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Secrets to saving money as a DIY landlord

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Your Investment Property | 18 Dec 2012, 12:00 AM Agree 0
Many landlords are looking for opportunities to claw back profits any way they can. One way to minimise their real estate overheads is to self-manage investment properties – but do the pros genuinely outweigh the cons?
  • Jhai Mitchell | 29 Jul 2013, 04:30 PM Agree 0
    You’re prob­ably ask­ing your­self “Mmm…Will I save money put­ting a ten­ant in myself” In the short term maybe, but in the long run your tak­ing a gamble on one of your biggest asset!

    What we find is that people say they will put in a friend and start advert­ising on gumtree There is noth­ing wrong with this, but land­lords don’t have the tools that agents have and go on only instinct or face value.

    Going with your instinct is a skill you pick up being in prop­erty man­age­ment after sev­eral years, but we do our ref­er­ence checks regardless.

    It cost money to have access to this data an regular landlords don't have access to it. Let me put it to you this way. We had a police officer destroy a house after a landlord found him on gumtree.
  • Graham | 19 Sep 2013, 10:39 AM Agree 0
    We have the best of both worlds, our "property manager" finds new tenants for us & we pay her to do it. We then do everything else, we collect the rent by direct credit to our account, we attend to maintenance promptly and we do our own inspections. We do final bond inspections as no one knows our properties like we do, we do any maintenance required before it is re-let so that the property is well maintained. We do our own Property Condition Reports which we know are totally accurate. Some of the PCRs that we have had completed by Property Managers have been woeful. Property Managers are underpaid & overworked, however most of them don't have very good operating systems. We sacked all of our Property Managers because we spent more time managing them than we now do managing the properties.
  • Kane009 | 24 Oct 2014, 04:11 PM Agree 0
    Very correct Graham. Working with property managers and paying them is old school now. I am using new cloud based software to manage my two properties. All you have to do is to set up the rental and just let it do the rest for you. Package comes with mobile inspections app which is so cool, I take pics and keep track of the inspection history. Like Graham mentioned, I feel sorry for property managers as they are underpaid and overworking. But now there is a new trend to use software by landlords.
    • Ash008 | 27 Oct 2014, 11:22 AM Agree 0
      Kane - what software do you use?
  • Ash008 | 27 Oct 2014, 11:21 AM Agree 0
    Hi Kane,

    What software do you use?
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