The Pitfalls of Poor Property Management: Avoiding Costly Mistakes as an Investor
*Names and addresses have been changed to protect the privacy of the individuals involved in this story.
Introduction:
In the fascinating world of property investment, the key to success or failure often lies in the capabilities of the property management company you choose. The story of 123 Smith Street demonstrates how a skilled and dedicated property management firm like MP Property Agents can rescue even the most daunting situations, transforming potential disasters into triumphant success stories. This scenario showcases the stark contrast between an experienced agent and a poor one, emphasising the paramount importance of transparency, communication, and expertise in the property management industry.
The Investment
Our tale commences in August 2022, as Jack and Melissa, a couple residing overseas, purchased 123 Smith Street to expand their thriving investment portfolio. Entrusting their Melbourne-based agent with managing the property and securing a suitable tenant, they were oblivious to the impending disaster. In just a few months, their tenant fell 15 days behind on rent, leaving the couple feeling helpless, frustrated, and desperately seeking answers. It was at this critical juncture (through word of mouth) that they turned to MP Property Agents for guidance and support.
The Astounding Discovery
The transferred property's files unveiled a series of alarming issues. The tenant hadn't signed the condition report, the bond was left unsubmitted to the bond authority, and the tenancy application was grossly incomplete, lacking vital information such as emergency contacts and featuring dubious references.
The Steps to take control
The team made persistent efforts to contact the tenant through various channels (emails, phone, texts), maintaining a friendly and non-confrontational approach. However, they proved evasive, leading the team to serve a notice to vacate due to unpaid rent. Following a period of silence, the tenant left the property but changed the locks and issued a retaliatory breach notice in an unsuccessful attempt to claim funds from the unsuspecting owners.
MP Property promptly sought the help of a locksmith to regain access to the property and conducted a comprehensive assessment, documenting all related costs for the landlord to ensure any claim against the tenant was accurately calculated. To recover these outstanding expenses, the team will be filing a VCAT claim and an insurance claim. Despite the difficult circumstances, the property was ultimately found to be mostly undamaged, owing to the swift and professional actions of the team.
The Swift Recovery and the MP Property Agents’ Difference
As soon as the property was deemed fit for occupation, MP Property Agents immediately relisted it for rent. Fortuitously, due to the current shortage of rental properties, 16 prospective renters were eagerly awaiting inspection. MP Property Agents reassured Jack and Melissa that proper checks would be conducted this time around, ensuring a smoother experience.
The MP Property Agents’ difference lies in their unwavering commitment to transparency, communication, and expertise. By taking the time to thoroughly review the property's files and relentlessly pursuing the tenant, MP Property Agents demonstrated their dedication to protecting their clients' investments. Their swift response to relist the property and the careful screening of prospective tenants showcase their competence and professionalism, setting them apart from the previous agency.
The Moral of the Story: The Power of a Proficient Property Management Company
The Power of a Proficient Property Management Company The captivating tale of 123 Smith Street serves as a potent reminder of the importance of choosing an adept property management company. By placing their trust in MP Property Agents, Jack and Melissa were able to overcome their challenges and secure their investment. The team's unwavering dedication to transparency, communication, and expertise facilitated a swift and efficient resolution to an otherwise precarious situation.
Epilogue: A Call to Action for Property Investors
Property investors searching for a management company that prioritises their needs and maintains the highest level of transparency can trust in the capabilities of Max and our team. Our demonstrated success in handling challenging situations, such as the 123 Smith Street case, speaks to our dedication to providing exceptional service.
Contact us today, and let us help you protect your investments while delivering a seamless and rewarding experience in property management.
Our team's key strengths lie in our meticulous attention to detail, honest communication with clients, and unwavering focus on preserving clients' investments. In the present property market, collaborating with a reliable and experienced property management team is essential to effectively navigate obstacles and secure your investment.
In essence, the 123 Smith Street case serves as a reminder of the importance of choosing a proficient property management team. Our timely response and attentive efforts not only resolved the issue but also resulted in a positive outcome for our clients. By working with us, clients can have peace of mind knowing their investments are managed by skilled and dependable professionals. Reach out to us today to experience our unmatched property management services.