Leading property management companies provides a wide range of services that help to lessen the burden on the investor. Few services are more important than legal support, which helps landlords and property owners with unexpected, and potentially costly, situations related to tenants and property investments.
“If an investor has a tenant who stops paying rent or damages the property, the management company’s legal support department handles any necessary legal action,” says Teresa Casella, Senior Vice President, Business Development, Veranova Properties Limited. “The investor does not have to do it alone, and if something goes wrong from a legal standpoint the investor needs that support.”
Casella has noticed that investors tend to fail when they do try to take care of legal action alone, whether at the tribunal stage or, as it often the case, before that stage is even reached. “Most investors just don’t have the experience to handle the complexity of a legal case,” Casella says. “Leaving it to a professional property management company, who works for the landlord and has years of experience in dealing with these cases, is proven to help investors get the right result.”
In many cases, when a landlord has a troublesome tenant they are satisfied with foregoing any owed rent just to get the person out of the property. The investor doesn’t have the expertise to pursue that lost rental income, or thinks it is a lost cause, but property management companies have the legal knowhow and experience to recover that money.
As well as assisting landlords in cases against tenants, legal support services also provide protection if the investor themselves should come under legal attack. “If you are not up to speed with the legislative changes, whether it’s a contract change or other changes with regard landlord-tenant acts, you could be in violation of your agreement,” Casella says. “Legal support also provides good solid advice on the intricacies of the Tenant Act and helps the investor get a favorable end result in any legal proceeding.”
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