Landlord Series 03 – Expert Piece of the Puzzle
Hi, Brian and David here from Bugwash Property. We’re gonna chat about landlords again today. The question today is, self-management. Are you better to self-manage your properties, or use property managers?
Really good question, Brian. It’s something that I get asked about almost every day. I’ve heard some unbelievably bad stories about people who have gone down the line of self-managing properties. I guess there are some people out there that might have some good experiences, but by and large to me, if you want to be a professional, successful property investor, it’s absolutely crazy to self-manage your own properties. So, to me your investment properties are only as good as the quality of the management of those properties. So then, I can give you a great example, just yesterday, talking to an old friend of mine who has got one investment property, decided to self-manage that property himself. He lives in New South Wales, his property’s in Queensland, and recently the tenants did a runner. Thousands and thousands of dollars worth of damage and I think they’re about three or four thousand dollars behind in their rent. Absolute disaster. For the seven or the seven and half or the eight percent that you pay to a professional property management team, it’s well worth it if you’ve got the right people in place. None of them are perfect, they all make mistakes, but to me you’re miles in front using, outsourcing the property management to a professional team that you can trust. that’ll do a great job for you and focus on the job at hand, which is to, in most cases, people want to get more investment properties to produce a better financial future for themselves. Thank you.