Is no news good news? How do you know if your investment property is being damaged?

Many property investors love the idea of a property manager as they are able to own one or more investment properties, but can pass on the responsibilities to a qualified professional. However, after choosing a property manager, many forget to do regular check-ups to ensure their investments are being looked after.

Property managers are responsible for taking care of any repairs or inspections that are needed. Earlier this year Vault Property Management picked up a property to manage in the Sydney area. When we collected the paperwork and keys from the other managing agent we were in contact with the tenant to book in a routine inspection even though the previous agent had conducted one earlier that month.

Upon entering the property, we found that it had extensive damage and noticed that some work had been carried out but not completed. After the inspection we immediately called and spoke to the property investor and came to the realisation that this investor had asked the other managing agent to arrange for a plumber to fix a leaking shower, which had also damaged the wall on the other side. The investor was told that this job was complete when it clearly wasn’t. This work was invoiced to the investor and paid for.

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TOP 5 TIPS TO AVOID PROPERTY DAMAGE

  1. Check the photo’s that are sent
    When managing agents complete the routine inspections and send to you with the pictures, don’t just leave them sitting in your inbox. Make sure you open it and have a look. Don’t forget to question your property manager if there is something missing.
  2. Ask for photos of the completed work
    If a tradie attends your property to undertake some maintenance work, request them to take pictures of the completed work.
  3. Being present/attending routine inspections
    From time to time make yourself available to attend the routine inspections with your property manager.
  4. Tenant selection
    The right property manager should aim to find you the most suitable tenant as quickly as possible.  Strict policies should be in place to ensure that the most suitable tenant is one that can show stability in employment, ability to maintain rental payments, positive references and carry out a database check on the tenancy database. The team at Vault Property Management never let these policies and procedures fall through the gaps to find the right tenant for our clients.
  5. The right insurance
    Landlord’s insurance is one of the most important purchases a property investor can make. For an outlay of a few hundred dollars a year, you can be covered for not only damage to buildings and contents, but also for rental default and damage by tenants

As you could imagine the property investor was furious, paying out money for something that is incomplete. Acquiring quotes for repair work is a very time consuming exercise and part of the point of having a property manager is to take the work off their client’s hands. The team at Vault Property Management have a bank of trusted tradespeople at our fingertips to source the best deals and help minimise our client’s maintenance costs.

A generally incompetent or lazy property manager will not undertake regular inspections of the property, allowing potential problems to exacerbate and tenant damage to persist. So have you heard from your property manager lately?

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