Property managers in Canberra?

[rugrat]

Ok. Just looking at the various PM's around canberra to manage our IP when it is finally completed (although I haven't completely ruled out self management, I think we will at least be using a PM initially as we get a feel for this LL business).

So I have been checking around and comparing. One of the things I have noticed in almost all of the PM agreements is various clauses which entitle the REA a comission from any sale of the rental property to a tenant who has been introduced or managed by said REA - even at any undefined point in the future, when tenant is either no longer a tenant or property is no longer being managed by REA.

Is this a common clause to have?

I don't like it and will not be signing in agreeance with any such clause, am just curious as to how standard this is.

Also I have noted that most REA charge between 8-10% Plus other fees Plus GST. One of the common aditional fees seem to be for the condition report (usually starting at $100 + GST) - which seems to me a key component of property management.

What kind of costs are "reasonable" to expect to pay?
And what things should I just flat out be refusing?

What else should I be aware of in choosing a PM?

Does anyone know of any good Property Managers in Canberra who opperate on the North side (gungahlin area)?

 

[luckyone]

Yeah, I've seen the clause about the property management company getting commission from a sale in the future. I crossed it out and said that if they didn't like it I'd go elsewhere. Both the property managers I've had agreed to this. Wouldn't go with any property manager who didn't. I think it's an outrageous clause.

Can't recommend anyone for you though, haven't found a decent property manager yet in Canberra.

 

[ACTInvestor]

Yep, I've seen the clauses. Personal Property Services have stated that they don't like the clause and they have eliminated it from their contracts. They operate all over Canberra and I have a property on the North side. Their service has been excellent. Their fee is 7 or 7.7% now which decreases with more properties. They don't have any admin or condition report fees. I hope this helps. I'm pretty sure that they advertise their fees on their website.

 

[luckyone]

Yes they do, thanks for that ACTInvestor. Glad to find someone in Canberra who charges reasonable fees for property management. Will look into them more once closer to settlement.

 

[Savanna100]

Dont let the ACT agents fool you. Real estate pricing in the ACT was deregulated more than 10 years ago and the old fixed fees were abolished. Dont pay more than 7%. I pay 6.6% in Melbourne, which I think is about right.

 

[geoffw]

On the inner north side I use Lindsey Burne from LJ Hooker Dickson.

He has been awesome.

I had previously used another agent from LJH Dickson. A search on the property manager from hell should find my previous posts.

My point is that the property manager makes or breaks a PM deal. Not the agency.

If Lindsey deals with Gungahlin I would highly recommend him.

 

[ACTInvestor]

Yeah, but LJ Hooker have a clause in their contracts that lock you in for the length of the tenancy or you have to pay a fee if you want to get out. Any Agency that makes you sign that makes me wonder why they have to do that. You should be able to get out any time you want to and go to another agency if they're not working out.

 

[geoffw]

Firstly. Can you cross out that part of the agreement? I got out of that with the PM from hell when I was able to show incompetency.

Secondly. I've found that my primary concern should not be price or contract conditions. A good PM can earn you far more than a cheap bad PM.

I was self managing my property for a few years after the PMFH. I thought I was doing OK. But when I found I couldn't keep up, I was really surprised how much the rent had gone up when I hadn't realised. The increased rent (plus the good management) more than paid for the increased costs.

 

[ACTInvestor]

I couldn't agree with you more. Self managing takes more time than I can afford. I used to manage my own properties in Adelaide and I had trouble keeping up. A good PM is worth every penny. Luckily I found PPS where you get excellent service - something sorely lacking in ACT - for a very good price. I try to stay away from the larger companies simply because the personal attention is lacking and the high turnover of staff. When I phone in, I want to be able to talk about my property to someone who knows who I am. I am generalising of course and there are some good PMs in the franchises, but my own experience hasn't been good so I look for smaller companies.

 

[Jas]

Yeah, I've seen the clause about the property management company getting commission from a sale in the future. I crossed it out and said that if they didn't like it I'd go elsewhere. Both the property managers I've had agreed to this. Wouldn't go with any property manager who didn't. I think it's an outrageous clause.

Just a quick me too on this one. I've crossed out that clause and any others I didn't like the look of.

I use Elders in Jamison and have been happy for many years now.

Jas

 

[eli]

Hey guys,

I dont know if you're still looking for a property manager, but my partner is one, with Maria Selleck.l

She was the NSW runner up property manager of the year last year.

Please feel to PM me if you would like to have a chat with her.

 

[Propertygirl]

good PM in Canberra

I have used a few in Canberra and I can happily recommend Terese Dempsey at Bright Partners, (in Manuka - but they do manage all over) she is very experienced, professional and gets back to you when she says she will. She is very organised and straight to the point.

I would advise steering clear of LJ Hooker Belconnen and Malony's.

I can't remember what Bright Partners charge, but I think there is an element of you get what you pay for. If you don't get what you have been contractually promised, report the agent to the Real Estate Institute, I have done this several times in different states with pretty good results.

I always change the figures that the agent is allowed to spend on maintenance without my approval to 0, it is too easy to spend someone elses money and that way I get to approval all expenditure.

hope that helps!

propertygirl

 

[geoffw]

I would advise steering clear of LJ Hooker Belconnen and Malony's.

LJ Hooker Belconnen used to have an awful PM, but the one who is there now has been great.