Most things have been said already, but will just add a couple of things.
It really is an individual choice, there are pros and cons of each, as there are good and bad property managers.
One guy I used was an independant manager and ripped me off $1600 on the one property he managed, someone else he ripped off $27,000. I was going to put quite a few properties with him, luckily I didn't. Many people are after him, his name is John Pomana if you ever come across him, and was living in Hawkes Bay. He said he was moving to Auckland, but with the number of people after him, he probably went overseas. This is obviously a rare case - he was keeping bonds unbeknown to us, also had the rents credited into his account and paid us monthly. By the time I got the tenant to cancel the payment to him 6 weeks after the last payment, he had another 6 weeks rent. He managed one of mine plus about 40 others for investors in Hawkes Bay for several years before doing a runner.
I do use a manager for 3 other properties a couple of hours away and they are fine. I prefer to manage the others myself as it only takes me a very small amount of time each week. When re-tenanting, you generally have more people to choose from as there is no fee to pay to the property manager. I actually have used Ed above in one Napier property to re-let a few times and he has been great, although I do still manage it. Sometimes can depend on how much time you have available at the time. You can get a manger to find a tenant, then still manage it yourself.
I don't think there is a case to state that everyone should always use a manager, or no-one should use a manager as all investors' needs, wants and desires are different.
Regards
Graeme Fowler
It really is an individual choice, there are pros and cons of each, as there are good and bad property managers.
One guy I used was an independant manager and ripped me off $1600 on the one property he managed, someone else he ripped off $27,000. I was going to put quite a few properties with him, luckily I didn't. Many people are after him, his name is John Pomana if you ever come across him, and was living in Hawkes Bay. He said he was moving to Auckland, but with the number of people after him, he probably went overseas. This is obviously a rare case - he was keeping bonds unbeknown to us, also had the rents credited into his account and paid us monthly. By the time I got the tenant to cancel the payment to him 6 weeks after the last payment, he had another 6 weeks rent. He managed one of mine plus about 40 others for investors in Hawkes Bay for several years before doing a runner.
I do use a manager for 3 other properties a couple of hours away and they are fine. I prefer to manage the others myself as it only takes me a very small amount of time each week. When re-tenanting, you generally have more people to choose from as there is no fee to pay to the property manager. I actually have used Ed above in one Napier property to re-let a few times and he has been great, although I do still manage it. Sometimes can depend on how much time you have available at the time. You can get a manger to find a tenant, then still manage it yourself.
I don't think there is a case to state that everyone should always use a manager, or no-one should use a manager as all investors' needs, wants and desires are different.
Regards
Graeme Fowler
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