Confucius said, ‘Be not ashamed of mistakes and thus make them crimes.’
I knew a landlord whose sole focus was on scrooging as much money as he could.
He rarely spent money on maintaining his property, and at the end of each lease the tenant would always leave.
But his main objective was to save money through self-management.
He’d find some hapless agency who’d take on the listing as a ‘rent only’, which would lead to a poor-quality tenant being signed up and then the cycle of problems would begin all over again.
- High vacancy (last time it took 3 months for him to find a new tenant)
- High arrears (a time-consuming and aggravating problem for him)
- Little care for the property by the tenant
- Low rent returns
This landlord is on what we describe as ‘Level 1 Property Management’, which is renowned for creating the lowest returns for ‘save-money’ owners.
PS: If you’d like an assessment of your property management levels and an agent whose focus is on making money for you, we’d be more than happy to assist. Call Coleen on 0477 369 854