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Is Your Paperwork Up To Date!

As our rental division continues to grow and our rent-roll expand, we are now constantly receiving properties that are transferred to us from other agencies.  Mostly this is because the property owners are just not happy with their existing property manager or managing agency. This is fine and we are always happy to help our clients. Transfers can happen for a number of reasons and it may not always be that the property manager has done a bad job, it can be as simple as a conflict of personalities. 

But sadly, most transfers happen because of poor management or poor communication. Undoubtedly, property management can be a demanding, stressful and sometimes thankless job, but that never excuses anyone for not doing what they are paid to do. It has always been my belief that if you don’t like managing property and all that the role entails – find something else that you do enjoy! It’s not fair to anyone – landlords, tenants, other team members and yourself – for you to remain in property management, if you just don’t like the job!

I believe that it’s the property managers who don’t really enjoy their jobs, who can cause the most problems. Certainly we have found that when we take over managing these properties that there are often no entry condition reports, incorrect bond amounts and certainly very confusing or ambiguous tenancy agreements. We always ask for a copy of the original tenant application form/s as this can provide extremely important information on the tenants, especially if things go wrong and we need to make contact with their next of kin, employer or even their emergency contact number. We have never, ever, been given a copy of any application form.

So this begs the question – was an application form actually completed and processed appropriately? Was a condition report even done? Why would the bond amount be incorrect? How would that agency survive in the event of litigation and certainly how do they explain all these things to their auditor?

If you have rental property, how sure are you that all your paperwork has been completed correctly? Do you receive copies of the entry condition report and the tenancy agreement, with each new tenancy? If you don’t, you need to ask why not and request that the agency provides you with copies immediately. It’s your property, it’s your paperwork and you are entitled to have these things.

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Investors Direct Financial Group

Investors Direct Financial Group (IDFG) was established in 2001.
Our mission is to help our clients achieve and maintain their financial freedom.

Members of the IDFG Group include:
  • Nanmon Financial Services Pty Ltd, trading as Investors Direct Financial Group (ABN: 52 097 697 820 ; ACL: 402950)
  • ID Property Advisory Pty Ltd (ABN: 69 141 716 412 ; Real Estate Licence: 071792L)
  • Investors Direct Financial Planning Pty Ltd(ABN: 50 141 139 228 ; AFSL: 385827)
  • Investors Direct Property Management Pty Ltd (ABN: 59 153 184 859 ; Real Estate Licence:073458L)
  • 8 Star Homes Pty Ltd (ABN: 83 135 066 876)
  • Investors Direct Financial Services Pty Ltd ACN 608 410 591
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