Rough numbers based on my agency - we charged 8.8% and average rent was $550 here in Canberra.
Are property managers totally unaccountable for their mismanagement?
- Thread starter INVSTOR
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Rough numbers based on my agency - we charged 8.8% and average rent was $550 here in Canberra.
I fully classify myself as an investment guru. I hold over 3m in equity across my portfolio. I've sold in excess of a quarter of a billion worth of residential real estate. I managed one my states most successful property management companies.
I've consulted with the Office of Regulatory Services on legislation, and I write for the API.
I don't really know what I've done to upset you, but if you feel I don't warrant the title "guru" after reading my posts and comments, then please let me know
You haven't upset me chief.
Although, when someone labels themselves an investment guru, nay, "fully classifies" themselves as such, I reasonably like to enquire where they are coming from.
As you would appreciate, over the years there have been quite a few self professed "gurus" in this property sphere....most of which aren't with us anymore for one reason or another.
I have no opinion one way or another. Others can decide for themselves.
Hopefully you hang around for a few good years, contributing when you can, and aren't just here to scoop up a gaggle of unsuspecting customers.
Although, when someone labels themselves an investment guru, nay, "fully classifies" themselves as such, I reasonably like to enquire where they are coming from.
As you would appreciate, over the years there have been quite a few self professed "gurus" in this property sphere....most of which aren't with us anymore for one reason or another.
I have no opinion one way or another. Others can decide for themselves.
Hopefully you hang around for a few good years, contributing when you can, and aren't just here to scoop up a gaggle of unsuspecting customers.
Yep, I've got it now. In my case I would substitute 'phone message passer onerers' with 'email message passeronerers' as the tenants were quite upset the PM was always out of the office when they called so they thought it fair they didn't pay for their water usage and cleaning due to the inconvienience.None.
Your frustration lies in the misnomer of their job title.
One assumes when they hire a property manager that the person they have hired actually manages the property. This is where it all falls down.
The "expectation" that phrase builds into the Owner's head vs what is actually written down in the agency agreement - as written by the collective REI solicitor with the sole purpose of minimising the agent's responsibilities.
The differences are staggering between the expectation and the legal agreement.
If they were officially called "fee skimmin' slopey shouldered whingey Tenant phone message passer onerers", then as an Owner, you wouldn't have built up such high expectations, and hence, when they failed to manage your property in it's totality, you wouldn't be so upset.
Hope that clears it all up for you.
they also kindly offered the advice that it wasn't worthwhile taking them to court due to cost of PM and court fees.
don't forget all the additional fees we hear about, such as
reletting fees
taking tenants to court fees
I'm always amazed anyone hiring a PM actually makes a profit from rent.
I'm here for the long term. I've always had an interest in being involved in a community like this, but when I was running my agency I was spending 12+ hours / 7 days a week at work, which made it impossible to devote any sort of time to this.
Look forward to getting to know you a bit better!
I was lucky that I had my own agency to manage my properties (so it didn't cost my anything)
If I had to go to an agency now, I would be out of pocket around $2,000 a month in management fees alone[/B]
Huge amounts of money!
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