My first IP

[h8dk97]

Hi there,

Just a few questions I wanted to ask about managing an investment property.

1. The property I bought has tenants and is managed by RE agency. Can I get rid of the agency before the contract with tenants expires?

2. Can I renegotiate the agents fees?

I would appreciate any other info/advice.

Thanks very much.
Regards,

Jerry

 

[Simon]

yes

yes

Cheers,

 

[RPI]

Hi I actively manage all my properties myself. I beleive that I do a much better job than most property maganers do. However it does take time to keep up with changing legislation and also setup all your systems so that you can manage them properly. However I actually enjoy looking after my own properties myself and the fact I get paid to do it (by not paying for managment fees) is a bonus.

Darryl

 

[h8dk97]

Thanks for your replies.

I apologise for my ignorance; the agency who handles the tenants is also the body corporate company. The body corporate fees are quite high (of course I new about it before the purchase). What options (if any) do I have to minimise my expenses? Do the body corporate fees vary from year to year or are they always the same.

Thank you.
Regards,

Jerry

 

[Fifi]

Hi Jerry

excuse my ignorance .. coul dyou explain to me what you mean by body corporate company and fees please

 

[INVESTRON]

RPI i would like to collect my own rents too

do you go to the ip's and collect them personally or do your tenants come to you.

thanks.

sorry to intrude h8dk47.

 

[RPI]

RE: collecting rent

I have agent numbers assigned for each property, each tenant is told of the agent number that the must use when transferring into my account. You can also order deposit books from your bank that have the agent numbers already printed. I then use internet banking to check that the rent is paid. I have a standard form (word) that I printout if the rent is more than 2 days late and I send a notice to remedy breach if 7 days late.

In QLD you can download all the RTA forms from their website and they have information officers, booklets and the website that you can access. The rules and regulations are pretty clear and easy to follow and I don't find it hard to manage the properties but it does take some time. If you are unsure of the market rentals you can always pay a property manager to value them.

Darryl

 

[Jocker10]

Hi Fifi,

For a concept of Body Corporate, please have a look at http://www.consumer.vic.gov.au/cbav/fairsite.nsf/pages/of_homesrent_buy_bodycorp#body . This will at least give you an idea of what a body corporate is. This site deals with state of Victoria but the concept applies anywhere in OZ.

Simply stated it is a body that looks after the common areas of , say apartment complex. Common areas like, the swimming pool, visitors parking, gym has to be looked after.

If you are an owner of one of the apartments, you have to pay a body corporate fee. I do not know the term they use in UK or USA.

Hope it helps . Jocker10

 

[strangep]

RPI

What do you mean by agent number??

Is it just a reference number that is recorded against the transaction so that you can track which tenant has paid money in. I'm assuming you only have 1 account that receives rent.

Thanks

Paul

 

[paulzag]

Agent Numbers

Ask your bank about deposit books with agent numbers. These are also known as "Tran Code 60" deposits.

It means that you assign a six digit numerical code to an agent (or depositor) and all their deposits show up with their agent code.

Banks charge between $2 and $4 per pre-printed deposit book. You can teach depositors how to modify a standard deposit slip. Look at the shaded box labled "Aux number" for most banks. Notice also that most deposit slips have a +050+ printed in the lower right corner. Change the +050+ to +060+ and write in an agent code in the "Aux number" box.

Regards

Paulzag

 

[Fifi]

Body Corporate

Thanks Jocker10

we have similar in UK - know as factors, estate managers who look after common areas in blocks of flats and gardens etc. on housing estates