Hi all, Thinking to self manage my IP apartment in Southbank. The property is curently managed by agent but I don't see much value added as the apartment is fairly new and tenant rarely has any issues, even if there are issues I am happy to take over the works. What are my responsibilities in order to terminate the PM service? Any website to recommend for info?
PM'ing is easy when everything is going fine, but a PM really earns their money from what they can do for you when the going gets tough. I wouldn't recommend self managing unless you know the rules and procedures very well, especially for things like rent arrears and terminations.
There may be some notice period that you must serve to terminate the agreement. After that, you'll need to get familiar with the legislation. http://www5.austlii.edu.au/au/legis/vic/consol_act/rta1997207/
Thanks guys. I do agree it gets tricky when things go sour. But something I am prepared to learn. Hence I want to be familiar with procedures and rules. My view is given that is new apartment and current tenant has good track record, risk should be lower. Fingers crossed!!
You may also need something like this to be able to advertise the property and keep track of rent payments. They have a free option you could consider: http://www.cubbi.com.au/fees
Have a read of this: http://www.smartpropertyinvestment....ers-of-self-managing-your-investment-property
That's what I once thought. One bad tenant later and I decided that a good PM is worth every penny. If things go sour, it won't be a learning experience, it'll be an exercise in loosing at every turn for you. Some people can do property management quite well, but most don't. I know one lady who owns quite a few properties. She's often felt that she can do a better job than a PM. She also has a lot of storys about how unfair the tribunals are.
So does my ex property manager But to the OP, @Khooj123, don't even consider it unless you are prepared to take your tenant to the tribunal when things go wrong. It can take up a lot of time.
I enjoy self-managing... I only have one and it is local.. With great tenants it has been very cruisey so far! The tenant union website is a super great summary of your obligations.
I had a bad PM cost me 15k once. Fought for 18 months to get insurance to pay, got most back eventually but the time lost would be worth same again. Never again. I also happen to know I personally would make a bad PM. If you are a details person, highly organised, willing to understand the legislation, stay on top of updates, keep accurate and detailed files, letters, financials and photos and also have good people skills and enjoy negotiation and problem solving then go for it.
I biased in this situation, so I'll let the others do the talking. To answer your question, check the management authority - that will tell you whether there's any notice periods. However, as a general rule of thumb no notice is required in Vic for a tenanted property.
