Bloody Real Estate Agents!!

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From: Rachel Freedman


Hi all

I have a little problem and would like some advice..

I recently changed RE Agents for 2 of my props as they had a change of ownership and have gone downhill as far as managing props goes. Anyway - when tying up all the paperwork we discovered that for the last 4 months we had not been receiving rent for one of our props as Elders Weston Creek (gee I had fun naming them!!!) had paid the money into someone elses account (they don't know who). Anyway - they now refuse to return my $2000k plus until the bank has found the money as Elders reckon the bank will return the money to me when they find it and therefore I will get paid twice and Elderts don't trust me to pay it back!!.

I am extremely pissed off and have told them so repeatedly - I have called Elders Franchise head honchos in Syd who said that they could not force them to pay me and have also tried to talk to the banks (both theirs and mine). I am on the verge of conducting a sit-in there tomorrow with my one-year old toddler who I am sure can make a lot of mess and upset a few of their customers.

Any suggestions??

Rachel
 
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Reply: 1
From: Michael G


Don't forget the esky and banana chair!

Don't know how much good it will be, but you could either;

a) contact the REI and make a complaint (alot of good that will do).

b) have your solicitor draw up a letter informing Elder's that as an investor this money is causing you a loss in opportunities and that you are now charging them 20% calculated daily compounded weekly. And have your solictor attach a payout figure for the end of the week, using the above interest rate calculated from when the problem first began.

They signed a contract to deliver the money to you. This is just a penalty fee.

Regards
Michael G.
 
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Reply: 2
From: Robert Forward


Go the sit in..... Yipeee....

But seriously now. Give the REINSW a call and talk with them about it. And see a solicitor and get them to draw up papers of demand for the money the RE Agents owe you.

Then hand deliver it and watch their mouths open and hit the floor. If you don't get satisfaction out of them then take them to the small claims tribunal for recovery of the lost $$$'s.

As far as I see it, they owe you the money, it's not your fault they were useless and lost your money. They are responsible and you should get the $$$'s.

But they are my thoughts, and I think you should get good legal advise about it.

Cheers
Robert
 
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Reply: 1.1
From: Robert Forward


You beat me in replying by 2 mins Michael. But at least were are both on the same track....

See a solicitor and get a letter of demand.

Cheers
Robert
 
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Reply: 1.1.1
From: Michael G


Rob,

She could always do what I've heard agents do, if they don't get their auction advertising money.... place a caveat on the property.

Imagine placing a caveat of the Pricipal's family home hehehe

Again something you could lodge in conjuction with the demand letter even?

Of course, these are just ideas, and I've havent done this myself so go seek professional advice.

Regards
Michael G.
 
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Reply: 2.1
From: Rolf Latham


Go Robert

All makes sense, now if only we had a justice system instead of a legal process.

TRa

Rolf
 
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Reply: 2.2
From: Asy .


Rachel,

Aside from the deck chair and esky ;o)

Call the principal, and tell him that this is what you are going to do, and that you demand to be paid out of the agency's buffer account, and they can sort out their own internal problems later, because they have nothing to do with you.

CONTACT THE ESTATE AGENT LICENSING AUTHORITY IMMEDIATELY and say that you want to report a breach concerning the company's trust accounting.
That will get their attention.
That will also get them audited by the Licensing authority. (And that is not fun)

I hope this helps, if you need further information try:

http://www.reiaustralia.com.au/about/code_conduct.pdf

http://www.fairtrading.nsw.gov.au/dft_renting.nsf/Home/Home?OpenDocument

Let us know how you go :eek:)

asy

There are no problems, only solutions which have not yet been discovered.
 
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Reply: 2.2.1
From: The Wife


Rachel, all the above is good advice, let me know if you need me, its school holidays, I have 2 kids and lots of time I can contribute, call me if you need help.

TW
~Life is a daring adventure, or nothing at all~
 
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Reply: 2.2.2
From: Michael Croft


Hi Rachel,

You don't have to bother your solicitor (and the cost) unless you want, as this is a small claims matter in the ACT.

Issue a letter of demand immediately (fax it tonight) giving them 7 days to return your money in full and tell them that if this does not happen you will issue a small claims writ against them. Also explain (tomorrow on the phone) that small claims will obviously find in your favour and they will have to repay you the monies, plus the small claims costs, plus interest, plus losses.

The principal I believe is James Brierly (brother of Storm who owns Metropolis R/E) and he is well aware of his responsibilities! Don't take any crap from him - period.

If you need help call me, you've got my number.

Michael Croft
 
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Reply: 2.2.2.1
From: Robert Forward


Well Rachel, you've got the information on how to get your money. I voice it on beholf of most (if not all) the forum members, best of luck and we all hope you get what is entitled to be yours with being stuffed around.

Please once you've recovered your $$$'s if you could put up a small detailed post about what you actually did and how. This would be of great value and information for both newbies and the experiences investors that are amongst us.

