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Study what to manage my properties/complexes; Im looking to study something that enables me to manage my properties/complexes
Topic Started: 6 Aug 2017, 12:54 PM (654 Views)
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I'm on the hunt for a course of some sort that enables me to manage my future properties/complexes (not house, but properties with 12 doors+).

It seems impossible to find the right course!
I've called heaps of different places, and not even the course-leaders of colleges/tafe/uni can answer my question. They respond like they're totally confused and don't know what to recommend, how can this be??? How are thousands of buildings able to stand then?

I asked them this: If you were given a property to manage as your own investment tomorrow, what would you study in order to be able to maintain the building and not let i deteriorate?
This means managing finance, finance planning, outsourcing maintenance, renting out, collect rents, know real estate laws etc. But not 1 person can give me an answer!

In Sweden (where i come from) we simply call this a Property Manager and there are lots of courses that gives you skills as a property manager to maintain your (or others) buildings, handling everything needed to take care of your business - and not by outsourcing everything like people do here. Australians seems to throw money at outsourcing everything, which makes me wonder how they even know if their property is in good financial hands if they have no clue of whats going on with it.

Anyone who actually has an idea of what to study to run your own property?

Thanks i advance,

Jacob the frustrated
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stinkbug
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broel
6 Aug 2017, 12:54 PM
I'm on the hunt for a course of some sort that enables me to manage my future properties/complexes (not house, but properties with 12 doors+).

It seems impossible to find the right course!
I've called heaps of different places, and not even the course-leaders of colleges/tafe/uni can answer my question. They respond like they're totally confused and don't know what to recommend, how can this be??? How are thousands of buildings able to stand then?

I asked them this: If you were given a property to manage as your own investment tomorrow, what would you study in order to be able to maintain the building and not let i deteriorate?
This means managing finance, finance planning, outsourcing maintenance, renting out, collect rents, know real estate laws etc. But not 1 person can give me an answer!

In Sweden (where i come from) we simply call this a Property Manager and there are lots of courses that gives you skills as a property manager to maintain your (or others) buildings, handling everything needed to take care of your business - and not by outsourcing everything like people do here. Australians seems to throw money at outsourcing everything, which makes me wonder how they even know if their property is in good financial hands if they have no clue of whats going on with it.

Anyone who actually has an idea of what to study to run your own property?

Thanks i advance,

Jacob the frustrated
Why bother? Property managers are cheap and plentiful. Let them do all the mucking around.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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Foxy
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Zero is coming...

broel
6 Aug 2017, 12:54 PM
I'm on the hunt for a course of some sort that enables me to manage my future properties/complexes (not house, but properties with 12 doors+).

It seems impossible to find the right course!
I've called heaps of different places, and not even the course-leaders of colleges/tafe/uni can answer my question. They respond like they're totally confused and don't know what to recommend, how can this be??? How are thousands of buildings able to stand then?

I asked them this: If you were given a property to manage as your own investment tomorrow, what would you study in order to be able to maintain the building and not let i deteriorate?
This means managing finance, finance planning, outsourcing maintenance, renting out, collect rents, know real estate laws etc. But not 1 person can give me an answer!

In Sweden (where i come from) we simply call this a Property Manager and there are lots of courses that gives you skills as a property manager to maintain your (or others) buildings, handling everything needed to take care of your business - and not by outsourcing everything like people do here. Australians seems to throw money at outsourcing everything, which makes me wonder how they even know if their property is in good financial hands if they have no clue of whats going on with it.

Anyone who actually has an idea of what to study to run your own property?

Thanks i advance,

Jacob the frustrated
Get a part time job as a hotel night porter, then work your way up.

You will learn so much...
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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Tyson
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I don't think that task is actually hard enough to warrant a course.

Work as a property manager for a few months and you'd probably pick up all you need to know.

I think the companies like Ray White have an internal property management course that they put their property managers through but it's not a long course.

