Get rid of tenant AND PM.
My dream IP is my nightmare
- Thread starter EnBMips
- Start date
Get rid of tenant AND PM.
I would of said "at" not "in"...but we get the drift.
Don't fret over cashflow, it's a mere trifling. As others have said, just keep looking at the big picture.
I've been told before on the forum that Tenants are your clients, and you should do all that is necessary to look after them. Is this a simple case of you not buying chocolates and movie tickets for them....and now they are getting snarly ??
What type of champagne did you buy them on their arrival as a welcoming gift ??
I would have said "have" not "of" as in I would have said "at" not "in"...but we get the drift.
In sitautions like this its the paper trail that people resort to.
Every thing needs to be on paper. Even get a file made up.
Try to get them moved out asap and rectify the problem.
If possible do not do things via phone calls. Get an appointment with the PM and try to get it sorted out while sitting in front of him. Even go back the next day and the next. most are too lazy to habdle it and sort it out.
Call another PM agent in the area and explain the problem. That if they can help you out with advice etc and that you would like to transfer the property under there management after the problem is sorted etc. They may even give you gossip on there management etc. They may have a horrible track record. The PM will be more inclined to help as he is a competitor and may win yoyur business (dont sign anything of course)
When buying always get five or six agents to quote on the property yoyu are purchasings price then take 20 off that price. that way you set your sefl a reasonable figure.
Hope this helps.
Call the RTA as well. And call REIQ as they can be helpful
Every thing needs to be on paper. Even get a file made up.
Try to get them moved out asap and rectify the problem.
If possible do not do things via phone calls. Get an appointment with the PM and try to get it sorted out while sitting in front of him. Even go back the next day and the next. most are too lazy to habdle it and sort it out.
Call another PM agent in the area and explain the problem. That if they can help you out with advice etc and that you would like to transfer the property under there management after the problem is sorted etc. They may even give you gossip on there management etc. They may have a horrible track record. The PM will be more inclined to help as he is a competitor and may win yoyur business (dont sign anything of course)
When buying always get five or six agents to quote on the property yoyu are purchasings price then take 20 off that price. that way you set your sefl a reasonable figure.
Hope this helps.
Call the RTA as well. And call REIQ as they can be helpful
Thank you all for your kind advice including grammar lessons. You guess right I was not born and bread here.
Funny you mentioned chocolates. I did buy tenant lives in other property chocolates in some occasions such as Xmas I also treated (past tense!) the tenant as a friend – big mistake!!
You guess right I was not born and bread here. Funny you mentioned chocolates. I did buy tenant lives in other property chocolates in some occasions such as Xmas I also treated (past tense!) the tenant as a friend – big mistake!!
Glad you learnt. Tenants are not your friends. You are running a Business, not making new friends. Does your bank send you choccies for Christmas? No? Then why would you send choccies to your tenants?
Mips..
1) Let the tenant go peacefully if you can. If not, give 'em notice as you need to do major repairs. In Melbourne, it's 60 days...sort of.
2) Kiss the un-paid rent good-bye (gesture of goodwill as long as they leave) but don't even think about paying any re-locating expenses. That's BS.
3) The tribunal, if it comes to that, is NOT that bad. I've been there and won against a similar tenant. Wear a suit & tie. Be honest. Tell the truth. The tribunal takes a very dim view of un-paid rent. so that's in your favour. I don't think the tribunal would rule for relocation expenses. They didn't in our case.
4) Understand you HAVE THE RIGHT to access your property for maintenance purposes, as long as you give the required notice. If they resist, then you take them to the tribunal.
5) Your PM should be on YOUR side, and it sounds like he isn't. AFTER you get rid of these tenants, not before, and preferably while the IP is vacant, change your PM. He sounds like a right d--k.
6) When you buy an IP, don't just go with the selling REA as PM. In EVERY area, there is one REA that dominates the rent roll. Ask around. Find them.
7) These things happen. Get over it & move on. This is still a good game.
Good luck.
LL
1) Let the tenant go peacefully if you can. If not, give 'em notice as you need to do major repairs. In Melbourne, it's 60 days...sort of.
2) Kiss the un-paid rent good-bye (gesture of goodwill as long as they leave) but don't even think about paying any re-locating expenses. That's BS.
