New PM Agreement

[Alien]

Hi All,

I'm currently going through my very first PM agreement and have a few questions.

How much shuld i authorise the agent to spend on repairs before they need to call me to approve? The agent has placed $1000 on the paperwowrk however I think $500 should be enough.

Should I manange all the bills rather than have the agent pay them EOM?

Is it only the water supply I need to change into my name as the landlord?

I was thinking that it would be better to have all bills be sent to me ie invoiced from the agent if I need to pay any fee's rather than them keeping my money in trust then deducting?

Your thought would be appreciated.

Cheers

 

[twobobsworth]

I pay the strata & council rates but leave water to the PM.

Not sure what approval the PMs have but I know I receive a call for any repair. From memory the paper work says around $200.

The land titles office should notify sydney water and council about the ownership change.

 

[Ralph]

I have the agent pay pretty much all of the standard bills, council, water etc. They should advise you and generally will carry out the activity of putting bills into their name once you give them authority to do so.

Re maintenance, keep it down to as low as you can ~$200. My experience with my RE agent is that they are useless at protecting my money when it comes to repairs and simply send things through rather than challenge quotes. E.g. $600 to put a wooden meter box around my electrics board...........I can buy a couch for that!!

 

[tez]

My unit has $100 repair limit although I normally receive a call.
New PM Im signing up to says they will call for anything, unless they have tried to contact me and its a life threatening situation. Fair call.

 

[wobbycarly]

Should I manange all the bills rather than have the agent pay them EOM?

If you have a credit card that gives you rewards, and you can be bothered, then get the bills sent to you and pay them on the credit card. You get the points (as long as it's not a cash advance) and pay the bills on credit - more money in your offset for longer.