In this video, Russell Peter discusses the importance of having a property manager to manage your property. Some owners tend to self-manage their properties to save on management fees, which can range from $1,800 to $3,000 per year. However, self-management can lead to severe and expensive consequences.
In a recent management takeover case, the owners had previously self-managed their property for five years and saved approximately $10,000 in management fees. However, during those five years, the owner did not conduct any routine inspections, which led to significant property damage. The tenant also stopped paying rent.
The damages identified on takeover included a kitchen that needed to be gutted or fully cleaned, a living area requiring a total repaint, busted lights throughout, missing doors, and exterior damage — all estimated to cost between $3,000 to $5,000. Without landlord insurance, all expenses were out of pocket, resulting in a total loss of approximately $40,000 to $50,000.
These issues could have been identified early on if the property had been managed by a professional conducting regular routine inspections. Russell urges property owners to seek professional help if they haven’t conducted routine inspections in over 12 months or are unsure of the condition of their property.
By getting professional help, you can avoid making costly mistakes and losing money in the long run. We encourage owners to take advantage of the current strong rental market and ensure their investment is well-protected.
Don’t risk your Brisbane investment without professional management. Discover how Pure Real Estate’s property management protects landlords every step of the way.