Most of what you need can be learned on the job though. I'm sure there is an Australian standard that covers all the info you need to know in regards to the property itself and then the financing side/operations management side is just common sense. I'd call up Ray White and just say you're interested in knowing more about Property Management and if there is an Australian Standard that they follow. Get the Australian Standard name and code etc from them, then read that standard and you're probably good to go.
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Stoo
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No idea on courses, but start by studying your insurance policies. They will have conditions attached around written records of regular inspections, seeking tenant references etc.

If you need to claim, but haven't fulfilled your obligations, then it may have an impact on your insurer's policy response. An advantage of a property manager is that they are aware of and comply with these conditions as standard practise.
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Blondie girl
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broel
6 Aug 2017, 12:54 PM
I'm on the hunt for a course of some sort that enables me to manage my future properties/complexes (not house, but properties with 12 doors+).

It seems impossible to find the right course!
I've called heaps of different places, and not even the course-leaders of colleges/tafe/uni can answer my question. They respond like they're totally confused and don't know what to recommend, how can this be??? How are thousands of buildings able to stand then?

I asked them this: If you were given a property to manage as your own investment tomorrow, what would you study in order to be able to maintain the building and not let i deteriorate?
This means managing finance, finance planning, outsourcing maintenance, renting out, collect rents, know real estate laws etc. But not 1 person can give me an answer!

In Sweden (where i come from) we simply call this a Property Manager and there are lots of courses that gives you skills as a property manager to maintain your (or others) buildings, handling everything needed to take care of your business - and not by outsourcing everything like people do here. Australians seems to throw money at outsourcing everything, which makes me wonder how they even know if their property is in good financial hands if they have no clue of whats going on with it.

Anyone who actually has an idea of what to study to run your own property?

Thanks i advance,

Jacob the frustrated
Jakob

if you are absolutely keen to self manage one can do a property management registration course.
Each state in Australia has their own courses.

eg in WA
its REIWA(Real Estate institute of West Australia) it can be done online as well my property manager said it takes 4-5 months.

If you are flexible....
this works if you live locally and have the means to use ones brain to undertake repairs and maintenance instead getting anybody out to charge whatever too much.

One can get property management support stipulate what you want done like attend property inspections so one can see what needs maintenance and not let stuff build up, tenants usually don't report stuff routinely like dripping taps, minor damage. You can also stipulate that you are notified for any maintenance issues and if you are hands on in repairing one can save $ and arrange quotes so you don't pay too much from the PM list of tradies.

In your case be aware and careful of strata obligations, laws in what state you reside in.

Self managing can be done, but one needs to be aware of tenancy laws, rights, how the bond is exactly held etc.

Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$
It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged
Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do.
Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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herbie
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Managing one's own properties is a piece of cake - Once you have a good tenant.

The tricky bit is getting a good tenant.

Hmmm - And in my experience, once you've got one, they'll appreciate you. And unless you've got rocks in your head, you'll value them as 'gold'.

Funny tho, thinking back, regarding one of my most valued long term tenants (I've had them maybe 15 yrs now) - I got a new property manager who was dead set keen to throw them out (because they were ALWAYS behind in rent; But I knew their form - And knew that they ALWAYS paid [albeit a bit late - Yunno, anywhere up to 4 wks late; Potentially a bit annoying maybe - If one was inclined to get their tights in a twist over such stuff; But hardly 'end of the world' material] - Hmmm, what to do? Well I contacted the tenant direct and said "Listen mate, this bird is dead set serious - She wants your rent paid on time; And if you don't do it, she genuinely IS gunna chuck ya out. And as my property manager, I've got to back her [if it comes to it]." So the tenant just started paying their rent on time (rather than late) and we've all moved on happily and contentedly ever since.

But anyway, as a final comment, as a senior member in a family that does own multiple IPs these days, I choose to leave one in the hands of an independent 'professional' (hopefully?) property manager with the theory being that will keep the family in 'professional' touch with changes to regs and legislation in the industry without any of us having to actually try and keep totally abreast of it ourselves for the relatively minor cost of about 7.5% pa (plus a few fees and GST) on one of those properties.
Edited by herbie, 9 Aug 2017, 05:20 PM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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