Property Management companies can also get it all wrong causing the landlord unnecessary pain even when they have done the right thing and handed their rental property over to a professional property management company.
When things go wrong with your rental property ideally you want to be in the country!
The worst scenario is you’re living offshore maybe as far away as the UK in a different time zone. Your property manager secures a tenant for your property and then soon after promptly leaves the company. You think that’s okay I will be assigned another property manager and it will be a seamless process of transition with in the company.
Only unfortunately the ‘seamless’ part is not always a reality and in this true story – the new tenant starts falling behind in rent payments and promises to ‘play catch-up’ but reneges on the deal. You think you’re in safe hands with your newly assigned property manager especially when you hear the words “I’m on the case”.
A few weeks later you learn ‘no-one is on the case’ – and the tenant is not even listed on the ‘arrears list’ and is falling further behind in rent payments. This is now starting to hurt and its adding up with rental arrears now over $2000. A newly suggested payment plan also fails and the new property manager suggests tenant eviction – but where does this leave you? Clearly out of pocket and disheartened about property management companies.
The reality is whether you are managing your own rental properties or they are professionally managed even with the best intentions tenants may not work out. It’s what happens when things go wrong that really matters especially if you’re living offshore.
Stake Property Rentals recommend ensuring the property management company you’ve chosen has a robust process in place to deal with bad tenant behaviour including late payments etc. Interview your property manager before you hire them. As the saying goes ‘once bitten twice shy’ and so you should be! Protect yourself and your investment by hiring a property management team that put you first and are up to the task irrespective of staff turnover or other issues in their business.