It seems that almost every week there is a story in the media about nightmare tenants who occupy a property, fall into arrears and trash the place causing thousands of dollars damage, then leave with no visible consequences. Often the stories reveal that the same people have done this before in other properties.
As a reliable property management Chermside agency that works very hard to protect their owners from just such situations, we shake our heads at every story and struggle to see how this can continue to happen. From conversations we have had with owners who have been in these situations, the one common factor is that they were managing their own rentals.
Self-Managed Properties Vulnerable to Abuse by Rogue Tenants
At Position One Property we completely understand that investment property owners need to maximise their return on investment by reducing costs. However, the small amount of money they saved by not paying management fees is nothing in comparison with the thousands it cost to get these properties habitable again.
They can be tied up for months in legal proceedings and insurance claims, and in the meantime, the properties languish in a deteriorating condition waiting for the funds to start the repairs. There have even been situations where rentals have been used as drug laboratories. These owners were lucky to escape with just a mess to clean up. There have been cases where the lab exploded and caused severe structural damage to the entire building.
Security and Reference Checks Needed to find Good Tenants
As property management professionals, we can assure owners who have been burnt by nightmare tenants that we have the skills and experience to ensure this does not happen to them again. Our stringent security and reference checks on each rental applicant include checking the Tenancy Information of Australia database of defaulting tenants. We provide our owners with information about the applicants once we are satisfied that they are suitable. The owners make the final selection.
Regular Inspections Keep Good Tenants Honest and Bad Tenants Nervous
By conducting regular inspections throughout the tenancy, we keep a check on the property and ensure that the tenants are meeting the terms of their agreement. Owners are provided with regular reports on any issues that need attention. At all times our owners are kept fully informed about the tenancy and the condition of their property.
When rental properties are under professional management by Position One Property, the owners have our assurance that any unusual behaviour by tenants or complaints by neighbours to our agency are investigated. It is this type of attention that owners self-managing their rentals are unable to give on a regular basis. This allows rogue tenants to do their worst and get away with it.