PM commission from insurance payout

Discussion in 'Property Management' started by hash_investor, 27th Jan, 2017.

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  1. hash_investor

    hash_investor Well-Known Member

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    Hi all, my insurance has agreed to pay me some of the missing rent after my tenant broke his lease. My PM is talking to the insurance at the moment. Should the PM charge his commission from insurance payout as well or not because it is not the rent collected?

    Is anyone aware of the QLD law in this regard?

    Cheers,
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    If the insurance payment covers loss of rent, then the pm is entitled to payment from the insurance payment.

    If it's for damage and repairs it may or may not be deemed as monies which the agent can claim commission or fees.
     
    Ross Forrester and Terry_w like this.
  3. D.T.

    D.T. Specialist Property Manager Business Member

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    The insurance claim would normally be allocated to rent, repairs, etc depends on the nature of the claim. There's definitely comm taken out of the rent portion, as this would be rent that would otherwise be paid.
     
  4. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    Yes. What ⬆️ said.
     
  5. Xenia

    Xenia Well-Known Member

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    There are usually no extra charges other than what would have been there if there was no claim
     
  6. 8650

    8650 Well-Known Member

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    There maybe and insurance claim fee you will need to check your agreement but that should have been claimed in the insurance claim as well.

    Agree with what everyone else has said above.