I have a good friend who, when shopping always says "The Poor Man Pays Twice". In her wisdom, she believes that when we don't buy the items of our dreams in the first place, we end up buying over and over again and end up spending more money than we would have if we bought the thing we really wanted. What does this have to do with Property Management you ask? Well… when choosing a property manager the network indicates that the majority of landlords and investors look only at the cheaper option of management fees, then changing agents down the track due to lack of service – this can be, at times, a costly exercise!
One of my work colleagues phrased it as “Clean Skins Red vs a Named Brand Cab Sav, you might think you are getting a great deal at the time, but that headache the next day indicates otherwise!”. You only need to experience one substantial headache with a tenant to begin to understand the importance of a comprehensive appreciation of the laws governing tenancy.
Paying a slightly higher fee for a more professional manager (or that better quality bottle of wine) makes a huge difference to your headache at the end of the day!