Property management – Perth success story
Bianca Patterson started managing the properties in Perth and found the following:
Upon inspecting the properties, she discovered over $10,000 of urgent repairs that needed to be completed. She organised quotes, agreed on prices and negotiated payment plans with contractors. This meant the tenants were safe and the client could have all repairs completed at once without stress or financial strain.
Three of the leases had expired exposing the owner to the potential of an unexpected vacancy. New leases were signed with the tenants with the expiry dates staggered at different times in the year so no two properties would be vacant at once, protecting the owner’s cashflow in the event of a vacancy.
Four of the tenants were in arrears – one was 5 weeks behind. Bianca spoke with the tenants about their arrears and negotiated payment plans which has now led to all of the tenants paying their rent two weeks in advance.
Bianca has now spoken with the owner and his accountant and formulated a maintenance plan for the upkeep and refurbishment of all of the properties. This has given the client and his advisers a clear picture of when works are to be completed, what will be done and how much this is likely to cost.