PM Communication - reasonable expectations?

Hi all,

I have a property which has been managed by a PM at a well known REA in Melbourne for the past couple of years. About 9 months ago, a new PM took over and I've had a few concerns about things not being followed up.

On the most recent 'owner statement', the name of one of the tenants has changed. Other than this, I've never been notified that anyone is moving in or out.

More concerning is that they recently suggested I should raise the rent. Their letter indicated that the market rate would be approximately $510-$530/week but that given the current rent, a fair weekly rent would be $490. I requested them to raise it to $510 however the latest statement indicates the weekly rent is now $490.

I would like to know if other PM's send copies of PM/tenant correspondence to the land lords? I've never received copies of condition reports/lease agreements. In fact, the only correspondence I've ever received from the PM is a recent lease renewal letter and monthly statements.


Thanks,

PD
 
We receive correspondence (mainly a quick email) for everything at our IP. The PM has authority to do anything as we live remote, but they still let us know what's going on.

We get notice on tenants vacating, suggested rent reviews, lease copies, PCR, general inspections, tenant requests. Everything really. Depending on the subject, I also allow the PM to forward our responses to the tenant regarding tenant requests for maintenance or 'dream lists'.
 
Ditto to Kath's post. My ACT/NSW PM is excellent with communicating. Usually via email. We always know everything that is going on. In the first instance I suggest a phone call and email demanding copies of the new lease. Personally I don't think this kind of service is good enough.
 
poordeveloper PM Communication - reasonable expectations?

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Hi all,

I have a property which has been managed by a PM at a well known REA in Melbourne for the past couple of years. About 9 months ago, a new PM took over and I've had a few concerns about things not being followed up.

On the most recent 'owner statement', the name of one of the tenants has changed. Other than this, I've never been notified that anyone is moving in or out.

More concerning is that they recently suggested I should raise the rent. Their letter indicated that the market rate would be approximately $510-$530/week but that given the current rent, a fair weekly rent would be $490. I requested them to raise it to $510 however the latest statement indicates the weekly rent is now $490.

I would like to know if other PM's send copies of PM/tenant correspondence to the land lords? I've never received copies of condition reports/lease agreements. In fact, the only correspondence I've ever received from the PM is a recent lease renewal letter and monthly statements.


Thanks,

PD

Entry condition reports and leases are MUSTS.

Rent increases should come from you as the owner in writing (Email) and actioned - failure to do so...talk to the principal!!

My philosophy is that owners should be constantly advised of any matters with the property so they are informed to make the necessary decisions to instruct the PM - should all be in email and documented.

Your PM sounds lacking - move it to someone else, the process can save you money in the long term..good luck.
 
Thanks for your replies. I've now instructed the PM to copy me on all correspondence. Apparently the tenants were notified of the rental increase but mistakenly continued to pay the earlier amount. It's since been rectified although nothing was ever communicated to me.

I normally wouldn't hesitate to change PM/agency however this particular agency estimated the properties weekly rent at about $50 higher than two other agencies and were able to secure tenants very quickly.
 
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