Stuck in the middle - NRAS

I've got an NRAS IP going into its 5th year managed by the same RE agent and nras management corp since day one. The nras management corp have just advised me to change property agents due to accreditation issues with my current agent and recommended I sign up with Ethan Property asap.
So, I've then contacted my agent to see what's going on. They advised not to action anything and to continue as normal whilst they seek legal advice. I'm happy to continue with my current agent as they have provided great service the last 5 years, however I don't want to jeopardise my nras incentives.

Is anyone else in the same boat?

Searching through this blog, I see that there maybe some experts on here that can comment on the matter.Something is astray and feels like I'm stuck in the middle of political rift.

TIA

 

Yep, Ethan have been doing this for some time. Remember, they are the approved participant and they have the ultimate responsibility for the property management and compliance. If they have elected to stop outsourcing it, and to bring it in house instead ( probably so they can sell the rent roll ) that will have to be an argument between Ethan and your current tenancy managers, I guess... I'm not privy, and you are not privy, to whatever arrangement Ethan entered into with your tenancy manager. They may have every right to bring it back in house....

One thing is for sure .."accreditation" will have nothing to do with it. There is no such thing as an "accredited" NRAS tenancy manager, in spute of what many would have you believe. There are NRAS "trained" or "qualified" or "experienced" tenancy managers for sure, but there is no formal "accreditation" available.

You can also contact DSS and ask them whether you have the right to refuse to change tenancy managers...get their response in writing .

[email protected]


BTW 2017/18 incentive has been released-

2017-18 NRAS Year
Australian Government Contribution $8,335.75
State/Territory Contribution $2,778.58
Total $11,114.33

 

Thanks euro73 . That's answered a couple of my questions. Much appreciated

 

Thanks @euro73, rent market index also released. I am confused with this index, for example Melbourne/Victoria is 1.6% for the following NRAS year (it was 1.2% for previous NRAS year).

When are these adjustments applied to rents?

I have one NRAS in Melbourne managed by Ethan and no adjustments were made last year (still the same tenants, on periodic lease). Another NRAS place in SA just got rented to new tenants but again, no adjustment in rent made (SA indexed up by 1.2% last year and 0.9% this year).

 

May 1.

 

This seems very low. I thought last year was $11,048 total.

 

Rental inflation was very weak this year. Some years the increases have been very large. This years is small. Reflects the broader rental market , as its indexed to the national rental CPI

 

Just received an e-mail they're now merging and becoming a bigger 'better' company

 

Declining yield = lower incentive. Also remember as rents rise the non deductible portion of expenses rises as a %..... Its can magnify the issue by approx 106% this year