Case Studies: Warning Signs It's Time To Change
A low-service property management company displays numerous warning signs including bad communication, unhappy tenants, inexperienced property managers, overworked staff, and poor property management. As these case studies show, adhering to these warning signs and making the move when things aren’t going w4ell can save you a lot of headaches.
As we highlight, it’s never too late to change property management companies if you are not receiving a high level of service.
The following case studies illustrate the importance of engaging a property management company that is professional, proactive, communicative and ensures your investment property is managed to a high standard.
Case Study 1
When Cohen Farquharson was approached by a client with concerns about the management of her investment portfolio, our Managing Director Alana Sorensen stepped in immediately to help.
When the property manager had left unexpectedly, it flagged the high likelihood the portfolio had been mismanaged, particularly given there were discrepancies with accounts that remained unresolved and responses to queries around them were not being provided.
After taking over the management, further investigation revealed that in addition to the accounting irregularities, regular property inspections were not carried out, maintenance issues raised by tenants were not being resolved, tenant payments were being managed ineffectively, and there were inconsistencies between the tenants on the leases and the actual tenants currently renting the properties. Coupled with tenant contact details missing and sets of keys incomplete and in disarray, the warning signs that this was a low-service property management company were clear and the decision to change agencies was the right one.
Thankfully, by approaching and engaging the services of a reputable specialist property management company that values professionalism, communication, integrity, proactiveness and has a team with a passion for being the best at what they do, this negative situation was turned into a positive one for our client.
As part of our professional service, Alana Sorensen worked diligently with the client to resolve all issues and progress towards a complete property management solution that has placed our client’s portfolio firmly in good hands.
Case Study 2
A landlord came to Cohen Farquharson for help when an agency who had offered a first-year discounted rate as an incentive, provided a low-quality service that was not even worthy of the low fee offered. The property manager was inexperienced, very unproductive left the landlord concerned about inefficiencies around the management of his investment property. Furthermore, he had to deal with repairs and strata issues himself as the property manager preferred to offload this responsibility rather than to act and resolve issues.
With high quality management being a priority, the landlord was not concerned that Cohen Farquharson had a slightly higher management fee because he knew he would have specialists in the industry looking after him and his property; it reflected the professional service he would receive.
Upon taking over the management, it was discovered that the property did not have a valid lease in place, two out of the three people who had been approved to lease the property did not sign the lease and never actually moved in, and the office did not hold a working set of keys.
Thankfully, we were able to address these issues and turn the negative situation our client had experienced into a positive outcome in a short period of time.
Within just five months, the property was inspected twice, repairs were reported and actioned in a timely fashion without involvement by the landlord, and the tenants who live in the property have now completed applications forms, had references checked and the lease is now correct and valid. This has resulted in a very happy landlord who is thankful he chose to invest more money in the management of his property to receive an ongoing, high quality, professional service from a team of specialists.
Like To Learn More?
If you’re looking for an experienced property management company that will manage your investment property to a high standard and help you grow wealth through property, contact Alana Sorensen on 0457 427 856.
