Managing rental arrears

Here's one for the micro-managers of their PMs.

Linky

• Below market rents
• Rents up to 10 years in arrears
• No policy for collection of rental arrears
• At least 12 debts over $100k

How soon would you be putting the boot into your PM for these inadequacies?

When you wipe away the BS (auditors only care about numbers not practicalities), how much would it really cost if the government didn't part with possession of these lands at a pittance and had to expend money to maintain, slash, eradicate weeds etc on these lands?

 

Can't open the link but sense irritating subject matter.

 

That's really bad..
10 years arrears!

 

Try opening in private browsing (you've been looking at too many pages on the SMH)

 

A portfolio that size will always have some portion of irregularities. It would be unrealistic to expect close to perfect management and would probably require hundreds of property managers

 

The report mentions issues regarding debt collection saying:

"several organisations owing the equivalent of more than 10 years of rent. Twelve organisations had an outstanding debt over $100,000".

I'm guessing there would be two main categories, those sites that have slipped through the cracks, which are obviously a worry, but most would no doubt involve contentious negotiations or legal issues and still be in some form of ongoing negotiation between the parties. Not an easy job!

 

Maybe some eviction notices are in order, but first perhaps consider "reviewing the processes" pertaining to those in arrears.

Just imagine if those "shortages" were deducted off the periodical staff "bonus".

There would be no arrears.. at a guess...

 

Looks like they need a tough property manager, someone who would take immediate action as soon as the tenant defaulted on their rental obligations. This is where the simple lock out rule should apply.

 

What the heck?
Does this actually happen?
They may as well have that squatters rights rule.