PM Collective - The ART of property management
The ART of property management with Ashleigh Goodchild is a leading platform supporting collaboration not competition through an online community and events throughout the year with one purpose: to create happier property managers. She creates connections for property managers looking to create momentum in their careers and personal life. Join Ashleigh and her guests as they discuss challenges, struggles, mental health, mindset and give advice to property managers and anyone in the industry. To get the support in your property management career, join our PM Collective Facebook and Instagram community.
PM Collective - The ART of property management
Why this landlord decided to privately manage her investment
In this podcast episode, Donna Fortune, a brand photographer, shares her experience of making a decision to privately manager her investment property, and the challenges she faced. Donna initially chose to use a property manager due to having more time than money and wanting someone else to handle the process of finding a tenant. However, after a year of using a property manager and having a good experience with a reliable tenant, Donna decided to try self-managing the property.
Donna admits that self-management was time-consuming and sometimes awkward, especially regarding property inspections and negotiating rent increases. She also found it challenging to navigate the legal requirements of being a landlord. Donna acknowledges that property managers can add value by providing services beyond collecting rent and managing maintenance. They can help landlords with maintenance and renovation plans, provide regular appraisals, and offer investor education. They also act as a buffer between landlords and tenants, making it easier to maintain a professional relationship.
However, Donna also talks about the maintenance issues she faced while using a property manager and the importance of value-adds in the property management industry. She and the host, Ash, discuss the possibility of a subscription model for property management fees, where clients pay a set weekly amount regardless of whether the property is rented or not.
Overall, Donna's experience highlights the importance of considering the pros and cons of self-managing a rental property versus using a property manager. While self-management may seem like a cost-saving option, it can be time-consuming and involve navigating legal requirements. On the other hand, property managers can provide valuable services and act as a buffer between landlords and tenants. It ultimately comes down to personal preference and weighing the benefits and drawbacks of each option.
PM COLLECTIVE - GUIDE AND SHAPE AN ENJOYABLE FUTURE
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This podcast is kindly sponsored by The Efficiency Co.
We are a dedicated consultancy, training, and support partner for innovative real estate organisations.
Specialising in agency operations, team development and technology integration, we provide the insight, support, and training to maximise your performance.
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