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> How to manage property if u are in diffrent state?

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TSIrresistible
post Jul 7 2019, 07:52 PM, updated 5y ago

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Just for example, u are in Penang., invest in KL.

Anyone? How to chase rental? Repair? Issue..
Thanks

This post has been edited by Irresistible: Jul 7 2019, 07:55 PM
trust4you
post Jul 7 2019, 08:30 PM

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QUOTE(Irresistible @ Jul 7 2019, 07:52 PM)
Just for example, u are in Penang., invest in KL.

Anyone? How to chase rental? Repair? Issue..
Thanks
*
Bettet don do like tat lomm unleas u very rich can have agent to handle for u. Anything is involved money
propertybuddy
post Jul 7 2019, 09:27 PM

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QUOTE(Irresistible @ Jul 7 2019, 07:52 PM)
Just for example, u are in Penang., invest in KL.

Anyone? How to chase rental? Repair? Issue..
Thanks
*
1. Diy
2. Engage property manager
3. Friends / family
gld998
post Jul 7 2019, 09:46 PM

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My parents manage for me... but but but.. I give my rental income as allowance to them.
Captain89
post Jul 7 2019, 09:50 PM

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QUOTE(Irresistible @ Jul 7 2019, 07:52 PM)
Just for example, u are in Penang., invest in KL.

Anyone? How to chase rental? Repair? Issue..
Thanks
*
Quite a hassle I mean literally. I did that before ended up selling it. Too far and no one that can be trusted. For repair it’s ok but rental depends on who you rent it to
leodinouknow
post Jul 7 2019, 09:55 PM

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QUOTE(gld998 @ Jul 7 2019, 10:46 PM)
My parents manage for me... but but but.. I give my rental income as allowance to them.
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lol consider you buy the property for parents smile.gif
leodinouknow
post Jul 7 2019, 10:03 PM

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QUOTE(Irresistible @ Jul 7 2019, 08:52 PM)
Just for example, u are in Penang., invest in KL.

Anyone? How to chase rental? Repair? Issue..
Thanks
*
rental: just bank in

repair: call anyone in the area either management, furniture shop, restaurant, ask them recomend who can do the job for you.

issue: all settle by phone call

find tenant: social media as i dont trust agent.

bill: just use jompay for majority bill

status of renovation or repair: ask them video for you before release the payment

cleaner: social media








conclusion, you need a phone to settle everything
TSIrresistible
post Jul 8 2019, 02:20 AM

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QUOTE(leodinouknow @ Jul 7 2019, 10:03 PM)
rental: just bank in

repair: call anyone in the area either management, furniture shop, restaurant, ask them recomend who can do the job for you.

issue: all settle by phone call

find tenant: social media as i dont trust agent.

bill: just use jompay for majority bill

status of renovation or repair: ask them video for you before release the payment

cleaner: social media
conclusion, you need a phone to settle everything
*
Do u really do tht?

Is it workable?
TSIrresistible
post Jul 8 2019, 02:21 AM

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QUOTE(Captain89 @ Jul 7 2019, 09:50 PM)
Quite a hassle I mean literally. I did that before ended up selling it. Too far and no one that can be trusted. For repair it’s ok but rental depends on who you rent it to
*
What hassle u encounter?
Garysydney
post Jul 8 2019, 04:10 AM

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My wife and i live in Sydney and my wife has 2 properties in MK.

My wife has an agent to handle both properties. I never bothered much about these properties until recently as we will be spending a lot more time in KL nowadays. My wife deals with the agent and i don't get involved much as she bought these properties with her own money.

I can tell you that it involves a lot of work especially when tenant leaves - checking condition of unit after leaving and getting agent to organise cleaning/getting a new tenant. Sometimes agent will play up and you end up a long while before you get another tenant. My wife has changed agent 3 times in 5 years so this is really not a bed of roses. We used to only go back to KL once a year and i don't know how my wife handled it then - i only started getting interested in the process of rental because i am thinking of buying one more property (probably in Bangsar or MK area) when i retire next year. I will definitely not buy unless i am living in KL and have the time because even though you engage an agent, there is still a lot of work you need to do because the agent will overcharge you for even minor repairs (agents have their tricks for overcharging esp when you are not there). Luckily for us, we will have more time nowadays as i am about to retire and spend a lot more time in KL.

This post has been edited by Garysydney: Jul 8 2019, 04:13 AM
heavensea
post Jul 8 2019, 05:26 AM

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Give agent manage = charge 10 percents of total rental every month

Diy,
Ulang-alik
Kinda wasting time + efforts + opportunity cost

I don't think it's worth your efforts to diy, so better give agent to manage.

Btw, if after calculation = no meat better no need buy.
Waste of resources.

Unless you treat it as a seed funds for your children education in the future.
Otherwise save your breath and no need buy....

Bazir masa
icemanfx
post Jul 8 2019, 06:46 AM

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It is harder to find a reliable and committed re agent than $100 on the road side.

leodinouknow
post Jul 8 2019, 07:26 AM

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QUOTE(Irresistible @ Jul 8 2019, 03:20 AM)
Do u really do tht?

Is it workable?
*
yes. all by phone. while 1year i dont even visit more than 2time after i finish set up. my target tenant is student only, so i dont know can use same way on working adult or not. mind you student is most hassle

first problem, who is your target tenant.

second problem, are your know how to negotiate for everyhing.

third problem, chose 1 of the tenant which you think is leader type, then train him up to settle all problem for you. tenant willing do the job for rm20 to rm50 job just to cut a bit of rent.
SUSNew Klang
post Jul 8 2019, 08:03 AM

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I would not touch it if in Malaysia as the agents are not professional.


