Investing in residential property is a popular way to build your wealth and properly manage is an excellent form of long-term investment. However, maintaining a successful residential property investment involves many factors, not the least of which is managing good relationships with tenants.
The conflicts that can arise from unsatisfactory tenancy relationships are stresses that should be avoided for the benefit of your property investment.
According to information from New South Wales Fair Trading, the last financial year saw 737 tenancy complaints received.
It’s important to avoid conflicts like these and resolve issues quickly, so that the best possible outcomes can be achieved for both parties.
If tenancy problems are proving to be particularly thorny, seek help from authorities such as NSW Fair Trading and Consumer Affairs Victoria to clear the issue, and avoid any confusion at the beginning or end of tenancy agreements.
Both institutions are qualified to provide aid in achieving conciliation in tenancy disputes between conflicted parties, and can also advise of alternative options if the situation requires it.
“Fair Trading often achieves 100 per cent effect on disagreements involving tenancy, getting a good outcome for both sides of any argument or difference,” NSW Fair Trading Commissioner, Rod Stowe, said in a December 17 2012 statement.
According to Mr Stowe, the top four residential tenancy disputes last financial year, included rights and responsibilities in relation to repairs or maintenance, rights and responsibilities in relation to refunds, the conduct of property and strata agents, and general unsatisfactory conduct.
In order to help avoid potential tenancy conflicts and build your investment portfolio, you may wish to consider the option of using Portfolio’s experienced investment managers, which will give you the benefit of expert advice.
Portfolio Management Services’ specialist are experienced in both the acquisition and management of large and small client property portfolios and are able to offer a convenient, easy solution so you won’t have to deal with these problems yourself.
Contact us or call our Property Management Director Adam Saita on 03 96211044 today to discuss your options or to simply learn more about our professional investment property management service.