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NRAS property managing agent not good

Discussion in 'Property Management' started by Rooky, 9th Dec, 2015.

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  1. Rooky

    Rooky Well-Known Member

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    Hi,

    I do have 3 NRAS units in WA. I developed them myself and got NRAS allocation for them from Questus. They have condition that NRAS investor have to do property management only via comapny which they approve which happens to be Questus Realty in my case. They do not let anyone elae manage NRAS properties which have got NRAS theough them.

    They have leasing person who does find only tenants and then handover it to property manager. I have found that their leasing managers and property managers are loaded with work i.e. they employ less than required number of staff and save money. As a result, people like me suffer as their staff is not able to process all work in time and property is not tenanted in time so lost rent. Same for management. On top of that, their management fees is at higher end of the market range.

    Doea anyone else have same experience with them ? I want to move to different NRAS approved agent but they do not allow.

    Rooky
     
  2. Vassago

    Vassago Active Member

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    I am going through the same process now with Questus. I think we are stuck with them, just got to really be on top of them so everything keeps on track.
     
  3. Rooky

    Rooky Well-Known Member

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    Hi Vassago,

    May be we can band together and put bit of pressure on them. I know other 2 people who have same experience as me. One of their PM told me that they are managing more than 100 properties each whereas industry norms are 70 per PM.

    Rooky
     
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Those numers don't seem high at all by resi standards (I have heard of up to 200 with clerical/finamce support).

    What is in the management agreement regarding termination of the agreement?
     
  5. Vassago

    Vassago Active Member

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    I have 4 with them and know another person with 2 rentals with them.

    Yeah can cancel but will no longer get the $10k NRAS.

    On a side note I have found Quantum to be alright, they have a few approved property managers so fees and service is a bit better.
     
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    @Vassago - Are the rebates contingent on the property being offered at 20% below market not tied to the property manager? They might be blowing a bit of smoke up your @*$€?

    If you don't know what is in the NRAS check with your solicitor.
     
  7. euro73

    euro73 Well-Known Member Business Member

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    Who are you dealing with at Questus?
     
  8. Vassago

    Vassago Active Member

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    No particular person, have dealt with 3 people so far.

    Complaints to date include
    1 - Advertised for rent at market value not 20% discount.
    2 - Advertised for rent in the wrong state (NSW instead of WA).
    3 - Poor iphone photos used for adverts.
    4 - Advert description was a copy & paste from the market rent valuation, not appropriate for marketing to potential tenants.
    5 - Potential tenants can only apply to a generic Questus email and I have had complaints that Questus doesn't get back to them.
    6 - I still haven't been advised the fees, let alone seen a property manager contract and we have finally got 2 places being rented on Friday.

    So far they have had 6 weeks and secured one tenant.

    I have been overseas and got back last Monday and have secured one tenant and in the process of securing a second by doing my own home opens.
     
  9. euro73

    euro73 Well-Known Member Business Member

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    PM me and I'll discuss offline.
     
  10. Rooky

    Rooky Well-Known Member

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    Its not any particular person but its organization structure is setup in such a way that they have less number of people in staff - obviously to save money. They have very young and inexperienced staff - obviously qualified - but inexperienced. Management knows that investors can not take their business to anywhere as it needs to be approved by their board and they won't approve it. I bet if they were running such property management business without NRAS, it would be disaster. They have one property manager managing more than 130 plus properties. Because of less staff, whatever propety managers they have are always overworked and tired. Not their (employees) fault but management is certainly at fault.

    I do not think you would be able to impress upon them about anything as its what they have intended it to be that way. Who cares about cuatomer when they are locked in to them for 10 years ? Very frustrating as customer but cant do anything.

    Rooky
     
  11. Vassago

    Vassago Active Member

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    Update

    Another 2 weeks later and they have still only secured 1 tenant. Emailed me on 21/1 saying she had enough applicants to go on, so I stopped advertising and doing home opens myself. Big mistake.

    Lots of interest, plenty of applicants and only 1 tenant proposed to me. Even complained that her other similar rentals in the area were suffering because applicants were interested in mine.

    But did get to find out the fees... 10% + this + that + that etc

    Wowsers
     
  12. Vassago

    Vassago Active Member

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    Woops

    Read it wrong....12.5%+GST plus all the other normal costs (leasing fees, inspections etc)
     
  13. thatbum

    thatbum Well-Known Member

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    So you aren't allowed to self manage?
     
  14. Vassago

    Vassago Active Member

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    Not allowed to self-manage, if I could they would of been rented ages ago.

    Must use their approved property manager.