Why we made the switch | 2/32 Gordon Street, Milton
Buying an investment property is an exciting step towards building your own property portfolio.
You’ve spent a lot of time researching the top growth areas, calculating yields and identifying which rental properties are in high demand. Finally, you’ve found the one. An investment property that will attract quality tenants and provide substantial gains into the future.
With all of the hard work in finding the perfect investment property, you want to know your asset will be put into the right hands. It’s up to a managing agent to realise the property’s long-term growth by looking after it. Your Property Manager should focus on preventative maintenance, which if left unattended can lead to expensive repairs, and strive to ensure the asset’s value is maintained.
Is your investment property in the right hands?
Unfortunately, not all Property Managers provide the same level of care and service. Last year we took over the management of 2/32 Gordon Street, Milton because the landlord was not satisfied with the service they were receiving. It wasn’t clear which team member at the previous agency was managing their asset and their emails were rarely responded to.
The dangers of mis-management
When we took over the management of Gordon Street, we found the following issues:
- Extensive mould damage was evident in the main bathroom on both the ceiling and walls.
- Over a period of 5 months, the tenant had sent repeated emails to the property manager requesting this issue to be addressed.
- Routine inspection reports were incomplete and lacked photos of the mould issue, leaving the owner unaware of the situation.
- The tenancy agreement had lapsed 3 months earlier and did not include all of the occupants who were living at the property.
- There was no entry condition report available, which could hold the tenants accountable for any damage they may cause during the tenancy.
Needless to say, the owner was shocked to discover the extent of mould damage in their property, and even more so when they learnt the issue had been raised with the manager repeatedly.
Getting the love and care it deserves
Making sure that your investment property is getting the love and care when needed, is crucial in retaining a high rental income and growth in the property’s value. After taking over the management of Gordon Street, the damage was treated and repaired within 4 days by a mould expert, as it was that bad.
- We contacted a mould company to understand how comprehensive the situation was.
- We arranged temporary accommodation for the tenant nearby.
- The mould damage was immediately treated and repaired in 4 days.
- A thorough routine inspection was carried out and a comprehensive report was prepared for the owner.
- Reference checks were completed on the tenants who were not on the lease, with a new lease prepared and executed.
Gordon Street is an excellent investment property and it is unacceptable that the condition of the property was neglected by the managing agent. After we rectified the issues, the landlord was thrilled with the outcome and the level of service we provided.
We take a proactive approach to protecting the value and condition of our client’s properties, with our highest priority being the level of service and care we provide. You’ve worked hard to build your asset portfolio; we aim to take very good care of it.
Is it time to make a change?
A change in your Property Manager is as easy as contacting us. We’ll take care of the rest.