Coronis Coorparoo (as seen on ACA)

Discussion in 'Property Management' started by Peter2013, 1st May, 2020.

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  1. Peter2013

    Peter2013 Well-Known Member

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    Real estate agent mistakenly sends tenant embarrassing internal document on rent reduction script

    Interesting internal document:

    "When the rent drops our commission drops as well,"

    "We should avoid free rent periods all together for our benefit and for the tenants as it has been suggested that some tenants will spend the upfront money and not save it for more long term effects."

    "Without being selfish, free rent periods and rent reductions means less revenue and less staff,"

    "Tenants must provide evidence of change of circumstance, loss of job, hardship etc. and an application has been uploaded that all tenants who ask for reductions must complete prior to approaching owners. You must not approach any owner without having this evidence,"

    "EVERY application must be approved by the Area Leader before communicating with the owners."
     
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  2. Pumpkin

    Pumpkin Well-Known Member

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    Just for the benefit of other readers, this is not very true.....
    Long before the Governments made any announcements, I think early March-2020, one of the Owners wrote to us on his own accord, said that in the event his Tenants have any financial issues, he will reduce their rent to our usual commission, which is only a small fraction of the rent amount.
     
  3. thatbum

    thatbum Well-Known Member

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    I don't see anything particularly wrong or embarrassing in that stuff?
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Standard Best biz practice I would have thought ?

    ta
    rolf
     
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  5. Gill Bates

    Gill Bates Well-Known Member

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    Whats surprising is the number of tenants ( most?) that appear to have NO savings and / OR are not prepared to dip in to their super at all.?
     
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  6. kierank

    kierank Well-Known Member

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  7. Peter2013

    Peter2013 Well-Known Member

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    I don't know if it is surprising - quite a few predicted this a few years ago.

    If you look at household income per capita, most households have been going backwards since 2016. But rents and costs have been rising. It was eventually going to come to a head, COVID19 or not. For a sustainable economy, rents should have been falling since 2016.

    2020 was going to be bad year even without COVID-19. If you look at say retail and even restaurants, a lot was already going into Administration as households cut back on spending.
     
  8. Lacrim

    Lacrim Well-Known Member

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    Yeah nothing overly offensive. Tenants taking advantage of current circumstances would be more of an eye opener IMHO.
     
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  9. Tom Rivera

    Tom Rivera Property Manager Business Member

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    I'd hate to be publicly shamed for this, but.... I don't disagree. It seems to be a pretty reasonable and dare I say... considerate... letter.
     
  10. CDC

    CDC Member

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    My issue is only with the following..

    "Tenants must provide evidence of change of circumstance, loss of job, hardship etc. and an application has been uploaded that all tenants who ask for reductions must complete prior to approaching owners. You must not approach any owner without having this evidence,"

    "EVERY application must be approved by the Area Leader before communicating with the owners."

    I am going through a similar issue with an agent at the moment. My position is that all requests should be passed onto the owner (Me) it is my decision what to accept...not the agents under any circumstances
     
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  11. Peter2013

    Peter2013 Well-Known Member

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    Correct.

    If your agent is not working in your best interests, it's time to find a new agent. Hopefully you are not locked into a contract.
     
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  12. Mat

    Mat Well-Known Member

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    In fairness, nobody should be willing to "dip into super". In fact, dipping into super is more like plunging in a fist and ripping out a piece of your future, because super exists to reduce the burden on future taxpayers. Expecting someone to steal $60k-$90k from their future self and future taxpayers to save one person - or, dare I say it, a multi-billion dollar bank - $10k is the height of greed.

    And yes, I am implying that owners shouldn't have to draw super as well, and banks should be less stingy. Really now, "six month deferrals, interest capitalised". What even is that?
     
  13. Michael Mitchell

    Michael Mitchell Well-Known Member

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    They're giving you another loan without even having to go through the application process and checks, huzzah!
     
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