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How a property manager can help you
Some of the stories told by professional property managers would convince the staunchest do-it-your-selfer that this job is not for the faint-hearted, or the amateur.
There is the case of a landlord who self-managed his properties and who failed to provide the tenants with proper notice when he wanted to increase the rents. When the tenants failed to pay the extra amount, he evicted them and went to the Consumer Trade and Tenancy Tribunal (CTTT) - the dispute resolution forum for consumer, trader and tenancy-based matters - to try and obtain the outstanding money. However, because he had breached the rules, the CTTT stopped him from recovering the unpaid rent and took further action for illegally forcing his tenants to leave.
And do you know what to do if your investment property appears to have been abandoned by the tenants? They have gone and have not let you know where, why or how. You can’t simply assume the tenant has left for good and throw out or sell any goods left lying around because the CTTT has strict guidelines that must be followed in such situations.
Most real estate agencies have professional property management staff used to dealing with situations such as these and who are on top of all the many rules and regulations. Residential property managers’ sole job is to manage rental properties, carrying out a myriad of duties from finding tenants and ensuring the rent is paid to organising repairs and dealing with any day-to-day problems that might arise.
And while you may like the idea of having a close relationship with a tenant of your choice, it is worth considering what might happen if the trust and friendship between you breaks down – as it can – and you find yourself unable to deal with a person in a situation that is less chummy than it was.
As professionals, property managers can deal at fairly and equitably with both you and the tenant in your property.
They know the market and will be able to negotiate rent increases for you, they can advise you on what sort of insurance you should have and they can make you aware of any safety breaches you might be committing, if your property is unsound in any way.
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