And believe we are all behind you on this one.

Cheers
Robert
 
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Reply: 2.2.2.1.1
From: Steve Piggott


Hey there what a debarcle!!

Small claims is the way to go Rachel. Its only about $25.00 to get a file up and register a claim. If you dont get satisfaction immediately contact Credit Advantage and ask to mark the Co's CRA.
If still no joy file for a bankruptcy charge against the Co.Thisll freeze their assets and trading ability. Not only that the Directors will have to face ASIC if they continue trading with a bankruptcy charge.
What would be a good idea is to write a formal demand stating your intended actions against the Co. should they not wish to comply. The law is a powerful tool when its used correctly.

Happy Investing Neb :)
 
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Reply: 2.2.2.1.1.1
From: Dale Gatherum-Goss


Hi Rachel!

I feel for you and hope that you hit the bastards with every one of the tricks mentioned to get your money.

I agree with Asy's comments about the breach of trust account rules. As she mentioned, this will have a huge impact on their willingness to look for your money.

Another thought is that because the debt is now above $2,000 you can issue an order to wind up the company involved. That means that you send them a letter stating that if the money is not paid within 7 days, you will have the company placed in liquidation. As such, they can no longer operate the franchise!!!!!

Of course, they will fight the order, but, the letter will have such an impact that you will hear a loud thunder clap anywhere in the vicinity of the building as their collective anuses slam shut.

Good luck, I hope that you get your money immediately and very much before the Christmas break.

Merry Christmas

Dale
 
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Reply: 2.2.2.1.1.1.1
From: Michael Croft


Nice one Dale! I'd forgotten about threatening to wind them up, ooooh I do like that ;-)

Michael Croft
 
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Bloody Real Estate Agents

Reply: 1.1.2
From: Joanna K


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Go to the Department of Fair Trading. After their investigation, if =they feel that there may be funny things going on with the trust account =they will refer the matter to the police.

The Real Estate Institute really won't do that much unfortunately. The =Dept Fair Trading has the clout!

Kind regards

Joanna Karavasilis
Principal
THE RENTAL SPECIALISTS

PH: 02 9599 3363
FAX: 02 9599 3447
EMAIL: rentals@rentalspecialists
WEB: www.rentalspecialists.com.au


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Go to the Department of Fair =Trading. After
their investigation, if they feel that there may be funny things going =on with
the trust account they will refer the matter to the police.

The Real Estate Institute really won't =do that much
unfortunately. The Dept Fair Trading has the clout!

Kind regards

Joanna Karavasilis
Principal
THE RENTAL SPECIALISTS

PH: 02 9599 3363
FAX: 02 9599 3447
EMAIL: rentals@rentalspecialists</=FONT>
<FONT face=Arial size=2>WEB: www.rentalspecialists.com.au=


------=_NextPart_000_002B_01C18A00.975A5FC0--
 
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Reply: 2.2.2.1.1.1.1.1
From: GoAnna !


Rachel

May the power of the somersoft forum be with you. You can feel the force :eek:)

Good luck!

GoAnna !
"Obstacles are those frightful things you see when you take your eyes off your goal."
-Henry Ford
 
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Reply: 2.2.2.1.1.1.1.1.1
From: Even Steven


Maybe you can link them with Bin Laden and have the Americans blow them up!
 
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Reply: 2.2.2.1.1.1.1.1.1.1
From: See Change


Just like to offer my ( and probably everyone else's) congratulations to all the people who have offered Rachel such detailed advice.

For me it underlines the strength of the community spirit that has built up on Somersoft over the last year or two.

Happy Christmas every one

See change
it's better to be guided by your dreams than your fears
 
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Reply: 2.2.2.1.1.1.1.1.1.1.1
From: Even Steven


I agree, it's a fantastic resource and thanks to those who are so generous in sharing their knowledge and experience.
 
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Reply: 2.2.2.1.1.1.1.1.1.1.2
From: Rachel Freedman


Hi everyone

Thanks so much for your help - you stop me from going slowly insane!!

I have contacted REIA - they said that the agency is no longer registered with them - no help!

I have contacted Dept of Fair Trading - referred me to Small Claims Tribunal.

I rang Small Claims - said they will send out paperwork to me.

I was hoping that they would pay be by X-mas but alas no such luck - it looks like it is going to be a long haul whichever way I go about it!

Michael and TW thanks for your offers of assistance - I have probably left it a bit late now to get things resolved before Chrissy but I may call on you yet!

Thank you again to everyone - much appreciated.

Rachel
 
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Sim

Administrator
Reply: 2.2.2.1.1.1.1.1.1.1.2.1
From: Sim' Hampel


On 12/21/01 11:10:00 AM, Rachel Freedman wrote:
>
>Thanks so much for your help -
>you stop me from going slowly
>insane!!

What ? You hang around us and you are STILL sane ? We haven't been trying hard enough ;-)



"I may be crazy, but I'm not insane"
 
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