SE QLD PM under administration

Haven't received my letter yet but this is good news. Thanks for the update

 

Yep - can confirm letter received.
Should have just under $2k owing paid from the Claim Fund... however timeline TBC

 

Yay for progress.

 

+1 got letter today confirming payment however no ETA indicated.
The Waiting Game continues....

 

I haven't received a letter yet, can someone please PM me the contact details / case numbers supplied in your letters? @bread_boy @jchan86

 

PM Sent

 

I'm one of the property owners too.
Subscribed to the thread

 

Did others receive the full amount of missing rent? We had two properties under 2 entities. I have received one letter which says we will get about 70% missing rent back. Not sure about other property yet.
I'm a bit ******.

 

I don't think anyone other got paid.
I'll share my full story later. Is there anyone who could recommend another PM for Brisbane central?

 

New Farm, Newstead, Fortitude Valley

 

I got my letter last week, advising full amount of missing rental payment. But no date lock down of when the fund will be release.

 

I’d like to hear the story. Nice to know I’m not the only one who lost a chunk of rent

 

Will share asap, it's rather long!
Any recommendation for a PM inner suburbs of Brisbane. Got approached by

 

Nick
Edge Property
0406 399 616

 

Was anyone's tenant required to submit a claim for the bond?

 

Very unfortunate
People don't realise the financial and emotional commitment it takes to maintain and grow a business.

Property management is one of those business where you need to invest money into it initially to get it to a sustainable level and it's a business where you either go big or go home there is no other choice. Its a dangerous game and it will eat you alive if you stay small. Continuous fast growth is they key to success in this game to offset the natural attrition in the rent roll. People who don't have the skills to grow it fast will be burned. It's not just about "looking after properties" its a business.

We are dealing with at least 5 different SA agents that have lost the plot- small, simple minds. We have taken over their properties and helping our clients to chase them legally for the hundreds of thousands of dollars lost in rental income not paid to owners, bonds not lodged - outward fraud, maintenance arranged but they are not able to pay tradespeople. Absolute disasters run by clowns that do not deserve to be in business.

We caught up with one agent after literally months of chasing him to pick up keys for the 3 properties we have now taken on (owned by a member of this forum) and all he could say was "I don't care I hate property management and don't worry they will get their money" - they have not yet and now we have commenced legal action.

I sincerely hope the property managers related to this post are able to get themselves on their feet again and pay back all the debt owed.

 

Situations like this highlight the importance of having your rents distributed as often as possible (eg fortnightly rather than monthly), and monitoring the rental statements and bank account. This gives you visibility and an early warning system for trouble so that you can act accordingly. For instance, a tenant might be getting sloppy with paying on time and the PM may not have actioned this. Or your rent may not arrive into your account.

Small PM agencies are dangerous for many reasons. They may not see enough cases to confidently answer how a scenario is likely to play out. Eg likely outcome at a tribunal hearing based on how similar previous hearings have played out... or likely cause and cost associated with repairing a maintenance issue. I would imagine it would be hard for them to get access to the time of the good tradies who of course will allocate their time to where consistent income comes from (larger agencies). A PM needs to be able to pick up the phone and get a good tradie onsite on short notice and out of hours sometimes. That is near impossible without strong business relationships.

 

Absolutely and it takes years to get there.
Bimonthly payouts do help keep on track too

 

Hello any reason in particular for this recommendation?

 

Yes, and I'm still down one week rent on top of the $2k with the OFT.
Intend to go to court if needed to claim these back as the issue doesn't lie with the tenants but the agency once again