Does your PM pay all rates, insce etc?

[DD1]

PM or not to PM that is the question

We had a property that we managed and after 6 months of winging, niggly tenant stuff we said "for the $14/wk management its all yours" to our manager.

Never again!!

Then we had the same as some of you, great manangement for a time and then the wheels fall off. We found that of the 5 staff, 3 had changed in a month so all was sad and gloomy. Messages were missed and maintainance was slipping, so we pulled the plug. Moved to another agent and wow!!! Great service and never a question. Quotes before calling me, choices and suggestions with our properties and a very personal service level. The difference from the old agent was totally impressive.

Now, 2 years later, no changes and they are still as the day they started.

All I can say is good or bad, keep on top of it as it is your money and your property.

Good Luck one and all.

DD1

 

[Patosan]

I apologize for bringing up the exciting subject of accounting but can any MYOB users tell me if there's a better way of recording expenses paid by the PM?

Yeah as skater does, you should split the rental PAID to you into income and expenses.
Experiment a few times and you'll soon get the hang of it.

Have fun

 

[blossomoz]

I wrote about being penalised $85.25 for the late payment of the body corporate fees by the, now ex, agent. She states there were insufficient funds in the account to pay the fees. Small wonder when they put over $1400 into our a/c the previous months.

She tells me that they cannot keep funds in trust. Is this correct? If so what happens if the rates & body corporate fees fall due together? Surely this is all part of managing a property; thinking ahead as one has to do in any household. Rates & body corp fees are hardly surprises!

Anyway, should this be the case hasn't she heard of a phone. I am so angry ---I must be getting property owner burn out. Just kidding but I am really peeved.
The property is in Brissy so anyone looking for a good property manager don't go to her.
Has anyone any more ideas?
cheers
blossomoz

 

[Ebbie]

Woudn't this mean you're understating your income? All monies recieved by your PM on your behalf from your Tenants need to be declared as "rental income" not just the money you eventually recieved from your PM. I guess if you're not recording PM fees then the net effect is the same.. but its not ideal.

I see what you are saying, but what I didn't mention was the annoying task of going through 12 months of rental statements, adding up all the income and expenses, and then incorporating these into my MYOB totals to include in my tax return. A real pain in the butt!

 

[Ebbie]

Yep! I use MYOB.

What I do is enter the amount you receive in the amount column but when you get to the part where you enter the account it will automatically put the same $ amount that you have already entered. Just click on the amount & you can change it to the total amount received. On the next lines you put other expenses and enter them in as negative figures. Easy.

Great! Thankyou Skater. You have made my day with that very helpful tip.

 

[Ebbie]

Anyway, should this be the case hasn't she heard of a phone.

Giving you a call is the least she could have done.

 

[ggumpshots]

If you are concerned that Bills or insurance wont get paid then the PM must be second rate.

I Havent found it easy to find reliable PMs but I have no concerns now. of course I always know what dates are important as in the end it is my responsibility.
Your Pm is also responible and should accept that reponsibility by refunding your $85.
Are you telling your agent what you want or is he telling you what he wants .
Who pays him each month.........dont let him combine bills/staements for his convienence!!!!!!!!!!!agggghh