How to get a PM to take on a problem property?

[bubbles]

I have a property that currently has tenants that are $2500 behind in rent (long story). I am just wondering if anyone has had any success getting a new PM to take on a property in a situation like this and what strategies you used?

We have a PM who is ok on another property and are thinking of asking her to take it on, but clearly she would need some kind of incentive to take on a problem?

We would be happy to sort it out ourselves, but it is challenging as we are remote to where the property is and therefore we would have to fly up to attend any tribunal hearings (if it gets to that) and to do the exit condition report and then to sort out any mess that is there (not sure yet)... So we're thinking it will be a lot easier and potentially even cheaper to incentivise the agent to take it on.

Appreciate any thoughts!

TIA xx

 

[ozsupra]

A good PM would not see this as a problem especially if they are interested in obtaining continued business and especially true if you have more than one IP. Remember that the PM has the right to charge you for court time and that you have the right to pass this cost onto the tennant.
Problem is, in the majority of cases I have dealt with the tennant never pays.

You need to decied if it is worth the grief or to just cut your losses and move on..
A.

 

[Jody in Darwin]

Hi Tia,

I have taken on problem properties and tenants when starting a new management. The only thing I won't accept is a problem landlord or a serious structural issue that cannot be fixed (i.e. dysfunctional body corp with no money in sinking fund). I imagine most property managers would be like this and the fact that you have even posted a question like this tells me you are a reasonable and considerate landlord.

I don't think you will have any problems getting a property manager to take it on - make sure you get a good one though! good luck

Kind regards,
Jody

 

[marg4000]

And if you do get a PM to take it on, be sure to reward their efforts and don't take the property away once sorted.

Yes, it happens..
Marg

 

[lura]

Hi Tia,

I know your properties are on the Gold Coast - although I don't manage that far down, let me know if I can help. Call me directly 0425 22 5678.

I haven't been in here for a while - so have missed a few things

Problem properties - I like them as a challenge - it is rewarding when it is fixed. And most of the time, as a new agent, it is easier to resolve these matters because I haven't been caught up in the mess. The degradation of these relationships generally arise from lack of communication leading to lack of trust for the pm to do their job. The resolution may not be 100% what the owner wants but as a pm we have to apply the law and negate losses.

I'm dealing with a massive problem property at Bardon at the moment and will post outcome once resolved - but owner is in USA and stressed out.

Hope to talk to you soon Tia,

Lu Bracher