Hi all
Upon reviewing annual rental statements for the last financial year, I learnt that our PM made a number of strata payments post the due date for one of our IPs - despite this having been communicated that strata levies fines for these.
These late payments were made by our PM, who has now left for maternity leave, and the new PM told us outright that there wasn't much she could do and we can start making 'payments' ourselves. We were really annoyed as it is the PM's responsibility to manage the cash flow and make payments in a timely manner; and the new PM didn't seem to care about the number of IPs we have tenanted through them. Spoke to the Principal of the agency, who we know well, and given the number of our properties he told us he will reimburse us for the fines, as well as change the payments to once a month (previously twice a month) to provide them with the cash for these expenses as they arise.
Now, I have noticed the same issue for another IP - but apparently the strata payment was made in October 2013, and the strata company received it in December 2013 - HOW does this work? In this day and age, when internet banking is so quick - how can a payment lag by two months? The PM emailed advising the Principal will refund this ONE payment ie implying that we have to pay for any future delays. She also told us that we can start making strata payments ourselves for this property as well!
Given the number of properties, late payments add up, and making payments ourselves one at a time defeats the purpose of having the PM there - if we have to keep track of what is due when...so please don't say this is a cost of doing business.
We want to talk to the Principal now - to possibly change the PM, as I am sick of her delegating stuff to us; poor and slow communication and just doesn't seem to give a 'crap' re late payments - lack of commerciality. Secondly want to come to an agreement re approach to fines going forward.
Have you had similar issues? If so, do you just pay these fines?
Monalisa
Upon reviewing annual rental statements for the last financial year, I learnt that our PM made a number of strata payments post the due date for one of our IPs - despite this having been communicated that strata levies fines for these.
These late payments were made by our PM, who has now left for maternity leave, and the new PM told us outright that there wasn't much she could do and we can start making 'payments' ourselves. We were really annoyed as it is the PM's responsibility to manage the cash flow and make payments in a timely manner; and the new PM didn't seem to care about the number of IPs we have tenanted through them. Spoke to the Principal of the agency, who we know well, and given the number of our properties he told us he will reimburse us for the fines, as well as change the payments to once a month (previously twice a month) to provide them with the cash for these expenses as they arise.
Now, I have noticed the same issue for another IP - but apparently the strata payment was made in October 2013, and the strata company received it in December 2013 - HOW does this work? In this day and age, when internet banking is so quick - how can a payment lag by two months? The PM emailed advising the Principal will refund this ONE payment ie implying that we have to pay for any future delays. She also told us that we can start making strata payments ourselves for this property as well!
Given the number of properties, late payments add up, and making payments ourselves one at a time defeats the purpose of having the PM there - if we have to keep track of what is due when...so please don't say this is a cost of doing business.
We want to talk to the Principal now - to possibly change the PM, as I am sick of her delegating stuff to us; poor and slow communication and just doesn't seem to give a 'crap' re late payments - lack of commerciality. Secondly want to come to an agreement re approach to fines going forward.
Have you had similar issues? If so, do you just pay these fines?
Monalisa
