SE QLD PM under administration

I think what he's saying is: there's a difference between theft and incompetence

 

And this............you have to be kidding me,just hope they don't come back on here spruiking for business.I cannot for the life of me understand how they can "just start up again" and think this is moral and ethical,after such a short time in a already failed business.

 

Spot on. I don't think there was any intent to take people's money. I'm not happy about being out of pocket at all but there's a process to get it back through fair trading so I've done that. Not much else I can do so I won't have a cry, just cop it on the chin and move on.
You might be able to fill people in @DT - when the trust was taken over by the office of fair trading and then an insolvency agency - I assumed that fees for insolvency agency were taken from the trust fund - hence the large shortfall. I'd be curious to know I found this is the case.

 

I don't think they had malicious intent. I can't confirm but I assume the cost for the audit came out of the trust money - hence a large shortfall. If not the case... then there would be bucketloads of cash stolen and my opinion would be very wrong.

 

Time will tell,personally,i think it is a slap in the face to every client on their books,if it is true these people have opened another agency doing the same professional work,and i use that word very loosely.

 

New Rental Property Brisbane North - Rental Agent? - Real Estate - Home

 

@James McIntyre - were u affected by dilligent PM going into administration?

 

No mate,i have no properties with them,just really irkes me when i see things like what has happened here to people on this Forum,and investors in general.

 

Hi Everyone,

Just an update:
Received email communication today regarding progress of my claim against the trust property of DPM.

Upon adjudication, the receivers have prepared a draft document with a final claim amount which will be submitted to the OFT claims manager as is, if not challenged (in writing) within 14 days of the notice (today) by myself.

A few things of note:

• The draft document is very detailed and outlines what you have attempted to claim vs what will be submitted and the justification why.
• A final ledger has been prepared (quite accurate on initial inspection) which shows every payment made into the trust account (from your tenant) along with the amount disbursed to you by DPM. Also included is any expenses incurred and charged. This should provide clarity regarding funds in/out during DPM's tenure managing your property.
• The email does specifically advise there is insufficient receivership property to pay all of the claims that have been allowed by the receiver. I spoke to the receiver today and she advised the OFT have created a fund to ensure all legitimate claims are paid regardless if there is enough funds in DPM's trust account.

From my discussion with the receiver analyst today:

• DPM having issues since 2015.
• 20-25 more drafts to be prepared. Those who have yet to submit a claim are holding up the entire process and are urged to address this ASAP.
• Any missed funds prior to May 17 that haven't been disbursed by OFT are claimable. Anything after this date has been disbursed by the receivers.
• The receiver believes if you do not lodge under this class action, you will not be able to claim after the final submission(s) however I believe you can still lodge as an individual claim directly with OFT within 1 year of the event. The receiver had no comment regarding this.

Please note there can be things that are lost in translation so always best to speak with them directly - 07 5676 6482.
I spoke with Emma and she was willing and helpful.

Anything else, feel free to PM me.
BB

 

How did you get access to bank statements from the tenant showing that they paid money into the trust account?

I was one of the investors hit with this news.
I lodged directly to OFT and received a response from Insolvency claiming that the tenant has not paid into the trust during the time of receivership. However after speaking to the PM, he insists that the tenant has in fact paid.

Now I'm not sure if I'll even get my money. It's even an invalid insurance claim according to my land lord insurance policy.

 

Better ask your tenant for evidence and bank statement. Explain the situation and tenants will understand.

 

I was contacted often by these guys when looking for a PM up there. I could read their enthusiasm but on some grilling, realized their inexperience.
I hope those affected get a positive outcome

 

The best advice I can give regarding this is to ensure you select a proficient (barring that, competent) PM to handle the issue.

I chose to go with @Andrew Hancock who now manage under a joint venture with Image.
They were able to action a smooth handover and my new property manager proactively requested bank statements from the tenant and created a ledger for me to account for the time it was managed by DPM (was very accurate when compared to the final one provided by the receivers).
This proved useful for:

• clarification of my own records
• submission of figures to accountant
• claim of unpaid monies from trust account

​

Needless to say it saved me a heap of time also. Perhaps if you live local it would be possible to visit the tenant directly if phone/email contact is difficult but my personal belief is it's better to outsource this stuff for a small fee because my time is better used doing anything else.
I'm not too sure if the tenants are obliged to provide their bank statements either so if you have a difficult one it might be a good idea to leverage off the PM's tact in these situations.

Happy to answer any other questions regarding this or the claim process.

 

How did you grill them? What kind of questions were you asking?
I just want to know because I'm new to 'interviewing' PMs and I didn't really want to go with the text book questions and answers.

 

@733 - can you explain your side of the insolvency story?
There are many people including myself that are thousands out of pocket due to what happened to your business.

 

anyone got an update on the claims process?

 

We are all still waiting on the OFT to collect all the claims and then submit them. No idea of time frames despite several emails to the OFT for updates.

 

Question for those of you who have put in OFT claims, have you submitted with that a substantiation of the amount?

I assume they have a lot of them to get through which is where the delay might be, or maybe they need all of them to be submitted to know the total pot.

Also, was there a deadline written on their letter?

 

@D.T. we were given the exact amount owed by the insolvency agency when they did their audit so simple submission of their paperwork.
I can't remember but think there was a deadline but it appears they extended that again. I expect this will drag on for at least the next 12 months

 

hey guys, so i have an update for us. i got a letter today from OFT. it contains an information notice from the Dept of Justice and Attorney-General, and it states that my claim will be paid in full from the Claim Fund. it says it will be paid "at the expiration of the review period outlined in section 112 of the Agents Financial Administration Act 2014." not sure exactly when that will be, but it sounds like progress at least.

see here for more details: https://www.legislation.qld.gov.au/view/pdf/inforce/2014-05-21/act-2014-018

my claim was lodged 6 June.

Hope this info helps!