Live-in Property Managers

Hello,

I own a townhouse in a block of ~52 which has a live-in manager. I'm assuming it's their job to look after the grounds, but they also run a real-esate business out of the office there, and have a rental roll too. They're paid $85k per year, just curious if any one has one to compare to? Is this the right sort of money for these people? There is still a bill of 6.5k/year for lawn maintenance, I thought this was the sort of stuff they did? It is a large complex though, maybe they get some outside help.

Thanks,
Aaron

 

There's probably a bit more to it, you'll need to find contract arrangments etc

I remember renting in a serviced apartment and couldn't wait to get the f out thanks to the pita live in manager! The pm i rented through had many complaints from other tenants too, now imagine if the owners knew this would explain the vacancies

 

It sounds like the fees are for strata management.
They may be running the leasing side too but these are 2 completely different roles that can be done by one company

 

OK, I'll ring the strata company and ask them.
There is two separate companies one "Complete Body Corporate" they get roughly 7.5K/year for "admin". Then there is a "Management" bill for 85K, which goes to the live in.

 

Hi Aaron, if the $85K was for body corporate administration - I'd have a Ferrari.

The $85K sounds like it's for caretaking expenses: Cleaning, grounds, basic handyman duties, pool cleaning etc. Generally under these agreements the body corporate provides the materials (lawn mower) and the Caretaker provides the labour (lawn mower pushing) but that can be specific to the agreement. Some agreements are specific (great), some older ones are hopelessly vague.

$85K sounds about right for 52 lots, with a townhouse complex you'd have a road and some footpaths which should all probably maintained. it might be worth looking into the $6.5K for lawn maintenance - at $85K Caretaking I'd expect that to include lawns.

Ask the body corporate manager for a copy of the agreements if you'd like to get the full picture, otherwise the body corporate manager should be able to give you an overview.

Matt

 

In addition to the above, as an Owner, Aaron

As an Owner, Aaron you are also a member to the Body Corporate. You should have access to financial records, including audited and budgets. Would strongly encourage you to have a look at that and have an understanding of the ins and outs of a Complex.
Also do look at the various minutes where decisions have been made. This should have been done before the acquisition of the property (Legal Due Diligence).