Who Do You Call In A Time Of Crisis?
The recent flooding events of South East QLD have highlighted just how volatile the environment is in which we live. The devastation of such events has already been widely published however it has brought about a subsequent set of circumstances that have had a dramatic effect on our real estate industry.
Thousands of property owners, tenants and investors alike have been severely impacted by having to either leave their property or at least the financial hardship of not receiving any rental income from the investment to then service the bank loan. Logically you would believe that various types of Insurance would cover such loses; unfortunately this is not the case. Either through lack of knowledge, guidance or support many tenants and investors alike were not sufficiently insured or did not have the correct RTA (Residential Tenancy Authority) agreements in place.
Situations like this commonly arise through property investors choosing to ‘self manage’ their property whilst at the same time taking an overly relaxed position with the tenant, a handshake agreement if you will instead of a lease. Although Professional Property Managers do come with a cost and some mandatory insurance requirements, they also offer some peace of mind in a crisis.
Dan Sowden
Principal | Auctioneer | Ray White Maroochydore
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