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"Rogue tenants" targeting private landlords

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Your Investment Property | 17 Aug 2016, 09:13 AM Agree 0
Landlords opting to self-manage their rental properties are putting themselves at risk of being targeted by problem tenants who would not pass the background checks conducted by professional property managers.
  • Burned by Property Managers | 17 Aug 2016, 03:16 PM Agree 1
    Finding a property manager as invested in your property as you are and that will take care of the property as much as you will is impossible. I know because I've trusted a slew of property managers to run my properties and all I ended up with was a damaged property and no rent going in to my bank.... and no follow ups from the property manager. I blame the agencies for this; pay peanuts, get monkeys. I've found good and bad tenants on my own, but I can't see good sense in paying for someone else's mistakes. I had a tenant call me direct to advise a window was smashed and noone at the agency was returning his calls. I had a leaking kitchen that never got reported to me, only to the agent. Easy small amounts of money that eventually cost a fortune down the track. I'll take my chances on my own thanks.
  • A Good Private Landlord/Manager | 18 Aug 2016, 08:49 AM Agree 0
    This article is somewhat misleading as it suggests that only Property Managers are capable of managing well. With the current RTA review in Victoria happening now (Landlords take a look please and respond) there are many tales of woe from tenants that are not being well served by Property Managers. I maintain a good relationship with my tenants and in turn they mostly do a good job of being a tenant and let me know when items need attention.

    What is also clear is that there are many tenants that manage to get past the vetting processes despite the checks and this will happen with or without a manager. What would be useful is that the tenancy databases are able to updated/accessed by both private landlords as well as agents which would reduce the incidence of tenants moving between the two which also helps them to hide poor behaviour habits.
  • Frankly | 18 Aug 2016, 09:42 AM Agree 0
    promo for real estate agents - I've worked for one - yes a naive owner will be taken in by a dodgy tenant - but can also be taken in by a dodgy agent - especially if they live remote from the property - agent 'gee we just can't find a tenant' - while secretly pocketing the rent themselves, etc.

    agents are driven by profit - so tend to minimise their work to maximise their profit - promising 3 monthly inspections - then when you ask the last time 'oh yes - regularly' - ask the tenants 'never saw them'

    and agents are happy to turn over tenants every 6 months - why ? so they can charge one week's rent as 'letting fee' - money straight into their pocket - not the landlords.

    so while agents may quote fees around 5% - after their extra fees I often find I'm paying 10% if not 20% of rent to the agents.
  • Andy | 18 Aug 2016, 01:11 PM Agree 0
    The unhappy landlords say it all themselves. They paid peanuts they got monkeys.
  • GN | 18 Aug 2016, 08:56 PM Agree 1
    If you do chose to self manage then firstly make sure you know the tenancy laws because they are geared towards the tenant not the landlord and unless you follow the correct procedure you may find it difficult to remove a bad tenant

    Also you may want to check your insurance policy as some may not cover you if you self manage

    Finding a good PM is the key, investing in property is not passive and you do need to manage your PM's, good PM's are worth their fee

    I would never consider self managing all of the properties in my portfolio, especially being as I have properties in regional areas and interstate.
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