Property management is a time-consuming affair. By outsourcing to a professional property management company, you not only add great value to your rental property but also bid goodbyes to the stressful liabilities that may otherwise arise at midnight. However, it is critical to understand the importance of picking the most appropriate and responsible property management company to ensure a peaceful return on investment. Why?
While Halloween is just around the corner, these real-life property management incidents will send a shiver down your spine!
Here are a few property management nightmare stories from around the world that explain why it is important to hire a well-experienced and reliable property management company in town to ensure a stress-free life.
During a case in St Leonards, Victoria, police tracked four men for running drug labs in a rental property. When the officials raided the property, they confiscated 15 kilograms of methamphetamine, which further incurred a massive clean-up cost and loss of income for the landlords. Additionally, it made the property prone to potential health risks from chemical residue for future tenants. How did this all start?
The violators used fake IDs to rent the property, and the property manager/ owner did not bother to conduct a thorough background check on the tenants before signing the lease agreement.
Therefore, always make sure to do your research, take referrals, and hire a professional and experienced property management company to safeguard yourself from any such liabilities or stress.
One self-managing property landlord received a great shock after his tenants moved out. They took the entire kitchen with them (even the sink was gone!). Sounds hilarious, right? This incident states that theft from investment properties does exist and calls for preventive measures. How to prevent such thefts?
Consider hiring a well-trusted property management company in town. They will have the right resources and knowledge to screen the tenants and conduct regular inspections to ensure the best interests of landlords.
In Sydney's inner west Newtown region, a tenant had been living in a rental property and found a hole formed in the bathroom ceiling of his house. When he reported the issue, the landlord didn't do anything to address the problem.
Weeks followed, and he found a patch of mold developing in one of the house's bedrooms. This time when he reported the repairs to the landlord, the only action taken was a paint job done over the mold.
However, due to unsatisfactory services, the tenant provided the notice of termination, followed by the landlord's submission of a claim to the tribunal, seeking financial compensation for the broken lease.
This is another perfect example of how costly and consequential things can get when people overlook the importance of property inspection, management, and timely repair.
Here's another example of a tenant who moved into her new house and started facing issues associated with plumbing. It all started with sewage leaks from the ensuite bathroom, then the second bathroom blocked up, and ended up with a complete water system block up. While the landlord addressed the issue and plunged the toilets a few times, this did not resolve the issue.
Unfortunately, the tenant had to move out as she did not get a foolproof resolution to the problem. The landlord stated that it is not their responsibility to fix the repairs.
This situation highlights the importance of understanding a tenant's and landlord's rights, especially regarding drain blockages. Ensure to know your rights and responsibilities, and offer factual information to your clients.
Achieving optimum quality property management is challenging, especially if you live miles away from your property or when you are always busy. A property management venture comes to the rescue in such cases. So, if you need assistance in the greater Richmond Hill area, then we are happy to help! We offer high-class, error-free services to our valuable clients. Our team is efficiently trained to organize and manage single-family homes, light commercial, and multi-unit properties. Contact us at 912-525-0405 or get in touch with us on Facebook to know more.