Coronis Real Estate - experiences?

[beachside]

Hi

Has anyone had recent expreiences with the company overall, and more specifically in property management.

I have read some old posts going back a few years but not much recently. The majority was negative, but not too much based on actual personal experience.

I could not find much on the internet except this http://www.productreview.com.au/p/coronis.html This actually fits with most of my experiences with PM's very accurately and I'm sure is far from rare!!

thanks

 

[evisional]

My experience with Coronis Arama hill is bad.I have a property in Qld managed by Coronis 2 years ago. Now I have changed .

 

[cu@thetop]

I often wonder whether some of these PMs deliberately let things run down so the owner gets sick of it and lists it for sale which thankfully the PM just happens to know soomeone who will take it off their hands.....

 

[russellpeter]

I often wonder whether some of these PMs deliberately let things run down so the owner gets sick of it and lists it for sale which thankfully the PM just happens to know soomeone who will take it off their hands.....

This is why you should look for Pm that work in a Property management company only. I try and make the returns and service enough where they will not need to sell.

 

[beachside]

My experience with Coronis Arama hill is bad.I have a property in Qld managed by Coronis 2 years ago. Now I have changed .

2 hits against the Arana Hills office, ouch! The comment in the link was in Feb this year, don't know what period this referred to though. Was it you was it Evisional

 

[Jtkumnick]

I think coronas and real estate are a perfect mix on a weekend

 

[beachside]

That comment is a bit lime!!!

 

[JodyKnights]

Coronis Experience

I had a mediocre experience with Coronis in Redcliffe, they do promise a lot and at times fail to deliver, but at least my rent came in reasonably on time. There is a lot of competition in this area and I think that unless things pick up within the offices that are performing in an average way - there will be a huge shift of business toward the specialist property management companies.

 

[evisional]

This is why you should look for Pm that work in a Property management company only. I try and make the returns and service enough where they will not need to sell.

My property used to be managed by Coronis Arana Hill. Their communication is some kind of never worse. when problems happened, they never contacted until I contacted them

I suddenly find Russel Peter on this forum and I appointed him as my PM about 1 year ago. Though there were the troubles with my property but Russel managed them well and his communication is very prompt. He gave good advice and suggestions and made me feel easy.

I strongly recommend him to others.

 

[snotty]

i also used coronis in arana hills a few years ago and they were a disgrace. took forever to find new tenants and then i always had to follow up on repairs, rent and inspections. the number of times they said repairs were required and the amount of money they charged for any repairs was unbeleivable ( i ended up using my own tradesman which was about half the costs).

after discussions with my tenants, we both decided it was mutually beneficial to change property managers and ended up using a small independent agent and have had no problems since.

more info on coronis real estate can be found in the links below:

http://www.aussiepropertyforums.com/forums/showthread.php?t=1026

http://forums.whirlpool.net.au/archive/1830305

http://somersoft.com/forums/archive/index.php/t-69232.html

http://hometruth.com.au/view/agent/coronis-arana-hills-qld

 

[beachside]

I have seen some of those threads previously when searching. I actually contacted a couple of Coronis agents for fees etc and asked if they got anything out of arranging maintenance - they avoided answering the question. I don't get a good feeling about them.

I have found that the independent agencies get cheaper tradies, are better at letting a property, the PM is more experienced, whereas the franchise ones act more professional and reliable but too many young girls with little PM or life experiences who take on the role just as a job (possibly started as a receptionist) but are clueless regarding repairs or an investors mind set. I had one who took over from a PM who left the agency and noticed there was a little mould in the silicon behind the sink when doing an inspection and offered to organise a handyman to fix it. NFI. What did she think the place was - the Hilton Hotel. I replaced a small section with a few spots in it 6 months later when at the house between tenants. It had been ok 12 months earlier when tenant moved in.

 

[NigelW]

I had a very poor experience with them in Coorparoo/Camp Hill. Perhaps it was just the agent though...

 

[neilspeil]

i think it is unanimous -coronis is crap.

 

[mattysavager]

One of our agents came from Coronis, and the reason she left is that they were managing up to 350-400 properties and doing ALL the work themselves. She had to work lots of unpaid overtime to try and keep up with her portfolio.

She came to our office where each PM manages about 200, but we have an accounts person, a leasing agent, and a routine inspections agent, so the workload is much more comfortable, and the PMs don't have to leave the office much, only for entry/exit reports.

