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When to engage a PM

Discussion in 'Property Management' started by Nicho32, 10th Feb, 2016.

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  1. Nicho32

    Nicho32 Member

    Joined:
    7th Aug, 2015
    Posts:
    13
    Location:
    Melbourne
    So to provide a little context I've had an offer accepted on my first IP. It's in Brisbane and I'm located interstate and have not physically seen the property . At this stage the contract is subject to finance and B&P (which is happening this afternoon). I have negotiated early access to allow me to paint and clean the property upon going unconditional. I may need to perform other work such as installing fences, changing flooring and light fixtures, installing AC etc which will probably have to happen after settlement. As the thread title suggests I am unsure of when to engage a property manager. I would obviously like to secure tenants and have them move in as close to settlement as possible but will probably need to complete the work prior to photographing the property. Should hire a PM now, wait until the property goes unconditional or wait till a later stage? If i hire a PM now will they inspect the property for me to give me a better idea of its condition the rent achievable and what else may need to be done?
     
  2. MsAli

    MsAli Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,147
    Location:
    Sydney, Australia
    @Nicho32 I'd connect with a PM right after going unconditional. As of now you are dependent on finance approval and B&P. PM should be able to help you organise for the minor repair works..
     
  3. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,116
    Location:
    Melbourne, Australia
    Hi @Nicho32

    I agree with being sure you connect with a PM immediately after going unconditional. In the meantime you could spend your time talking to PMs in the area to understand their service levels etc, and deciding which PM you will be using so that when you're unconditional you're ready to hit the ground running with signing a PM on, and advertising for tenants. This presumes of course your terms of sale permit you to advertise before settlement.
     
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,154
    Location:
    Canberra and Sydney
    Agree with the guys above - once you go uncon, start talking with a PM and try to get everything lined up so a tenant starts paying you money asap :)

    Cheers

    Jamie