One Stop Shop and Perils of Managing your Own

Welcome to this week’s ponderings….

Hmmm, it has been an interesting period over the past year or so all about saving money and DYI selling, buying and/or property management. This week has seen two quite dramatic and opposite ends of the scale of extremes for a couple of our clients and I think this happens more often than not.

As usual, I won’t use specific names to protect the innocent and will address one matter – DYI property management this time and look into the experience of DYI selling/buying with you next time.

So, let’s name the property manager DY and for next time the seller/ buyer as SB.

DY had placed their tenanted property on the market and has had no end of trouble having the tenant stay within the conditions of the lease in place and have even suffered abusive and condescending communications about the issues involved along with extreme lack of cooperation.

The unseen headache started when DY purchased the property and inherited a lease that was not properly executed in the first instance. Having had some experience in renting property before, DY assumed that people would behave as they themselves do and what to you and me would be reasonable expectations and behaviour, actually turned out to be the complete opposite.

Not only that, but because of, amongst other things, routine inspections that should have, but did not occur every 17 weeks, the whole matter of those issues were left wanting and inadequately attended to.

DY had not set foot in the place since before December last year and in that time, along with unknown additional occupants, a number of items that the tenant should have advised about had become damaged or unserviceable potentially impacting on insurance matters and costs of repairs.
To add insult to injury, DY also had no suitable contacts for trades and services to get things done in a prompt, efficient and cost-effective manner.

Matters and possibilities of what could and sometimes do unfold with property management were not adequately covered in the lease and as a result the tenant has over a number of years taken advantage of the situation to cause DY to be considerably out of pocket and exposed to stress and bully tactics by the tenants. As a result, they (tenants) now face notice of remedy to breach and possible eviction which will add further burden in the form of cost and angst to both themselves and the owners.

Please don’t misunderstand me, this is not about taking sides.
It is about giving insight into what can happen when the property management is not properly set up in the first place. In this case and many we become aware of, the problems arise and fester because those problems never had the opportunity to be addressed appropriately in the first place.

The issue with doing it yourself is that emotions become entangled, fears set in and behaviour can go off the rails on both sides – and it can end up a congealed mess more often than not.

The major benefit of having a professional manage your property for you is that the avenues to avoid those sorts of issues in the first place are available through legislated legalities and guidelines for both sides to administer and adhere to. And furthermore, any services and arrangements that may be required can easily be done for and on your behalf by your appointed property manager who also ought to have access to multiple alternatives to choose from in providing a premium service.

As with everything, there is good, bad and indifferent in all areas of expertise.
The trick, he says with hands up in the air, is to pick the good ones.

Until next time, Happy Listing Selling, Renting and Remember, We Are Always at Your Service.

Real Estate
Related Posts
One Stop Shop and Perils of Managing your Own