Hi All, I'm in an uncertain situation and would love some guidance and advice...
For three months a unit of mine was vacant, the management of the apartment complex was performing their basic duties - listing, advertising, showing the unit to potential clients etc. However the fact that the unit is in good condition, centrally located in the CBD and with the current market and rental shortages, I find it hard to believe that its just the way of things. It wasn't until I stepped in and began to give instructions that things began to improve. I also had to decrease the asking rental price multiple times throughout the three months that the unit was vacant, however I was never advised that I needed to do that. Due to the vacancy, I have incurred a loss of over $5000, and that has hit hard with the crazy interest rates these days. I wonder if there is any compensation I can expect from the property management company which manages my unit and most of the complex. They were performing their basic functions but I certainly feel that because of their lack of initiative, some compensation is due for the inadequate duty of care and negligence. I have attempted to bring this up with the upper management but so far have been ignored.
Also, one thing to note which is interesting; this property management company took over the complex in 2020. I did have a contract with the previous managers, however I've seen no contract from the new people and nothing was signed. I don't know if this is normal procedure, if the previous contract simply carries over to the new management, but still, years have passed and it hasn't been renewed or even mentioned.
I would really appreciate your advice. I tried to find some info on REIQ and Office of Fair Trading, but unfortunately there isn't a lot of info for landlords. If anyone has experienced something similar where do I stand? Are there any options to recover the rental loss I incurred from management?
For three months a unit of mine was vacant, the management of the apartment complex was performing their basic duties - listing, advertising, showing the unit to potential clients etc. However the fact that the unit is in good condition, centrally located in the CBD and with the current market and rental shortages, I find it hard to believe that its just the way of things. It wasn't until I stepped in and began to give instructions that things began to improve. I also had to decrease the asking rental price multiple times throughout the three months that the unit was vacant, however I was never advised that I needed to do that. Due to the vacancy, I have incurred a loss of over $5000, and that has hit hard with the crazy interest rates these days. I wonder if there is any compensation I can expect from the property management company which manages my unit and most of the complex. They were performing their basic functions but I certainly feel that because of their lack of initiative, some compensation is due for the inadequate duty of care and negligence. I have attempted to bring this up with the upper management but so far have been ignored.
Also, one thing to note which is interesting; this property management company took over the complex in 2020. I did have a contract with the previous managers, however I've seen no contract from the new people and nothing was signed. I don't know if this is normal procedure, if the previous contract simply carries over to the new management, but still, years have passed and it hasn't been renewed or even mentioned.
I would really appreciate your advice. I tried to find some info on REIQ and Office of Fair Trading, but unfortunately there isn't a lot of info for landlords. If anyone has experienced something similar where do I stand? Are there any options to recover the rental loss I incurred from management?