Bjorn1688
post Jul 8 2019, 11:11 AM

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QUOTE(Irresistible @ Jul 7 2019, 07:52 PM)
Just for example, u are in Penang., invest in KL.

Anyone? How to chase rental? Repair? Issue..
Thanks
*
There are many strategies to it.

First strategy you could engage an agent to deal with everything.
Pros :-
Someone looks for a tenant for you.
Someone can chase rental collection for you depending on the contract.
Can usually get the maximum money possible.

Cons :-
Change of tenant will be an annual affair.
You will need to find someone that deals with maintenance.
Difficult to find agents that are honest.

Second strategy, you could engage a property portfolio manager.
Pro:-
This person has their own letting agents, handymen and even IDs on hand.
1 point of contact for absolutely everything.

Cons :-
Expensive (Check out the thread I have at Property Q&A on this topic)
Good ones are few and very far between.
You will find not just tenants change annually especially if they get wind that you just want some money, there will be all kinds of funny expenses and job request.
Only worth it if you are in possession of 20 or more properties and worthwhile to give salary to this person.

Third strategy is to do it yourself.
Pros :-
Tenants tend to stay longer.
Better yields.
Plenty of technology that makes it easier these days.

Cons :-
You have to get your hands dirty.


My take :-

If it is under 5 properties, do it yourself. I know of people who are living in UK and still manage their properties in KL.

I was looking into doing the 2nd strategy as I don't have as much time as before due to job commitments. Decided not to bother as I invest for profit not to do charity.

leodinouknow
post Jul 8 2019, 12:46 PM

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QUOTE(Bjorn1688 @ Jul 8 2019, 12:11 PM)
There are many strategies to it.

First strategy you could engage an agent to deal with everything.
Pros :-
Someone looks for a tenant for you.
Someone can chase rental collection for you depending on the contract.
Can usually get the maximum money possible.

Cons :-
Change of tenant will be an annual affair.
You will need to find someone that deals with maintenance.
Difficult to find agents that are honest.

Second strategy, you could engage a property portfolio manager.
Pro:-
This person has their own letting agents, handymen and even IDs on hand.
1 point of contact for absolutely everything.

Cons :-
Expensive (Check out the thread I have at Property Q&A on this topic)
Good ones are few and very far between.
You will find not just tenants change annually especially if they get wind that you just want some money, there will be all kinds of funny expenses and job request.
Only worth it if you are in possession of 20 or more properties and worthwhile to give salary to this person.

Third strategy is to do it yourself.
Pros :-
Tenants tend to stay longer.
Better yields.
Plenty of technology that makes it easier these days.

Cons :-
You have to get your hands dirty.
My take :-

If it is  under 5 properties, do it yourself. I know of people who are living in UK and still manage their properties in KL.

I was looking into doing the 2nd strategy as I don't have as much time as before due to job commitments. Decided not to bother as I invest for profit not to do charity.
*
im still prefer 3rd strategy. profit already very less after pay installment bank. the pie still need share to stranger agent, if everything well then ok, if thing go sour, you get additional 1agent as hassle

Bjorn1688
post Jul 8 2019, 01:03 PM

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QUOTE(leodinouknow @ Jul 8 2019, 12:46 PM)
im still prefer 3rd strategy. profit already very less after pay installment bank. the pie still need share to stranger agent, if everything well then ok, if thing go sour, you get additional 1agent as hassle
*
Same, however it also means you must be willing to get your hands dirty.

I always believe when it comes to this there is only 1 way to do it, get down to the field and get your hands dirty. Unless of course you only have properties that are fully paid off and you have money to throw, then different story.

Personally I have already decided even if I have 50 properties on hand, I will still manage it myself but I would hire a handyman to settle the maintenance issues.
leodinouknow
post Jul 8 2019, 03:49 PM

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QUOTE(Bjorn1688 @ Jul 8 2019, 02:03 PM)
Same, however it also means you must be willing to get your hands dirty.

I always believe when it comes to this there is only 1 way to do it, get down to the field and get your hands dirty. Unless of course you only have properties that are fully paid off and you have money to throw, then different story.

Personally I have already decided even if I have 50 properties on hand, I will still manage it myself but I would hire a handyman to settle the maintenance issues.
*
i hirer student. pay him a bit comision, ask him see youtube learn, teach him how to do, and of course a lot of encouragement word for him, make him proud work for me devil.gif

he get peanut comision, but the experience i teach is priceless.

This post has been edited by leodinouknow: Jul 8 2019, 03:51 PM
Bjorn1688
post Jul 8 2019, 04:01 PM

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QUOTE(leodinouknow @ Jul 8 2019, 03:49 PM)
i hirer student. pay him a bit comision, ask him see youtube learn, teach him how to do, and of course a lot of encouragement word for him, make him proud work for me devil.gif

he get peanut comision, but the experience i teach is priceless.
*
Local or foreign student?

How has that worked out?
leodinouknow
post Jul 8 2019, 04:13 PM

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QUOTE(Bjorn1688 @ Jul 8 2019, 05:01 PM)
Local or foreign student?

How has that worked out?
*
local, about 18-22years range type student.

great result. even interview new tenant, close deal, cleaning service, any tenant complaint light or spoil thing, he go handle.

i just received msg, pass to him settle. dont even need visit the area anymore.

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