What's Provided by Managers

Hi all,

I am new to the site and am thinking of creating a property portfolio and with that would be an agent to manage it/them (in the long run). I have heard some quite horrible stories about poor management.

I was wondering if those of you who have already got a portfolio and have a manager in place or change managers for what ever reason, could you possibly give me some guidance on what I should expect managers to provide as a service and at what cost (I live in Brisbane).

Also what would be your non-negotiable's on what they are offering and what you would want from them?

Your guidance and suggestions would be really appreciated and allow me to make better choices.

Regards,

Richard.

 

Hi Richard,

Happy to put my schedule of fees up as an example for you to peruse:

 

Michael,

thanks for this, I am looking at this from both sides of the fence, I would like to see what successful property investors expect and for want of a better term, demand from Property Managers.

Cudo to you for being the first Property Manager to respond.

How do you deal with difficult tenants if one slips through the vetting process?

Regards,

Richard.

 

Read this thread and you'll get a good idea...
(SYD) How much does your PM charge you?
I also recommend you read many other threads in this section "Property Management" so you are more educated in the issues you will face. It is great that you have the foresight to investigate now rather than after you have purchased residential property.
Unless you already know an honest, reliable and competent managing agent that does not charge excessive fees or unless you are happy to manage your rentals yourself then I recommend you look at other methods of making money from residential real estate. From a WA perspective, avoid using real estate agents/managing agents altogether since they will steal as much money as they can from you and do as little as possible.
Read some Australian authored books on real estate investment to get other ideas.
Perhaps even look at commercial real estate or something else where there is no one between you and your investment leeching the profits from you.

 

Hi Richard,

It's not a case of them slipping through the vetting process, perfect tenants on paper through the application process can turn into imperfect tenants the moment they get the keys, there is never a guarantee. As an investor you need to hedge your risks with insurances.

Anyway when Tenants won't comply and all other avenues have failed you have little choice but to enforce the Lessors rights through the court. Recent example below: