Let your investment do the work

Becoming a landlord and managing tenants has to be one of the major reasons why people choose not to jump into property investing. With so much unknown about what you’re embarking on and the nightmare stories you read it’s no surprise that so many want to get into property investing but don’t for the fear of ending up with bad tenants. The way to avoid it all is to simply get a property manager and let your investment do the work.

Some however, fancy the idea of giving it a go. But, there are countless examples of things going wrong, so we’ve compiled three real scenarios of private landlords managing their own tenancy, and encourage you to think carefully about using a property manager so you don’t succumb to any of these mistakes.

Scenario 1: Following the law

Problem: Following a disagreement with the tenants, this landlord changed the locks and evicted the tenants from the rental. The Tenancy Tribunal ordered the landlord to pay $2264 to the former tenant after they were found to have unlawfully ended the tenancy.

Solution: Emotions can get the better of us when its our own asset, which can cause us to act irrationally. A property manager would have followed what was set out in the Tenancy Agreement and the rules of the Residential Tenancies Act – a piece of policy we need to understand cover to cover, and act accordingly to lawfully evict the tenants, potentially saving this landlord thousands of dollars and countless hours of wasted time and stress.  

Scenario 2: Tenant selection

Problem: After the tenancy had ended, this landlord went to the property and found it had been left in a horrific state. The tenant had left around 25 holes around the house, windows smashed, a pantry door ripped off, curtains had been cut and there was fire damage on a bedroom wall. The landlord had already fully redecorated the property 18 months before the tenant moved in. It took another 42 days to carry out repairs at the property as a result of the damage left by the tenant.

Solution: Selecting the right tenants for your property is one of the most critical aspects of managing a property. Often private landlords won’t have the tools or the time to investigate prospective tenants. Property managers have the experience and tools to select the right tenant for your property. At Nice Place we have an extensive vetting system that includes background checks, credit checks, verifying employment and collecting references from their previous landlord.

Scenario 3: Inspections and maintenance

Problem: The landlords of this property were ordered to pay their tenant just over $13,000 after failing to maintain their property to a reasonable standard of repair. The tenant had to live in a house with leaking and damaged gutters, rotting window frames, illegal stairs, a sagging and mouldy ceiling, rotting weatherboards, a rotten toilet floor and an exposed electrical board.

Solution: Property managers plan and execute the inspections every 3 to 6 months so we can pick up on any problems that need fixing before they get out of hand. We are also on call 24/7 to deal with any maintenance emergencies. At Nice Place, we have a team of trusted and dedicated tradespeople that we use and do a fantastic job and encourage our property owners to maintain their properties to ensure continued good returns.

For what you might spend on a property manager, you are likely to save in the long run. Give us a call today on 04 389 8840 to see how working with us can help, so you can enjoy the returns on your investment.