End of Year Summary Statements
- Thread starter NedKelly
- Start date
Mine charges $3.50 or they did before I asked them not to bother. I keep track of the incomings and outgoings myself and as such don't need it. The only one I ever had (before I realised I was getting charged for it) had an error anyway.
I saw a $25 fee once charged to a client. Something to consider, if you don't mind spending the time, I would suggest you put each statement onto an Excel worksheet and having it add across (make sure your net rent agrees with the statements and that it all cross adds). I would do this before paying $25. HOWEVER, if you think handing your accountant 12+ monthly statements is cheaper than paying for the monthly summary, think again!
I don't get charged however, take the time to reconcile EVERYTHING they summarise for FY against the monthly staements and any attached repair, replacement costs.
I find that sometimes due to their own "busyness" some items (that are capital in nature) are shoved in with a utility account (pertaining to the energy requirement of that item) and thereby not accurately reflecting it's classification for accounting purposes.
It's good to trust what you are given, however VERIFY for your own records and accuracy come tax time.
I find that sometimes due to their own "busyness" some items (that are capital in nature) are shoved in with a utility account (pertaining to the energy requirement of that item) and thereby not accurately reflecting it's classification for accounting purposes.
It's good to trust what you are given, however VERIFY for your own records and accuracy come tax time.
Last edited:
Hi all,
$400,000 investment growing at 6-8% pa compounded.
Income from said investment growing at about the rate of inflation forever.
An extra cost of $5? $10?, ??
Don't sweat the small stuff. Life is easy, grab summary from REA give to accountant. Think big, when you have 50 properties are you going to do this all yourself?? or take the summaries and give to your accountant.
bye
$400,000 investment growing at 6-8% pa compounded.
Income from said investment growing at about the rate of inflation forever.
An extra cost of $5? $10?, ??
Don't sweat the small stuff. Life is easy, grab summary from REA give to accountant. Think big, when you have 50 properties are you going to do this all yourself?? or take the summaries and give to your accountant.
bye
alternatively Bill - a $400,000 declining asset in both real and nominal terms at say 5%... a $400pw loss on top of the hundreds it's losing whilst someone else lives there and depreciates it. Then come the end of the year the hopeless PM that has taken 10% of the little income you have received throws the salt on the wound by charging for a summary that their software prints out at the click of a button.
Whne I have 50 proeprties, I will behave like I have 50 proeprties.
When I have 1, I would like to take the little time it takes to understand what is going on, learning if you will to put me in a position to be able to confidently delegate as the right time apporaches rather than blindly trust someone and then complain of being ripped off. Lets not get too carried away with ourselves...... I am sure those with 50 IP's, or even 25, or dare I suggest 10, dont need to be told what to do, so those we are talking to those with 1 or 2 IP's like me, beginners if you will....
2 PM's I used charged fro an annual statement, I nevr ticked the box to receive & pay for this. At tax time, I realised my record keeping wasnt as good as I thought(I;d lost some mthly statements they sent me), so in 06, 08 & 08 (when I had just given the PM the flick), I rang them & asked for a summary - each time, got one forwarded to me. I mentoned the lat time that I "epxected this to come at a cost, please advise..." - each time, never got charged !
like Michael, I checked & found faults with the statements provided.
Hi Nedkelly
I've just got mine today. They said they will charge me $3 per month for statement and that's include End of the year.
As the other said I put that onto excel and just double checked and everything was fine. I did that because it was my first statement and I wanted to make sure that they did it right.
But I had to change the format for my accountant, there were some data that my accountant doesn't need to know , so I clean it up a little .
I just signed off on a new management agreement and note that they are charging $30.00 for an annual statement now. I know we shouldn't sweat the small stuff, but really that is a bit rich just to print out something that their program generates and then send with their June statement.
For those without the time or the ability to keep a spreadsheet or plug the details into whatever program they use, it's probably worth it, but if you can do it yourself - then why wouldn't you?
For those without the time or the ability to keep a spreadsheet or plug the details into whatever program they use, it's probably worth it, but if you can do it yourself - then why wouldn't you?
Just got charged $5.50 for an annual statement. I can't see the need for this charge but I supose I can tolerate it if the PM is doing a good job. I wouldn't stand for $20-$30 though.
RC
RC
I still cannot understand how after giving the PM the best part of $2,000 in a year they then want to charge $20 for a single sheet of paper that is already generated by their computer. It's actually worse than that because they now send me all this stuff by email so they don't even have to pay 55c for a stamp and 15c for an envelope.
Even the monthly statements now come by email. They changed to paperless statements but I am still being charged the $7.50 "post & petties" every month.
It's like when you sell a house. You get a bill for $20,000 commission with $15 search fee added on. Was tight fistedness invented by REA's?
Even the monthly statements now come by email. They changed to paperless statements but I am still being charged the $7.50 "post & petties" every month.
It's like when you sell a house. You get a bill for $20,000 commission with $15 search fee added on. Was tight fistedness invented by REA's?
$25 for IP1, $0 for IP2
300 @ $1,750 p.a. = $525,000.
If I was running the business I would be happy to know that I was giving the clients a good service rather than finding ways to screw the last dollar out of them.
Ditto. Far as I'm aware my PM's don't charge for the annual summary. I do all my figures before the statements arrive, and I usually have the same figure. If they differ by a small amount, I take the PM's word for it and adjust my summary for the accountant.
That would be logical but I suspect the larger property management agencies are run desk jockeys and spreadsheets. 'squeezing'/generating an extra $5 - $10k per annum looks good on the spreadsheet.
Yeah.
The PM's in Kalgoorlie all do it now.
I'm nearly over this resi property thing with all this BS.
Businesses are looking better and better for mine.
Think I'll buy a few rent rolls.
Last edited:
I have also been advised by our REA that they are charging $33 per end of financial year statement! I have 7 properties.
I protested to the principal and asked them to justify the charge and I have just received an email from the property manager (not the principal) to inform me that they will send them out to me without charge. I also suggested that they email them which would save them postage.
So it is worth arguing the point, but I still don't see how that money can be justified. I don't think $33 per statement is 'small stuff'.
Janine
I protested to the principal and asked them to justify the charge and I have just received an email from the property manager (not the principal) to inform me that they will send them out to me without charge. I also suggested that they email them which would save them postage.
So it is worth arguing the point, but I still don't see how that money can be justified. I don't think $33 per statement is 'small stuff'.
Janine
Perhaps all these 'hidden costs' gives them more flexibility when negotiating the commission rate. So what at first may seem like a good rate, may have other costs that other agents don't charge for. Bit like when shopping for a loan, sure the interest rate is the main thing to consider, but beware of 'hidden' bank charges etc. Agents have the right to charge what they like, but they must disclose all the costs to you before you sign up. If you don't read the documents you are given with details of all the charges, then that's your problem. If they introduce fees later on, then that's a different story.
