I think im being ripped off by this PM

I have it in the agreement, cause many of them slug you 30 bucks or so to print what they already have in the software, it irritates me this one, it is like the sundries, don't care so much is they are at 5-7% but when at 8+

They can't charge you if you do not need it, if system does not allow how does that become your problem, they just bin the print out.

@skater are you doing a spreadsheet as you go, or just work of bank statements at end of year ?

I think if the PM is paying all costs in total for the property, it would be pretty easy to just take the PMs statements and hand them to acc.

 

Whoops, sorry DB, I missed this part, I will take back "bizzare" and replace it will ask your PM for a copy

 

I use MYOB, and have a job number for each property. Their stupid report is useless to me.

 

Do the management yourself then make a thread of your results.

Should be entertaining

 

OK for the sake of providing entertainment, I'll bite

I can envisage the following scenario : tenant calls self-managing landlord in the early hours of a Sunday morning to advise toilet pipes have exploded and the floor is covered with loveliness.

Possible outcome # 1:
Despite having had a late night out, self-managing landlord answers the call when it comes in, because now that he's self-managing, he is on call 24x7 and that phone is by his side at all times and thus he cannot even go out for half a day to a place with no mobile phone reception. This of course includes Woolworths where phone reception is poor due to the concrete construction of the building. Self-managing landlord realizes that they don't have much clout with getting a plumber to respond, since unlike a real estate agency PM who sends them work all the time, self-managing landlord is too small fry for them to bother. Tenant is furious since despite reporting the issue, it wasn't dealt with swiftly. Tenant stops paying rent and takes the landlord to tribunal. Meanwhile the loveliness has spread to all rooms and ruined carpets, skirting boards and the lower parts of the plaster walls.

Possible outcome # 2:
Self-managing landlord misses the call and finds himself in strife with the tenancy tribunal for not rectifying something classified as an urgent repair within appropriate timeframes. Fun times.


OK in reality if toilet pipes exploded, the loveliness would be more likely to be in the backyard rather than in the house. But a blockage could result in loveliness inside the home. Anyway you get the idea

 

And i do doubt PM answers their phone at 4am as well.
Hard enough getting them to respond to your call at 4pm so doubt 4am will have much luck.
Most of them have answering machines.

 

So you are saying you could do a better job self managing?

 

I could never do as good as job as a pm unless i had no job and was dedicated 24/7 to it

 

Problem with PMs is when they have like 300 properties to look after and then start palming them off to the 19yo blonde that started two weeks ago that was actually just meant to be a secretary.

Not saying all pm do this just the ones I have tried using on 2 separate occasions

 

I assume that you didn't use @D.T. ?

 

Nah I don't have a 19 yo blonde

 

That's what I thought - redheads are more your style.

 

This is long before DT came along.

At the moment I am self managing and everything going great. Comes with some head aches but nothing I can't handle so far

 

There is only 2 real answers to that.

1. Either they don't like you
2. You chose the worst PM

 

Thats a fair call,. It could be considered misleading and deceptive. I think agents that charge per month AND $60 extra at year end suck. For two A4 pages by post / email !!

 

LJ Hooker
Rent collected: 1600
In bank: 1471.30

standard or not?

 

8% in fees. It could be quite standard depending on area and state.

 

do you use myob as you have 10+ properties ? at what number did you start using myob ? or did you already have it for other business ?

 

I can't remember how many I had when I started using it. I just remember my Accountant putting me on it. No other business, just property at the time.

 

postage is 50c but they took the time to do up the monthly statement. Even if it's automatically generated they normally charge $6 ~ $8. Some agents offer free monthly statements.

Agents can charge 8%+ commission. But they often not take fees for lease renew or first week.

6% is ok.