For many people the thought of handing over their new investment to a property management company on the Gold Coast or anywhere else is just not something they are willing to do. “This is my property and I’m the only one who can look after it properly” they say. “Why should I go the expense of finding a property manager when I can do it all myself; after all, it’s not rocket science is it?
Every new investor probably has these conversations with themselves and their family and I have a lot of sympathy for this point of view.
The Gold Coast has a bad reputation for dishonest property hustlers that was earned in the 1980’s and 1990’s. Once a region gets a bad reputation it’s hard to shake off. When you consider these hustlers were offering to fly people to the Coast from Melbourne or Sydney, give them a tour of available investment properties, introduce them to lenders and solicitors, get their signature on the mortgage documents and fly them back home. And all of that on the same day! All of this took place within just a few hours and was a carefully orchestrated high pressure salesmanship routine.
Frequently these decisions to purchase Gold Coast properties resulted in financial hardship for the investor. Oftentimes the price of these properties was heavily inflated. The hapless victim of these practices did not have the time for careful due diligence, nor did they have the time to fully reflect on their decision or discuss with a partner or professional person back home.
Fortunately these days are over. The property market in Queensland is now as heavily regulated as the rest of Australia. Further, the market on the Gold Coast is a good 20% down on where it was 2 or 3 years ago and is now ripe for the picking according to many experienced property commentators.
If you are from out of town, you can safely leave your Gold Coast property investment in the hands of experienced property managers who know the coast like they know their back yard.
After all it makes sense to hand over the care of your property to someone whose only role is to make sure you are well looked after. Someone who can find you the right tenant, check references, screen applicants on the National Tenancy Database and find an emergency tradesman if you need one. These are not the sort of activities you can easily take care of if you live in another state.
Of course you could take care of your own property management on the Coast if you want. It’s up to you. For me, I’d rather get on with my own business. Remember the old saying. The lawyer who represents himself has a fool for a client.
Mal Rawlings together with his wife Tracy Rawlings are dedicated to property management on the Gold Coast, in Queensland Australia.
They are long term Gold Coast residents and know the Coast better than anyone else in property.