API Connect
February 2009 issue
Investors who have been featured in API answer questions from readers.
For more Q&As, see this month’s API magazine.
Investor Showdown: Coral Wheatley
Published: February 2009
DIY Property Management
Q Do you find it difficult to self-manage properties, especially those that aren't close to your home? Can you provide any tips about how you manage this process?
A Don't be quick to put just any tenant in – do your homework. As we said in the issue published, you need to be honest and fair to your tenants; they are your bread and butter.
It has a lot to do with the type of property. If it’s a single tenant, they pay directly into our bank account from as far away as Townsville and we’re located in Coffs Harbour.
If repairs and maintenance need doing, depending on the lease, the tenant gets three quotes, we discuss them and decide on the best avenue. We try to keep in mind that we’re in this together, as if we lose the tenant we lose the rent.
If people are behind we give a courtesy call and always explain that if there will be a late payment, can they please let us know. It is usually genuine. This is mostly with commercial properties.
In one of our other places we have a semi-retired person that we call on to look after the place. Again they are of importance to your building and how it’s kept so looking after these people is important.
We grab the local paper at the location we’re buying, as usually there are people looking for the odd job. It has really worked for us. They can also organise larger quotes, so then tradies know there’s someone looking after your interests, not just another real estate agent with no attachment.
We make several visits a year to our tenants for inspections, letting them know we’re coming. Flights are cheap and go to most regional centres. We can be in a major region and back in one day if necessary.
