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View Poll Results: How is your investment property managed?

Voters
17. This poll is closed
  • Self managed

    10 58.82%
  • Property manager

    5 29.41%
  • Other

    0 0%
  • Use both PM & Self options

    2 11.76%
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Results 1 to 10 of 15
  1. #1

    Default Do you manage your own property?

    Hi, I'm new to the forum. I was wondering how many of you managed your own properties and how many had property managers looking after them? What do you think are the relative pros/cons of each option? I'm managing my own property at the moment but was considering enlisting the aid of a property manager.

  2. #2
    Join Date
    Apr 2010
    Location
    Waikanae
    Posts
    463

    Default

    Gidday Rockford, welcome aboard.
    I managed our IPs, then had them managed. We had five flats, then seven. Down to three now. If I was pushed financially, living nearby and feeling adventurous, I might manage them again. It's actually a useful skill, developed painfully in most cases. That said, it's damn nice not to have to do it any more, and be able to turn off the phone or go on holiday without any qualms. My wife got to hate our IPs until we got a good manager. For us it's money well spent. I think our manager does a better job than what I would in keeping them full, so he probably really costs little or nothing.

  3. #3

    Default

    Hi

    I have no property management experience as I have employed a property manager. And judging by all the work he does, I know it is a time consuming job. If you have time to spare, and the energy to learn and develop your expertise, you can manage your own property. The advantage is that you are fully aware of everything that regards your property.

    Good luck!

  4. #4
    Join Date
    Oct 2008
    Location
    Auckland/Melbourne/ whereever the money is
    Posts
    1,380

    Default

    What sort of properties do you have, what area ?
    it is very surprising to hear you say "All the work he does"

    I have city fringe apts & Forrest hill houses & would be unlucky if I get 1 call a month !

  5. #5

    Default

    Quote Originally Posted by kapitibeanman View Post
    Gidday Rockford, welcome aboard.
    I managed our IPs, then had them managed. We had five flats, then seven. Down to three now. If I was pushed financially, living nearby and feeling adventurous, I might manage them again. It's actually a useful skill, developed painfully in most cases. That said, it's damn nice not to have to do it any more, and be able to turn off the phone or go on holiday without any qualms. My wife got to hate our IPs until we got a good manager. For us it's money well spent. I think our manager does a better job than what I would in keeping them full, so he probably really costs little or nothing.
    Thanks kapitbeanman It's nice to find a property forum that's so active.

    I'd be managing my property for financial reasons too, but the main reason that I've been managing my property is that I like to know who I've got living there. Not that I necessarily would've done things differently but my one horror story was when a property manager was looking after my first house after it was first built. As far as I was aware everything was going fine then at the end of the lease the property manager contacted me and said the place was trashed and that I'd need to get it fixed up if he was going to be able to lease it out again

    I've got two places now, and am contemplating selling one. If I drop it to one investment property I'll probably continue to manage it myself. I can see how managing 5 or 7 properties would get to be a taxing job. One or two I think I can manage

  6. #6
    Join Date
    Nov 2008
    Location
    Karratha WA
    Posts
    1,444

    Default

    When I got my first rental I don't think I knew about property managers! It was kind of an accidental rental. I got the NZ landlords handbook and just followed that.

    Now I know there are such a thing as property managers that I personally know who are good, I would use them in various circumstances, but am fine at the moment.

    I had a really lucky run for the first couple of years - not much to do at all. I then discovered as I got more that it isn't always like that, every house seems to have all it's share of problems in the same week.

    If you get on to maintenance and vacancys quickly it's not a problem. I also check the rent the day it is due which I think is the number 1 downfall as you have to get on to arrears quick.

    I also have a semi-flexible job now which makes a huge difference.

  7. #7
    Join Date
    Apr 2010
    Location
    Waikanae
    Posts
    463

    Default

    The difference between a good manager and a bad manager is like day & night. I've had both. The thing about a bad manager is that they are a bad manager! Anyone (including your or me) can set up and call themselves a property manager, but without the required skills & motivation it can all quickly turn to mush. It's a fact of life that some people are anti social and criminal, and sooner rather than later you will need to deal with that if you are in the rental business. A well managed rental business looks easy to run, but it's no accident.

  8. #8
    Join Date
    May 2004
    Location
    Bay Of Plenty, NZ
    Posts
    3,604

    Default

    You don't allow the option of BOTH self-managed AND property manager. I do both.
    Patience is a virtue.

  9. #9
    Join Date
    Oct 2008
    Location
    Auckland/Melbourne/ whereever the money is
    Posts
    1,380

    Default

    You have to be different don't you Essence
    I guess you fit into the Other group !

    actually so do I, manage my own in Akld & have a PM outside Akld

  10. #10
    Join Date
    May 2004
    Location
    Bay Of Plenty, NZ
    Posts
    3,604

    Default

    I've NEVER been an OTHER of anything!!!
    Patience is a virtue.


 

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