Private Rental Properties Vs Professional Property Management

Private Rental Properties Vs Professional Property Management

Are you a landlord going the ‘Private Rental Properties’ route? Chances are you’ve found yourself in a challenging situation with your rental property– late rent payments, troublesome tenants, and broken agreements can turn a seemingly profitable investment into a nightmare. It’s even more distressing when you mix family or friends with business. While self-managing your property may seem convenient, there are plenty of reasons as to why a professional property manager is the best solution to handle your investment property.

Let’s share a cautionary tale that highlights the importance of having a property manager involved. This story revolves around a privately rented property in Brisbane, but its lessons apply to landlords everywhere, including our local regions of Hervey Bay and Maryborough.

The Private Rental Properties Nightmare Backstory: In this case, a landlord decided to rent out their property privately to a family friend without engaging a property manager. The landlord trusted the friend and believed that everything would be handled smoothly. However, things took a turn for the worse when the tenant stopped paying rent and fell seven weeks behind. At this point, the landlord sought assistance and turned to a local property management company, where they met with a Senior Property Manager.

What Happened Next: As soon as a reputable property manager sprang into action; she immediately addressed the issue with the tenant, submitting a request for the seven weeks’ rent within seven days or eviction would be pursued. Unfortunately, the tenant didn’t comply and even changed the locks to prevent access to the property. The matter had to be escalated to the Rental Tribunal, which granted permission to change the locks again and facilitated a payment plan.

During the inspection, the property manager discovered that the tenant had violated the agreement by keeping four cats in the property without a litter box. The result was damaged carpets and shredded curtains. Furthermore, there were additional unauthorized occupants living in the house who were paying rent but not passing it on to the landlord.

Despite attempts to resolve the situation, the tenant failed to comply with the payment plan. After further intervention from the Rental Tribunal, the tenant was ultimately evicted. However, the problems didn’t end there. When the final inspection took place, the property was still in a state of disarray. The cleanup and restoration, which included removing car parts, furniture, and attending to an overgrown garden, cost the landlord in excess of $7,000. Since there was no security bond in place, the entire amount came out of the landlord’s pocket.

Fortunately, property management was able to start the cleanup process and then conducted a rental appraisal to determine the optimal rent for the property in the current market. No time was wasted with a suitable tenant found within two weeks, and the property was now able to command a 10% higher rental rate than before.

Fast Forward: Two years later, the agency is still managing the property successfully. The new tenants are satisfied, and the landlord is delighted to receive their monthly rent on time, every time.

Key Takeaways From This Private Rental Properties Nightmare Horror Story

This cautionary private rental properties tale offers valuable lessons for landlords in similar situations:

  1. Trust a property manager: While it may be tempting to rent to family or friends, it’s crucial to maintain a clear boundary between personal relationships and business. Hiring a property manager ensures an objective third party is involved, preventing potential conflicts and allowing for unbiased handling of situations.
  2. Objectivity and expertise: Property managers possess the knowledge and experience to navigate challenging aspects of property management. They can handle rental inspections, tenant disputes, and offer sound advice to landlords. In the case mentioned, Debbie advised the landlord to obtain insurance to protect against future mishaps.
  3. Thorough tenant screening: Property managers conduct comprehensive screening procedures to select reliable tenants. They verify references, including work and personal contacts, and may even visit the potential tenant’s current residence to assess their living conditions.

Partner with Property Brokerage for peace of mind: By enlisting the services of Property Brokerage’s Senior Property Manager Leigh Johnson for your property management needs, you can benefit from her expertise, professionalism, and dedication to achieving the best outcomes for your property. Our experienced property manager acts as your on-the-ground expert, serving as a buffer between you and your tenants. She will handle difficult situations with ease, ensuring your investment remains protected.

Senior Property Manager Leigh Johnson

When you entrust Property Brokerage with your property management, you can enjoy peace of mind knowing that your property is in capable hands. Our team goes above and beyond to provide exceptional service to our clients, conducting thorough screening processes, promptly addressing any issues that arise, and keeping you informed every step of the way.

By working with us, you can focus on other aspects of your life while reaping the rewards of a hassle-free rental property. We’ll take care of everything from tenant selection to rental collection, property maintenance, and even marketing your property to attract the best tenants in the market.

Investing in professional property management ensures that your property remains a profitable venture. With Property Brokerage industry knowledge and commitment to delivering excellent results, you can maximize your rental income and maintain a positive landlord-tenant relationship.

Don’t let a private rental property’s nightmare tenancy turn your investment into a headache. Trust our experienced property management team to handle the complexities of rental properties in Hervey Bay, Maryborough, or any other nearby location. Contact Leigh Johnson today to discover how we will help you achieve success with your investment property.

Whether you’re a seasoned property investor with a rental portfolio, or a first-time home buyer considering investing in a rental property, our professional sales agents and Hervey Bay & Maryborough Property Management team are here to help. You might also like to read these blog posts about our No Sale No Fee Real Estate, Rentvesting, and Hervey Bay Property Prices.

We can provide you with valuable information and guidance on renting out your property, finding tenants, and managing your investment. Contact us today to learn more about our services and how we can assist you in achieving your investment goals.

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1 thought on “Private Rental Properties Vs Professional Property Management

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