Self management - instarent, eezirent

Discussion in 'Property Management' started by Trall, 10th Mar, 2021.

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  1. momentum26

    momentum26 Well-Known Member

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    Curious to learn what more were you able to do in that situation, that the agent couldn’t?
     
  2. skater

    skater Well-Known Member

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    Do you like repeating yourself. Post 9 and post 15 are identical.
     
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  3. skater

    skater Well-Known Member

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    THIS! Daughter is a PM and runs a small management agency. Nowhere near 500 properties.

    I also use similar services in different areas. Small businesses who give much better service than the large Agencies. In saying that, though, even the large agencies don't have one PM looking after 500 properties.
     
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  4. Kubcat

    Kubcat Member

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    Ladies and gentlemen, I thought a forum was to share ideas.

    I have been in property with my family for 30 years plus, we have about 2 dozen tenants including residential, retail and commercial.

    I came across this forum when searching for information on how others solve property related problems.

    We have a mix of self managed and agent managed properties.

    I gave you my honest experiences, if you don't like them, so be it.

    And for the 500, yes there is a team of admin staff behind the property manager. If you don't believe what a busy office can do, well I am not here to change your mind. I am sure there are offices with only 50 or so, but do you want your property to be priority number 1 or priority number 50?

    The crux of it is that no one is as focused on your property as you. You are the one that hurts the most when the property is losing money, An agent's first priority is to look after the whole portfolio, not your property.

    Agents are great for market intelligence, what leased for how much etc and can be good for busy people who their investment property is not their main focus.

    Each to their own.
     
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  5. Mat

    Mat Well-Known Member

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    I don't think it's necessarily that, although do bear in mind that many of the posters on this forum are in fact property managers, who will of course disagree with your opinions on the value they do or do not add, especially when you say things like "an agent's financial incentive is not to keep tenants long term".

    Protecting their own reputation and value proposition I think you'll find is a pretty powerful financial incentive for any good property manager.

    The way you put your opinion into words it seems from an outside view (I'm not a property manager, thanks, I'm just keeping my ear to the ground in case property investment ever becomes something I want to get into) like you're saying all property managers are bad, and when your first two posts are both identical and a day apart praising a self-management app, I have to admit it does seem suspicious.
     
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  6. qak

    qak Well-Known Member

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    I'm sure I could do some things better without my PM, others not.

    For example I'm waiting to find out when a tenant fixes something they broke - I'm more likely to follow this up, but the agent doesn't (& doesn't tell me where it's at either - which would be fine if it was getting done promptly, but it's not!)

    But as to lease renewals, negotiating rent, researching rents, vetting potential tenants - he can do it better than me, and has systems to keep track of all that stuff.

    It's more that I don't WANT to do this stuff (because I'm time poor). So I pay the agent to do this.

    As to paying some of these not-an-agent services to do not-very-much, I agree that a spreadsheet or basic accounting package could do the same.
     
  7. thatbum

    thatbum Well-Known Member

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    What would be your views on using these platforms versus just self managing?
     
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  8. Trainee

    Trainee Well-Known Member

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    For the small investor who has a couple of ips in different states, imho not worth self managing or using the rental platforms yourself. Too much time needed to learn all the rules. Better to focus on the day job and investing instead.
     
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  9. jaydee

    jaydee Well-Known Member

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    Self managing is not hard, but I do not recommend for anyone working full time, not versed in the rules or who cannot deal with conflict.

    Self managing saves around 15-20% of the rental income, but in my case over the past 10+ years I have actually found it much easier to self manage than to to deal with property managers who contact you with incomplete details on problems or issues.

    Prior to self managing my properties I found I was just managing my property managers!

    And before all the PMs jump in, yes there are good ones and bad ones, but they do change. You also don't often know you've had a good one until you have a bad one.

    Also for the record, for rentals I use Eezirent for initial advertising , but not the ongoing subscription for managing the rental. My leases include a payment schedule and I have reminders in Outlook to check rental payments so it it pretty easy to see if payments are late.
     
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  10. Scott No Mates

    Scott No Mates Well-Known Member

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  11. Kubcat

    Kubcat Member

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    Fair enough, that makes sense.
     
  12. skater

    skater Well-Known Member

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    What? Sure there are some Property Managers, but there are some IT people, doctors, nurses, policemen, taxi/uber drivers, retired people, students, project managers, tradies etc. Property Managers actually make up a very small percentage of the forum.
     
    Last edited: 6th Nov, 2021
  13. Scott No Mates

    Scott No Mates Well-Known Member

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    You forgot - landscapers, brickies, surveyors, qs's, accountants, brokers, big game hunters, town planners, builders, slum lords, lawyers and a few others.
     
  14. skater

    skater Well-Known Member

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    Roller Skaters......

    I wasn't going to name EVERY possibility, that's what the etc. was for.:D
     
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  15. Scott No Mates

    Scott No Mates Well-Known Member

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    I thought I captured you under "big game hunters"
     
  16. skater

    skater Well-Known Member

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    LOL! Because the wheels make me go faster?