Questions on self-managing

Yep, the old manage the manager, this is often required, some of them make things more complex, but it is good to have a filter. Most places you can find a better PM, sometimes you can't.

Well if you have the free time and will save a chunk & do not get sucked into every request, then it seems you may be saving quite a bit, seems excessive for a capital city. I would just make sure you leave on good terms, so you can go back, any reasonable business will understand you have the time and want to have a go, if they have selected good tenants for you, then it may be worth having them do that part for you.

 

Bloody hell... Those fees seem excessive!

 

That's Perth for you. Maybe DT branch #2 can be there

 

I think Property Managing is an excellent use of time for a Work at home Mum. Apart from all the other tasks you do.
Could I suggest; Set aside 2 hours for instance, say, a Wednesday Morning.
Use that time to network tradespersons, read The Act pertinent to WA, and generally 'keep up to date' practise dialogue for 'arrears' conversations with tenants. 'Moving in' conversations, and any other items you may require to keep up to date on?
I hope this helps
Good Luck!

 

Managing your property is like any other business, it’s about the relationships you build that will help determine whether you are successful or not.

Of course you need to find good quality tenants, it’s like making sure you have sound foundations, so put in the time and try some of the resources already mentioned above.

A property manager (whether it's yourself or a professional agent) needs to establish sound respectful relationships with the tenants. Your tenants are your customers and poor property managers treat your customer like the enemy, thinking they are looking after your interest. It’s a two-way street, treat your tenants with respect and they will respect you and your property. Treat them with disdain and they will act accordingly.

The Department of Commerce website provides an abundance of information for those who want to understand their rights and obligations under the law, and the Act is freely available for all to read. RESIDENTIAL TENANCIES ACT 1987

If you only have property in WA, then you only need to understand the law in WA. Yes, the law does change from time to time, but the last time there was a significant amendment to the Residential Tenancies Act 1987 was 2011, so those amendments are few and far between.

 

In Perth, 10% flat is the cheapest I know of, but people seem to recommend against them.

Thanks all for your advice. Will take them all in.

 

The one I use over there is well priced but only services a few suburbs.

 

Hey D.T
I am in Perth and looking for a PM at the moment. Do you mind sharing which suburbs your agent service?

 

North / eastern. I'm not sure on his boundary but basically Helena, forrestfield, Guildford, ellenbrook, banksia grove, and surroundings

Tell me where abouts your property is and ill ask him if you like, or perhaps recommend another.

 

Hi Chibs
How did you go with this one?

 

Hi Xenia,
I managed to advertise for tenants on a few websites. Rental market is slow in Perth , there are a lot more properties being advertised this year compared to previous years (at least in the area I'm looking at). I only just got one query earlier, will contact the person tomorrow.

 

I self manage 2 of our properties. Had no experience previously and have been doing it for 3 years.
We get an RE to find tenants and the cost is 2 weeks rent.
Overall I would say given the effort I've had to put in over the last 3 years, I'm glad I haven't been paying PM fees.

 

Yep, Perth market is as slow as a wet weekend at the moment. You'll need to undercut other people to get someone in.

Yea it can definitely work for some people and I don't want to take anything away from them. There's a few self managers on these forums and they do a sterling job.

Where some people fall in a trap is when things start getting bitter or more difficult (any monkey can collect the rent each week of course) and whether you could handle those situations. The tenancy legislation also updates regularly and this needs to be kept on top of.

 

I totally agree. You can't be slack with problem solving and confronting sticky conversations if need be. Self-confessed control freak here

 

Been lowering the asking price hoping to get someone in faster. What else can I do ?
The average rent is already 25% lower then what it was 3-4 yrs back. 6 months ago I thought we are already at the bottom and I was proven wrong.

Those sticky situations are what I'm worried about, eg. having to go to to tribunal. Even my PM avoids tribunal and prefers to take the easy way out.

 

Hi all,

What do I do with rental agreements when moving from having a PM to self manage ? Do I get the tenants to sign a new rental agreement ? Regarding bonds, I assume I just have to submit a bond variation. What other documents would I need to modify other than these two ?

 

You shouldn't have to vary either of them actually. Just get the a copy of the paperwork from your PM.

For the lease you just have to notify the tenants of the change in contact details - note you have to give them your residential address for service if you don't have an agent.

For the bond forms, off the top of my head, you don't have to do anything. The parties remain the same and I can't see why you would need to do anything.

 

I am going to have a crack at self managing my granny flat when it comes online soon. The way I see it is they will be my neighbour anyway so what' the point in paying an agent.

 

Well I always think its more of a question of "do you know what to do when something goes wrong and you need to terminate the tenancy and make a bond claim?"