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Rose's Property Journey: The Power of a Strong Network
Rose, a homeowner and landlord, shares some of the key elements that have shaped her property experience.
Her supportive network and connecting with this network at critical decision points, have helped turn property challenges into opportunities.
With key professionals and family advisors by her side, Rose has navigated property purchases with clarity and confidence.
Avoiding a Too-Small Property
Rose's solicitor went above her role of providing legal advice, querying whether a smaller two-bedroom property Rose was considering would meet her future needs. This advice proved invaluable years later when her family expanded and Rose had ultimately settled on a larger townhouse.
Purchasing prior to auction
The townhouse Rose found was set to go to auction, a type of sale she’d prefer to avoid.
A market-savvy relative provided her with a question to take to the agent:
"What would you take for it to not go to auction?"
Rose was able to secure the sale prior to auction.
Becoming a Homeowner & Investor - and Outsourcing
Rose initially purchased an apartment to live in. When she upsized, she decided to hold onto this property rather than sell.
Rose initially managed her investment herself but after delayed payments from a tenant, she engaged an agent to help.
During a period with a non-paying tenant over several months and no solution in sight, Rose decided to change property managers.
Rose however struggled to find an agent to manage her property, sharing that the,
“ …agents refused to take the property because they didn’t want to take on the situation.”
Through word-of-mouth, a helpful and knowledgable agent was found who resolved the issue and allowed Rose to opt out of the day-to-day property concerns.
This has also been beneficial to Rose, to not be as involved with the property - having a young family and working full time.
Adding to her network, she has a friend who also owns in her apartment block, who keeps her up-to-date on all things strata.
“He tells me the updates and the gossip of the building.”
Rose reflected on some of the other challenges she’s faced as an investor.
With strata fees, special levies and rising interest rates, Rose describes how maintaining a property with ongoing costs,
It can be a stress.
Rising interest rates was a huge stress.
Tenants not paying rent.”
However, in spite of these challenges, for Rose there were more benefits in holding onto the property long term; a decision that she hopes will ultimately benefit her children.
Rose shares in addition her fortunate market timing:
"I wouldn't be able to afford to live in this area with today's prices."
Weighing up risks for potential long term gains
The experiences Rose has faced have all helped to shape practical decisions, including favouring long-term rentals over potentially higher-yielding but less stable short-term options; prioritising consistency.
In addition, Rose’s neighbours have made complaints about short term renting - something she would prefer to avoid.
Connecting with the Network
Rose highlights how for her situation, rather than going it alone - keeping an open flow of communication and connecting with her valuable and trusted support network at critical decision points has proved invaluable.
Her ability to link in with a network of knowledgeable advisors at key moments was an immense help—from a solicitor who saved her from outgrowing a small property to family members who shared an ultimately auction-avoiding strategy. A knowledgable agent who helped resolve a challenging issue, and allowed Rose less involvement overall.
Despite facing challenges like rising interest rates, and ongoing maintenance costs, Rose's strategic decisions to hold property as a long-term investment for her children and to outsource management responsibilities have created an approach for her that balances present demands with potential future gains.