    Vaucluse, Sydney.
    I would be thanking my lucky stars I have a half-decent property manager and don't even think of leaving their behind.

    Maybe try to negotiate a better rate due to the increased business you're giving them.
     
    Dan Wood and Michael Mitchell like this.
  4. Pumpkin

    Pumpkin Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    1,181
    Location:
    Brisbane
    Congrats on another IP, and most of all, Congrats for appreciating your current PM.
    Whilst you consider whether you'd use them for your new IP, I believe they would evaluate whether to take you on on not, especially if the location is not within their strong area. We have to turn down a couple of potential clients because we believe we wont be able to serve that locality.
    So my question is, where is this new IP located, whether it is within close proximity with the current one?
     
    Dan Wood and Michael Mitchell like this.
  5. Travelbug

    Travelbug Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    843
    Location:
    Gold Coast (from Sydney)
    I have a few with each agent, depending on area. It is easier to have them with one agent.
    Dealing with one person instead of different ones for each property.
    One statement with all bills attached instead of many emails with statements.
    Of you have a good agent, stick with them.
     
    Dan Wood and Bradley Peet like this.
  6. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    18,470
    Location:
    Sydney
    Volume tends to reflect well too. The agent will not want to upset a good landlord with 5 properties but may see a single property owner as just another. especially if the 5 property owner has bought 2 or three through that agency.

    The benefits of a good PM as a potential to locate good property for sale shouldnt be ignored.
     
  7. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

    Joined:
    6th Jun, 2017
    Posts:
    1,302
    Location:
    Sydney
    Also having one software system and set of accounting practices mean you don't have to get used to different disbursement dates or getting used to different statement formats.

    I also generally put properties for the same owner on the one statement (unless requested otherwise), so its a lot less paperwork/reading. If your current PM has a portal then all your property data and documents are all in the same one place.
     
    Michael Mitchell likes this.

PFA Property Expo is designed in a way that visitors can gather maximum real estate knowledge with added benefits. Different speakers will be presenting on different topics as where to buy, when to buy in this market...