I’d like to say more about property managers (PMs).
It is part of the property manager’s job to communicate between landlord, tenant, the principal of the agency, sales reps, tradespeople and so on. Not suprisingly, the issue of PMs being over-worked is very real. Most Perth PMs have 120+ properties and not all of them are experienced or good at their job.
I have had PMs of various capability but now prefer to manage my 4 investment properties which averages over a year at 30 mins a week per property – for a PM with 120 properties that equates to 60 hours per five-day working week – and that doesn’t account for the times when things break down, people are uncontactable or things are plain hectic, or the phone calls, or the auditors, or court hearings, or assisting colleagues, or compulsory professional development, let alone being unwell or new in the job!

As Chris pointed out, we all need each other to move forward.
Look after your tenants and with a little encouragement even a not-so-good tenant will usually improve.

But, if you don’t have the luxury of being part-time employed and managing your own investments, try helping your PM by:
> Know the property and be realistic about it’s weaknesses, faults and likely lifetime of fittings. Which is why depreciation reports are so practically beneficial.
> Prepare the ingoing PCR yourself and include as much info as possible – numbers of hooks/nails/powerpoints etc, lightglobe style and power, even paint brand and colour. For example, I initially provide all lightglobes of a good quality and energy-savers and specify replacements are to be the same. Generally this means excuses of not being able to see the dirt are completely absent.
> Take photos… with digital cameras, this is not difficult… and make a copy for the PM to provide with the lease. If you can’t prepare it all, do as much as you can. Tenants don’t argue with photos. In fact one of mine took a few photos after a tradie had installed a new oven which was a great update for me. Make sure photos are taken of ‘trouble spots’ regularly throughout the lease.
> Keeping track of who your tenants are and when their lease expires. Put in your calendar to check with the PM if they will renew or move on 4-6 weeks beforehand. If you have multiple properties it could be that you need not lose a good tenant, but shift them into a more suitable property.
> When contacting your PM, announce your name and the property first. This means they can pay attention to what you’re saying straight away instead of trying to figure out what to match up with your name. After a short while they WILL know you. Be nice to your PM. They have aspirations and responsibilities just like investors, and are often under huge pressure from their agency as well as the many different owners whose property they manage.

Remember, even gold mines have costs and expenses, and the operation of the gold mine is dependent on more than the ore in the ground, the manager, the quality and age of machinery, the processes for refining and the length of time in operation. However, all these variables can a big impact on profitability.

Step 1: Do your own research (local newspaper, books, internet, magazines (no need to ask which one!), detailed reports from groups that don’t have a vested interest in “pumping up” an area)
Step 2: Visit the area(s) you wish to purchase in (speak to locals, shopkeepers, local council town planners, real estate agents)
Step 3: Seek quality advice (you might have to pay for it)
Step 4: If you feel confident, buy it yourself
Step 5: If you don’t feel confident, find a reputable buyers’ agent

Good Luck!

If you walked past four people and one was looking up at the sky would you stop and do the same? What if all four people were looking up? I was speaking to my average australian friend who is on a great wage and owns half his house and he commented that if prices started to boom again he would buy again…

Purchasing real estate is fraught with danger unless you’re experienced in the processes. Finally – if you do employ a buyers agent to act on your behalf, don’t hesitate to go and view the property. This is your investment, your money, your future.

Every time I have an urge to take a trip to see a property I’m interested in, I remember reading this by the wise and wonderful Margaret Lomas “Taking a trip to ‘view’ a potential property will only satisfy your emotional needs – and this often results in buying what you like physically, rather than what’s right financially.” Also, I’m not a building inspector or a pest inspector, how will I know if a property will be structurally sound or pest-ridden anyway?

Good luck!