Learn how Project Manager Rebecca Carlson helped our client terminate a problematic tenant and increase rent by $200 per week
As the project manager for Point Property, it is important that I take a proactive approach in addressing all issues, when looking at refurbishments for our property owners.
I recently completed a refurbishment of a South Auckland property which resulted in a positive outcome. Our strategic recommendations, involving refurbishment, termination of the problematic tenant, and subsequent rent increase, demonstrate effective property management skills.
Here’s a summary of the key successes:
- Thorough Assessment:
- Conducted a routine inspection to assess the property’s condition and identified issues.
- During the research stage, I discovered the tenant was a delinquent rent payer, with often overdue rent and did not keep the property to our expected standards.
- Proactive Recommendations:
- Advised the property manager that we should propose a refurbishment to the property owner.
- Suggested leveraging the refurbishment as an opportunity to address existing tenant issues and increase rent.
- Tenant Management:
- Recommended the termination of the problematic tenant to address ongoing issues promptly.
- Recognised the need for a fresh start with a new, responsible tenant.
- Owner Satisfaction:
- Successfully communicated the benefits of the proposed approach to the property owner.
- Achieved owner satisfaction by addressing property issues, enhancing value, and increasing rental income.
- Financial Impact:
- Increased the property’s rental income by $200 per week, contributing to enhanced yield.
- Demonstrated the ability to protect and potentially increase the asset value for the property owner.
- Market Re-entry:
- Initiated the refurbishment process to improve the property’s appeal.
- Successfully reintroduced the property to the market with increased rent and secured a great new tenant.
- Timely Execution:
- Emphasised the urgency of addressing tenant issues promptly, minimising downtime.
- Executed the plan efficiently to meet the owner’s objectives.
Overall, our proactive and strategic management has not only addressed existing challenges but has also positioned the property for future success. This success story reflects effective property management practices and a keen understanding of maximising both yield and asset value.