Calling our Property Management team could not only increase the returns you receive from your rental property, but save you the stress of a difficult situation.
Many of our clients have come to us after thinking that they could manage their own property and save themselves some money in the process. While this may seem a reasonable prospect at first light, in the instance where a difficulty arises between landlord and tenant it can well develop into a nightmare. Getting it wrong can be a very distressing and expensive exercise.
To give you an example, we know of one couple Gary and his wife who on Gary 's retirement decided to purchase an investment property and have a tenant cover the costs for them. Without having to work, Gary now considered that the time he had on his hands could be put to productive use. After all, how hard could it be to manage a property?
Gary installed a family member as tenant in their property. Subsequently, their tenant sub-let the property to another tenant. Unfortunately, within a short space of time the relationship between the two tenants disintegrated and the second tenant stopped paying rent. The shortfall was of course met by the bond that had been paid to the landlord. By law, this bond should have been lodged with the Bond Board at the NSW Office of Fair Trading.
Having failed to resolve the situation by himself Gary approached a professional property manager for advice and subsequently appointed them to manage the property.
In accordance with the Act and, on the advice of his new Agent, the landlord gave the sub-tenant notice to quit. While the Landlord acted most reasonably in terms of notice, the matter nonetheless remained unresolved and it became necessary to take it before Tribunal for direction. Gary not only sought lost rent but enforcement of the Notice to Quit.
In this instance, the sub-tenant was able to manipulate the situation so that he was able to remain in the residence in contempt of the landlord's rights. While the exercise was an expensive one for Gary and his wife, they were fortunate that substantial damage to the property did not occur. The cost of repairs could well have exceeded what remained of the money held as bond.
In our experience property management works best when landlords remain at arms length from their tenants. Engagement of a skilled and dedicated professional property manager can make the whole process a great deal easier.
We look forward to offering you all the support you need with your investment property. Call us today to find out why the RGR Property Management team is is such high demand. |