Coronis have expanded really aggressively - I wonder how long they will last... As one poster alluded to - I would investigate their fees and charges, as I know anecdotally that they charge you like a bull in a ring.

Matt

 

[evisional]

... then i always had to follow up on repairs, rent and inspections. the number of times they said repairs were required and the amount of money they charged for any repairs was unbeleivable ( i ended up using my own tradesman which was about half the costs).

This is exactly what happened to me when Coronis managed my IP. Big Maintenance bills came to me every couple months, even though month then month. Their charges are huge on small items. 1st month was just changing a light, next month was just about door issues, another month was to changing of new carpet etc. bills never stopped.

 

[snotty]

evisional - consider this "hyperthetical situation". you are new to the landlord market. naive and inexperienced, you have an investment property and find a real estate company to manage it. they are not really interested in collecting the relatively small management fees (100-200$/month)- they are more interested in trying to get you to sell the property through them and received a sellers commission of 10-15 K (it would take them 10 years to make that money through managing the property).

so what they "may" try to do is exert underhanded pressure on you without you realising it. the property "may" sit vacant for a while, they "may" find lots of repairs that are required, the "may" do repairs through their own repairers and overcharge (real estate agent "may" ask repairers to charge a little extra and then ask for a commission back), they "may" get in poor tenants knowing they wont look after your property etc.

again, "hyperthetically", the ongoing costs of managing a property "may" be kept to a minimum for them. legitimate problems "may" be ignored. inspections "may" be ignored. one property manager may be looking after hundreds of properties so loosing a few here and there is not really a concern.

eventually (and hopefully for the real estate agent) it "may" get to the point where you think it is not worth having a rental property and then decide to sell. now they "may" tell you it is a great time to sell and that they have "buyers lined up". they "may" tell you you property is worth alot more than it is. they "may" encourage you to use "marketing packages" worth thousands of dollars to assist in the sale. if it does not sell, it does not matter as they have already made a large profit just on marketing alone.

hyperthetically, a real estate company could do very well using the above tactics. they could open up agents all over brisbane in a relatively short period of time. they would however, have trouble staffing and you may find that the turnover rates of staffing would be very high and that very young and inexperienced staff may be managing hundreds of properties.

this is all just hyperthetical though.

 

[evisional]

it is so true. During that time, Coronis posted a letter to me and said they had a investor who was interested in buying my specific IP, and asked me to contact them if I want to sell.

 

[wylie]

...they "may" encourage you to use "marketing packages" worth thousands of dollars to assist in the sale. if it does not sell, it does not matter as they have already made a large profit just on marketing alone.

I believe there is no profit in advertising...

It may have happened in the past with agencies, but I believe this is heavily regulated now... happy to hear from the agents who frequent this forum to confirm or deny this.

I do know that every agency would try to get free advertising for the agency by using the top quarter of the advert for their logo (at your expense), but I would ensure that this doesn't happen, and have done so in the past.

 

[russellpeter]

I believe there is no profit in advertising...

It may have happened in the past with agencies, but I believe this is heavily regulated now... happy to hear from the agents who frequent this forum to confirm or deny this.

I do know that every agency would try to get free advertising for the agency by using the top quarter of the advert for their logo (at your expense), but I would ensure that this doesn't happen, and have done so in the past.

I got out of sales 3 years ago and don’t advertise in the paper at all anymore.

But when I did my old boss got kickbacks for ad placed and would push us for advertising every week.

Or free ads that he would then sell to owners

I think you will find it will be common place in sales.

Some agencies pass this savings onto you . E.G go to 2 different agencies and ask for the same ad and you will get 2 different prices.

P.S I didn’t agree with this and don’t believe spending money on print advertising is the way to go for the properties I sold. EG CBD Apartments.

All kickbacks need to be in writing on the PAMD 20a or 22a including insurance, smoke alarms, maintenance. Brokers and so on.

 

[wylie]

But when I did my old boss got kickbacks for ad placed and would push us for advertising every week.

Or free ads that he would then sell to owners .

I thought this had all stopped years ago?

All kickbacks need to be in writing on the PAMD 20a or 22a including insurance, smoke alarms, maintenance. Brokers and so on.

If kickbacks are in writing, then anybody paying more than the actual cost of the newspaper advert has only themselves to blame?

I know that when I have paid for newspaper advertising, I have insisted that there be no larger banner advertising the agency. I have had no issues with having this accepted.