Find out what one of our lovely owners thinks of us!
Need to Renovate?
When I first joined Coral Sea Property as an owner, I was moving away, I hoped, from really poor service and results from a different Townsville property management firm. Everything at Coral Sea looked fantastic, from the stats they keep to the service and extra dollars in the bank they promised.
They kicked goals immediately with getting a great tenant within days after one unit had been empty for several weeks with the other manager. And for more rent. They have continued to impress us now for 14 months, and I have learned to pretty much keep out of their way as their system works.
You want me to pay 10% extra?
I did have one vague reservation – which was about the 10% Maintenance Fee. It is the cost of having them arrange, complete and check on the maintenance and repairs to keep the units in great condition “so tenants are happy, stay longer and pay more”. Because when I began investing I learned to “keep costs low” I had an internal resistance to paying extra.
Until recently all of the work done had been for minor amounts, and the maintenance fees were negligible. In March, Bob suggested there was an opportunity to do a makeover of one of the units as the tenant was moving, and should the Maintenance Team get it done? As that unit had received no attention for about 10 years I knew it was a good idea.
Here is what happened.
Old lease of $190 a week ended 15th March with tenant leaving. New lease began 30th March with rent of $230 a week. 14 days vacant. During that time the team organized new carpets $1875, complete internal painting $1200 and $132 of general maintenance and fix ups. Total $3207. The team chose the carpets, paint, everything. They checked it was done properly, and took photos. During the “reno” time, CSP also attracted and selected a great new A-Grade tenant.
Even if I had personally organized the reno which would have taken me many hours, in the best case it is unlikely I would have saved anything or achieved a better result. The unit would have definitely been vacant much longer.
It is like those TV shows where people do renovations – and the people who always win are the ones who have a great team who do it better, faster and usually for less.
I am now extremely comfortable with having a professional maintenance team who only charges 10%. In combination with their other systems it means they get me great results, and my time is available for other things.