{"id":6121,"date":"2015-10-21T01:00:17","date_gmt":"2015-10-20T14:00:17","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=6121"},"modified":"2015-10-21T01:00:17","modified_gmt":"2015-10-20T14:00:17","slug":"property-management-today","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/property-management-today\/","title":{"rendered":"Property Management today – Corina Bailey"},"content":{"rendered":"

 
\nIn today’s show property management expert Corina Bailey<\/strong> from\u00a0LandlordSpecialists.com.au\u00a0\u00a0has a shot at the industry.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin:<\/b>\u00a0 One of the big hurdles for anyone with an investment property is actually having it managed effectively. Whether that\u2019s meaning that you\u2019re managing it yourself or doing it through an agency, you need to make sure that you\u2019re up to date with all of the legislation because even though it\u2019s under the care of an agent, you are still responsible.
\nI\u2019m going to find out a little bit more about this because it would appear that despite the fact that there have been a number of inquests and inquiries and changes that should have been made, lots haven\u2019t changed in the industry. Joining me now is Corina Bailey from LandlordSpecialists.com.au, who\u2019s also dubbed as the Landlord Guru.
\nCorina, thank you for your time today.
\nCorina:<\/b>\u00a0 You\u2019re welcome. Thank you.
\nKevin:<\/b>\u00a0 Things haven\u2019t changed all that much?
\nCorina:<\/b>\u00a0 No, that\u2019s correct. There\u2019s a lot of gray area, shall we say, within the Residential Tenancy Act, and there\u2019s a lot that landlords do need to be aware of in terms of their rights, responsibilities, and obligations.
\nKevin:<\/b>\u00a0 I guess a lot of landlords would think, \u201cOh well, i\u2019s managed by a professional agency. I can relax now and not have to worry too much,\u201d in other words, it\u2019s arm\u2019s length. It may be arm\u2019s length, but they\u2019re still responsible for a lot of things.
\nCorina:<\/b>\u00a0 Yes, that\u2019s correct. Unfortunately, there are a lot of landlords who falsely believe that by handing their property over to be managed by a property manager, that they are somewhat protected, therefore not liable or not responsible at all.
\nKevin:<\/b>\u00a0 Your role is really to work with landlords, whether they self-manage or go through an agency, to make sure that they\u2019re well and truly educated. What are you seeing as some of the problems that landlords are facing now?
\nCorina:<\/b>\u00a0 There are just certain aspects they\u2019re not happy with. They\u2019re not happy with the communication that they\u2019re receiving from their property managers, they\u2019re not happy with the regular inspections that are to be conducted on their properties, and they\u2019re not happy with the documentation and the reporting side of that, as well.
\nKevin:<\/b>\u00a0 You did a survey recently, didn\u2019t you? These are results of that survey?
\nCorina:<\/b>\u00a0 Yes. Look, that\u2019s correct. What our landlords want to know is really what is it going to take before the industry gets cleaned up? More often than not, hearing about all those tenant horror stories on \u201cA Current Affair\u201d<\/i> and the like.
\nIf I can take you back to an incident that occurred on the 19th<\/sup> of September, 2012, there was a death of a baby in Queensland after her father had fallen through a deck that required repair and wasn\u2019t picked up during a regular inspection. Consequently, the father dropped the baby and the baby was killed.
\nIt\u2019s these sorts of horror stories that are really, really making landlords sit up, and they\u2019re now standing up to have some things changed. What we\u2019re trying to do here is get the industry to become more accountable. Currently, there\u2019s no industry standard with regards to inspections, there\u2019s no auditing process, there\u2019s no guidelines about what is and isn\u2019t required when doing an inspection, let alone the fact that there are no training programs in place.
\nKevin:<\/b>\u00a0 I was really surprised to read the results of your research where you actually spoke to a number of property managers and asked them some key questions. Some of their responses were actually quite shocking.
\nCorina:<\/b>\u00a0 When we interviewed property managers, we explained that our landlords are saying that they\u2019re not happy in this area, and when I asked, \u201cWhy don\u2019t you, as a property manager, see inspections as being important enough to have a professionally trained and suitably qualified inspector perform these?\u201d the responses amazed me.
\nA handful of them saw it as a\u00a0part of their job. Passing that information on to our landlords and they\u2019re astounded that a $600,000 investment property is only valued at around about $10. What sort of a quality inspection can somebody do for $10? Literally, they would just walk in and have a quick look around and walk out.
\nLandlords are telling us that they\u2019re not receiving reports. They\u2019re not getting any photographs, and if they do, it\u2019s very limited. Photographs are blurry. This is really important information that landlords need and property managers need because at the end of the tenancy, it\u2019s all of these reports that factor into how the bond refund fund is distributed at the end of the tenancy.
\nKevin:<\/b>\u00a0 How would you suggest that someone who\u2019s looking to find a good property manager actually knows that they\u2019re actually dealing with a good one?
\nCorina:<\/b>\u00a0 Landlords need to insist that regular communication takes place with their property manager, that the property manager is ideally doing quarterly inspections, that inspections are thorough, and that the landlord receives a report \u2013 a comprehensive detailed report and lots of photographs, because there are lots of things that occur over the duration of the tenancy \u2013 fair wear and tear particularly \u2013 that landlords need to factor into their budget, whether they need to be looking at getting carpet replaced and the property repainted. Landlords are wanting to make their tenants happy, and happy tenants means they stay long term and they look after our investment properties.
\nKevin:<\/b>\u00a0 Okay. If you want to get a bit more information, you can certainly do that at the website. It\u2019s a great website, called LandlordSpecialists.com.au. I have been talking to the Landlord Guru herself, Corina Bailey.
\nCorina, thank you for your time.
\nCorina:<\/b>\u00a0 You\u2019re welcome. Thank you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show property management expert Corina Bailey from\u00a0LandlordSpecialists.com.au\u00a0\u00a0has a shot at the industry.   Transcript: Kevin:\u00a0 One of the big hurdles for anyone with an investment property is actually having it managed effectively. Whether that\u2019s meaning that you\u2019re managing it yourself or doing…<\/p>\n","protected":false},"author":176692471,"featured_media":5706,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,36,18,25],"tags":[101],"class_list":["post-6121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-property-investment-topic","category-property-management-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nProperty Management today - Corina Bailey - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/property-management-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property Management today - Corina Bailey - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  In today’s show property management expert Corina Bailey from\u00a0LandlordSpecialists.com.au\u00a0\u00a0has a shot at the industry.   Transcript: Kevin:\u00a0 One of the big hurdles for anyone with an investment property is actually having it managed effectively. 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