"Property management is a professional field, and doing it yourself can cost you money, in addition to countless frustrating hours."

No, you can't manage it yourself – or at least not well

By Leah Calnan
Thursday, 19 May 2011

Page 2 of 2

So the next time you are out looking at employing a new property manager, find a great one. Don’t haggle over the difference in management fees, which is no more than the price of a cup of coffee a week. You will always find people who will do it for a cheaper price, and at the end of the day you get what you pay for.

Funnily enough, in the past two weeks, I have been referred clients who have been paying low management fees and are unhappy and frustrated with the lack of service they have been receiving

A great property manager will not only save you money in the long run, but will also make you money. Isn’t it worth paying that little bit extra?

Leah Calnan is the director of Metro Property Management in Victoria and is the chairwoman of the REIV Property Management Chapter.

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Comments (3) Add Comment

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written by Roger, June 06, 2011

Great article Leah. It is certainly daunting. Property Management Fees are well worthwhile.

Flat fees instead of Percentage fees are much fairer too as it should not cost more for ongoing Property Management when your rents increase as management time does not increase.

Also, Apartments should have a lower Property Management Fees as a Strata Manager shares the management role by maintaining the maintenance of the block.

Your readers may check if interested
http://www.managemyapartment.com.au

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written by Mikey, June 06, 2011

It's not very objective to have an industry professional spruiking the benefits of their industry - and then masquerading it as editorial.

Would have been better to structure the article from both sides of the equation.

I expected better from this publication.

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written by Dan, June 06, 2011

If you have more than 1 property i reckon do it yourself if you have time. you can download all the forms and handbook from government agencies and there are plenty of books out there and courses with experienced self managers (eg WEA). It is not rocket science.

My main issue is that often for very long periods of time you have good tenants and the fees are for nothing. Then when things go wrong you still have to speak to the manager and wear all the problems anyway (lost rent, fees for manager to attend court etc).

Get good advice, make sure you understand the legals then go for it.

The other side of the equation - if you are ultra busy, have great margins (ie you have owned the property for so long the yields are great and you are not negative gearing) or just can't be bothered then a manager is for you.