I never really took much notice of the stories doing the rounds about bad property managers and the issues they can cause. However, having just lived through one, I now have a very thorough understanding of exactly the kind of damage they can do.
It’s not that they damage the property, it’s the ‘death by a thousand cuts’ effect of one thing after another, the frustrating phone calls (to follow up on things you shouldn’t have to) in an already busy day, and the magical way they make accounting and processing errors exactly when you have a myriad of expenses on your plate.
Here’s some real examples from my experience:
- $2K worth of rent witheld at the end of the financial year due to the file ‘not being closed off properly’ when the previous tenant vacated. I argued with them for 6 weeks straight until they finally realised they’d incorrectly recorded some expenses we’d paid as rent, and left the bills marked as ‘unpaid’, hence the rent that actually had been received wasn’t being released. Why their end of of month reconciliations didn’t show this was the problem, I’ll never know.
- Receiving inspection reports 6 weeks late, then OK’ing maintenance requests, only to find said maintenance still hadn’t been carried out weeks later
- Presenting only one hand written reference and absolutely no proof of rental history when short-listing new tenants.
- Sending me a new Management Agreement to sign, telling me nothing had changed from the previous agreement, only for me to find that they’d doubled several of the fees and charges.
All this can keep you awake at night (from sheer frustration if nothing else), and make you question if it’s all worth it, even with a good property that almost pays for itself.
So if you have a bad property manager, ACT!
Act before it’s too late, you’ve got funds tied up due to errors and tenants on the verge of not renewing because things are constantly left unattended.
Believe me, it’s such a welcome, refreshing feeling to just have things happen the way they should. No frustrating follow up phone calls required.