up

My Property Manager Cost me thousands

I relied on my property manager to take care of my investment property but the agent’s ineffective approach ended up costing me dearly.

I was 20 years old when I bought my first investment property

The property generated a healthy return – but one day, the rent just stopped coming in.

"I called up the property manager and she said ‘Oh, that’s because there’s no money sitting in the account’,”

The manager only realised the tenants were in arrears with their rent after I brought it to her attention.

It took the property manager so long to notice the tenants were in arrears and even then, I was the one who had to hound her to do anything about it

Despite my pressure on the property manager to resolve this, the situation dragged on without a resolution. The manager finally evicted the tenants. However, because the relationship with the tenant had soured, the tenant left the property dirty and damaged.

"I wouldn’t say it was destroyed but it wasn’t cleaned and there were marks all over the walls,”

It took me seven weeks to get another tenant into the property, costing me several thousands of dollars in lost rental income. In addition, I had to pay for the house to be cleaned and painted.

"I think all of that could have been avoided if I had a property manager who was actually looking after my investment property and managing it properly,”

Dissatisfied with the service, I decided to look for a better property manager, but after a lot of work looking and yes there are good ones, but be prepared to pay for quality.

In my search I came across online property management software called RealRenta and to be honest no one is going to look after or do a better job then you will. As no one will care as much as you about your own investment property.

With technology today, there is not much that can’t be done for you. RealRenta looks after all the tenant payments, tracks the rent and sends out reminders when rent is not paid. Hell it even sends out breach notices when rent is in arrears, all on time and to legislation.

Tenants have their own portal and have access to all their documents and rental ledgers etc. All communications are done through the platform, so you don’t even have to deal with the tenant directly. You can even send text (SMS) messages to your tenants from the platform. Tenant can even put in maintenance requests and there is much more.

So I decided to give it a go and see how it went and I have never looked back. I just sit back and RealRenta lets me know if I need to do anything. Which to be honest is all a property manager will do, well if they even know something is wrong or even care.

Overall, I believe investors need to spend time choosing the right property management solution that will work best for them.

"I learned that you have to treat choosing a property management solution like any investment and do your research. Never just sit back and think the property manager is always going to do a good job or even care about your property, because in the end it’s not their property and they are not the ones that will lose thousands when things are not done right.

Jason Gwerder
Friday, 23 September 2016


Join our mailing list Receive Free Property Tips and news


Now Partnered With

logo


Contact Us

1300 11 RENT (7368)
info@realrenta.com