There is no disputing that owning and managing an investment property has become more challenging over recent years with the shift in the economic climate. As managing agents, we often comment that our role as property managers should be changed to 'people' managers, as managing the 'property' is the easy part of our role. The property cannot communicate with us, dispute issues, breach agreements, or get emotionally involved.
However, renters are becoming more educated and demanding of their needs, and rental providers have more expectations and pressures placed on them.
These current times are affecting everyone, and as your managing agent, we are trying to navigate these pressures as best we can in being the frontline to all communications.
Our focus is always on trying to alleviate, negotiate, and work towards a win/win outcome for all parties with empathy.
As many long-term investors will know (through their own experiences), when managing properties, there is often no black and white clarity to an array of challenges that can arise during all stages of the tenancy.
Although there is legislation that governs the rights and obligations of both parties, there is also a broad scope of grey areas. These grey areas often lead to disputes and frustration for property owners that we must deal with and mediate on your behalf.
If a dispute does arise and the parties cannot reach a resolution, often our only course of action is to lodge an application with the tribunal courts to seek ‘their’ decision and orders, which in some circumstances can take weeks or months to obtain a hearing. If a claim is made, this can often lead to an undesired outcome on the orders you seek, depending on how the tribunal/court member overseeing the hearing feels on the day or interprets the evidence presented.
The tribunal courts will consider fair wear and tear, what is reasonable, depreciation and what they perceive to be fair. When a dispute cannot be settled, our agency will take the time to explain how the legislation could impact the situation and the possible outcomes and then take your instructions on how you would like to act.
During this process, it is important to consider the dollar value in question, the circumstances, and possible outcomes to determine if it is financially viable to pursue the matter. Depending on the claim, it can be beneficial to compromise rather than just being focused on one outcome.
Areas where common disputes can arise:
• Required maintenance at the property
• Appliance breakdowns at the property that are not replaced
• End of tenancy bond disputes
• Excessive water accounts
• Rental increases
• Damage to the property
As your managing agent, you need to understand that we are focused on working in your best interests to maximise your income and optimise capital growth.
Comentarios