Do you manage your own property?

[Rockford]

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.

[kapitibeanman]

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.

[CherylSorin]

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!

[Keithw]

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 !

[Rockford]

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

[Tan]

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.

[kapitibeanman]

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.

[essence]

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

[Keithw]

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

[essence]

I've NEVER been an OTHER of anything!!!

[graemeh]

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

So do I. I have a property manager for the lower cost properties and I manage the more expensive one myself.

I do this because the cost of management on the cheaper properties ($320-$360/wk) is reasonable but for the cost on a more expensive property ($650-$850/wk) I'm willing to do it myself.

[Perry]

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

Ha! Added the extra option, just for you.

[Perry]

Lots To See

Go searching . . .

There are a lot of related threads on the forums:
How many properties can you manage before you engage a property manager.
Property managers and rent arrears - what do you want?

Go to google and put this

management AND property OR properties siteropertytalk.com

in the search box. (Exactly) Many hours of reading,
there. And have a look at the PT Wiki, too.

[Keys]

Ha! Added the extra option, just for you.

But, now I can't vote again!

[Perry]

Maybe it's all a matter of your username?
(choke, wheeze, sputter)