3) The tribunal, if it comes to that, is NOT that bad. I've been there and won against a similar tenant. Wear a suit & tie. Be honest. Tell the truth. The tribunal takes a very dim view of un-paid rent. so that's in your favour. I don't think the tribunal would rule for relocation expenses. They didn't in our case.
4) Understand you HAVE THE RIGHT to access your property for maintenance purposes, as long as you give the required notice. If they resist, then you take them to the tribunal.
5) Your PM should be on YOUR side, and it sounds like he isn't. AFTER you get rid of these tenants, not before, and preferably while the IP is vacant, change your PM. He sounds like a right d--k.
6) When you buy an IP, don't just go with the selling REA as PM. In EVERY area, there is one REA that dominates the rent roll. Ask around. Find them.
7) These things happen. Get over it & move on. This is still a good game.
Good luck.
LL
don't listen to this.
this sounds terrible ........ but you can do what the vendor did to you ..... repaint the house and sell it to someone else
Don't listen to this crap either
. If it's a good property in a good location you have already paid your acquisition costs ( legals, stamp duty etc) so hold on if you can. Sort it out. Particularly in Sydney which is overdue for a price hike. LL
Don't listen to this crap either
LL
Thanks LL . I am an L plate investor not so much a spruiker (nothing wrong with it) I guess.
With no help from the PM ,who I still have valid contract with, when will be the right time to serve the tenants eviction notice on the grounds that rent in arrears?
I feel for you but if it makes you feel any better the last month of heavy rain that we've had has been responsible for lots of mould problems in Sydney homes, especially those on the coastal side (Northern beaches, east etc) so don't feel as though it's an unsolvable problem. I was talking to a McGrath agent yesterday who told me the mould situation has been dire, especially in darker older units so your problem isn't unique right now.
Good advice from some posters which echo my sentiments- basically retain a paper trail, get your PM working for you (or terminate and find a better one) and don't stress. Tenants come and go, but well bought properties will retain their value. Yes, a building report would have assisted but it's futile thinking of the "what ifs" at this stage. Make a plan and act on it. Best of luck.
Good advice from some posters
which echo my sentiments- basically retain a paper trail, get your PM working for you (or terminate and find a better one) and don't stress. Tenants come and go, but well bought properties will retain their value. Yes, a building report would have assisted but it's futile thinking of the "what ifs" at this stage. Make a plan and act on it. Best of luck.Mips, we're ALL L plate investors, all of us.
Mips, if your PM is NOT giving you help & guidance, as you say, it's time to find another PM. YOU ARE PAYING HIS COMMISSION. HE IS MEANT TO BE WORKING FOR YOU. Read your contract with your current PM and it will set out the conditions of termination. It should just be a "notice in writing" matter. Find a new PM WHO YOU TRUST and follow his guidance. He will be able to guide you.
Perhaps start another thread asking forum for good PM in your suburb.
Visit PMs and checkout their rental dept. for yourself.
LL
Good point. We used to live in a clean, well ventilated , heated house in Sydney and the mould use to drive my poor missus crazy. Benefit of moving to Melbourne. Love it.
LL
Check your contract to see how much notice you need to give to terminate the PM. I was given a contract once with a 3 MONTHS notice, which I obviously crossed out and replaced with 14 days instead. PM did not object. It takes a bit of trial and error to find a good PM (they all sound so wonderful when you interview them) so you want to be able to get out asap if you have to.
This can happen. Watch for it. The solution if you are caught with a long notice clause, when you have to act quickly, is for the new PM to "pay out" the notice period. So he pays "upfront" the commission for the 3 months to the sacked PM....and takes over NOW. Of course, the new PM will then want a 3 month clause as "insurance". It doesn't solve the problem completely, but it helps you move quickly, which Mips may need to do.
LL
Stop writing in this forum and start taking control of the situation. Dont waste your time with PM and give 5 days written notice to the Licensee of the Agency (it will be on their front door and there should be a Certificate at reception).
Cite the reasons as to the termination and detail all the documentation that you wish to pick up.
Look around, talk to few other agents and sign a new agreement with one that you are comfortable with.
Take the emotion away and start treating this as a business.
