Queensland Property Management
Just having purchased a QLD property in a residential complex we’re looking at the PAMD Form 20A (Appointment of Agent-Letting and Property Management).
The Paperwork is different from any of the Western Australian Authority forms that we’ve signed, with the WA forms it’s usually a case of going through and ‘adjusting’ the myriad of fees and charges andchecking the conditions, i'm sure it's no different here,however, is there anything we need to be aware of for the QLD forms other than:
1.Tick One Box in page 1 and record our ABN
2.Tick One Clause in paragraph 4.4 in page 2 and initial
3.Sign where indicated in Part 8 on page 4
4.Complete Insurance Details in part 10
5.Sign where indicated in part 20
Part 5 Commission appears to be-
• $13 per week of the lease (5% of Rent)
• $260 letting fee per lease (1 weeks rent letting fee)
• GST $1.30 p/w of the lease +26 (10% of the commission)
TOTAL $14.30 p/w of the lease +$286
However, Schedule to PAMD Form 20a -Permanent lettings Fee’s and charges (GST inclusive) is:
• Rent Collection Commission (5.5% of Rent)
• Management Fee (2.75% of Rent)
• New Tenant Let fee (1 weeks rent + GST)
• Window cleaning charge per month (not applicable)
• Postage,Phone,fax costs ($5.50)
• Pest control charge per year (Pest Control companies current rate at time of treatment)
• Letting Agreement Negotiation/renewal fee (one half of one weeks rent +GST)
• Quarterly Inspections (No Charge)
• Mediation/Tribunal fee per hr (By arrangement)
• Replacements (actual cost of item, plus labour at $22 p/hr for obtaining, supplying, installing)
• Maintenance/repairs (actual cost of item, plus labour at $22 p/hr for arranging such repairs and maintenance)
• Bin Cleaning/lawn mowing/gardening (up to $10 p/wk)
As with any contract I guess the devils in the detail and there are some other Parts that I’m looking at, it appears that the agents can also rent items to the tenants in the complex (hey…......no cut for me?)
Also, it appears standard with these types of deals that they want any new purchaser to accept the purchase/transfer with the tenant intact(makes sense for them as they get no money for an owner occupier, tenants are preferred)
Advertising is written down as 'actual cost' so I uses I’ll be putting a limit there.
Anyone who has any QLD IP's have any tips?
Just having purchased a QLD property in a residential complex we’re looking at the PAMD Form 20A (Appointment of Agent-Letting and Property Management).
The Paperwork is different from any of the Western Australian Authority forms that we’ve signed, with the WA forms it’s usually a case of going through and ‘adjusting’ the myriad of fees and charges andchecking the conditions, i'm sure it's no different here,however, is there anything we need to be aware of for the QLD forms other than:
1.Tick One Box in page 1 and record our ABN
2.Tick One Clause in paragraph 4.4 in page 2 and initial
3.Sign where indicated in Part 8 on page 4
4.Complete Insurance Details in part 10
5.Sign where indicated in part 20
Part 5 Commission appears to be-
• $13 per week of the lease (5% of Rent)
• $260 letting fee per lease (1 weeks rent letting fee)
• GST $1.30 p/w of the lease +26 (10% of the commission)
TOTAL $14.30 p/w of the lease +$286
However, Schedule to PAMD Form 20a -Permanent lettings Fee’s and charges (GST inclusive) is:
• Rent Collection Commission (5.5% of Rent)
• Management Fee (2.75% of Rent)
• New Tenant Let fee (1 weeks rent + GST)
• Window cleaning charge per month (not applicable)
• Postage,Phone,fax costs ($5.50)
• Pest control charge per year (Pest Control companies current rate at time of treatment)
• Letting Agreement Negotiation/renewal fee (one half of one weeks rent +GST)
• Quarterly Inspections (No Charge)
• Mediation/Tribunal fee per hr (By arrangement)
• Replacements (actual cost of item, plus labour at $22 p/hr for obtaining, supplying, installing)
• Maintenance/repairs (actual cost of item, plus labour at $22 p/hr for arranging such repairs and maintenance)
• Bin Cleaning/lawn mowing/gardening (up to $10 p/wk)
As with any contract I guess the devils in the detail and there are some other Parts that I’m looking at, it appears that the agents can also rent items to the tenants in the complex (hey…......no cut for me?)
Also, it appears standard with these types of deals that they want any new purchaser to accept the purchase/transfer with the tenant intact(makes sense for them as they get no money for an owner occupier, tenants are preferred)
Advertising is written down as 'actual cost' so I uses I’ll be putting a limit there.
Anyone who has any QLD IP's have any tips?