7%. But it is worth it in my opinion.
Renting out a Frankston IP?
- Thread starter Skeetaboat
- Start date
7%. But it is worth it in my opinion.
Raine & Horne negotiated down from 7% to 6% on management and 2 weeks rent to one weeks rent letting fee. Anyone with them? They have been the most professional I have dealt with thus far.
Any good PM in Frankston area?
Wondering if anyone could refer us to a reasonably good PM in Frankston, for me to confide my IP to? One that does their job in a decent way?
From what I can see on this forum, appears that Frankston has got none.
My current PM is very good at pocketing the fees, then .... relax until the following month. Communication is a huge issue. Emails are not answered for days if not weeks. Calls (only to the switch - No Mob - No name on the web site) are returned beyond the 24H mark. No follow-up of queries. We have to liaise ourselves for repairs/fixes to the IP.
Needless to say, dumping the PM is the next step.
Are PM bound by a code of practice? or the industry governed by any regulations?
Ta
Wondering if anyone could refer us to a reasonably good PM in Frankston, for me to confide my IP to? One that does their job in a decent way?
From what I can see on this forum, appears that Frankston has got none.
My current PM is very good at pocketing the fees, then .... relax until the following month. Communication is a huge issue. Emails are not answered for days if not weeks. Calls (only to the switch - No Mob - No name on the web site) are returned beyond the 24H mark. No follow-up of queries. We have to liaise ourselves for repairs/fixes to the IP.
Needless to say, dumping the PM is the next step.
Are PM bound by a code of practice? or the industry governed by any regulations?
Ta
Keep reading, there have been some recommendations on here.
Cathy from Andrew Milne from memory, someone recommends. I am happy with Hocking Stuart, although it's only been 12 months with good tenants, so haven't tested how they would respond if an issue came up.
Can I ask which agent it is that you are having problems with? There are a few throughout the forum that tend to come up over and over again as not being so good.
Hocking Stuart's Principal in Frankston, Andrew Gillespie, is not one to take responsibility when things go wrong - an unimpressive and pedantic man to say the least and I'm glad I no longer have dealings with him or his firm. His staff are pretty young and have a nonchalant and couldn't-care-less attitude. One lovely lady inthe rentals was very anti-landlord - too young to know any better I guess.
It's nice that you have had no problems so far. Wish I could say otherwise. Hocking Stuart caused me a lot of grief and I found no joy in getting any sense out of the owner of the franchise - you'd think he'd know better. The day they go bust is the day I pop the champagne.
As an side.....Hocking Stuart and MPRE are the worst when it comes to underpricing properties. If you are an owner, it pays to know that these two firms are well known for underpricing houses around town. Nobody underperforms the median like they do. If you are an owner of property locally, take heed. Don't contemplate selling your IP with these firms.
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rental
Hello everyone,
Just to share my experience here:
Mine is at fr south property, and have been with Hocking stuart since day 1, it now 3 years since i am with them.
fee is 5.5%, and 1.5 week letting fee (if i am not wrong on the letting fee)
i bought the place from andrew milne (AM), and AM has been very professional since the beginning and he call me a couple of time, offering me a place to buy or just to have a general chat.
so when my tenant is out (probably due to increase in rent soon). i will move mine to AM.
HS have had a lot of turn over on staff, i have had 3 different girl talking to me about my place, or try to rearrange the contract, inspection, etc.
Overall, bad service, no inspection performed, the last PM is the one that arrange 6 month inspection after 2 year (which reminds me another inspection due soon).
And i agree with meconium (about andrew gillespie), at one stage i threatened to take my property from HS, then AG get involved in the conversation to bring me back again with nice words, and try to fix the situation, but offers nothing from his side..
Nothing wrong with tenants at all, they paid regularly, couple of small maintenance problem, have a kids on my place, and very happy to keep them there (although the dog makes the garden messy, but my chicken does the same as well). and very happy with tenant (but not the PM).
Cheers
Hello everyone,
Just to share my experience here:
Mine is at fr south property, and have been with Hocking stuart since day 1, it now 3 years since i am with them.
fee is 5.5%, and 1.5 week letting fee (if i am not wrong on the letting fee)
i bought the place from andrew milne (AM), and AM has been very professional since the beginning and he call me a couple of time, offering me a place to buy or just to have a general chat.
so when my tenant is out (probably due to increase in rent soon). i will move mine to AM.
HS have had a lot of turn over on staff, i have had 3 different girl talking to me about my place, or try to rearrange the contract, inspection, etc.
Overall, bad service, no inspection performed, the last PM is the one that arrange 6 month inspection after 2 year (which reminds me another inspection due soon).
And i agree with meconium (about andrew gillespie), at one stage i threatened to take my property from HS, then AG get involved in the conversation to bring me back again with nice words, and try to fix the situation, but offers nothing from his side..
Nothing wrong with tenants at all, they paid regularly, couple of small maintenance problem, have a kids on my place, and very happy to keep them there (although the dog makes the garden messy, but my chicken does the same as well). and very happy with tenant (but not the PM).
Cheers
I'm not surprised at your experiences.
Hocking Stuart & MPRE don't give a damn about local owners. They are in the pump and dump business. I honestly cannot recommend any local agents. But recommendations aside, these two firms are best avoided if you own a local IP. Excepting their commissions, they don't give a damn about anything or anyone. Notorious underpricers. Owners beware.
Of the few areas I study, I think Hocking Stuart massively under quote everywhere! I watch the inner Bayside area and also now the Altona area, and notice rather unrealistic auction quotes in those areas too for Hocking Stuart. I'd never buy at auction so don't care as I automatically dismiss anything going to auction anyhow.
Underquoting has an effect of keeping property prices down. I definitely won't be listing my IPs for sale (when that day comes) with any firm that underquotes. I refuse to shoot myself in the foot.
I don't know what it does in Frankston where prices are already pretty low, but one of the place I'm talking about is Albert Park. I'm pretty sure auction under quoting has no effect there, just means prices go way over what's quoted, people go in paying what they want to pay and don't rely on the quotes as their guide. But maybe somewhere like Frankston, buyers are more dependant on quotes.
PM in Frankston
The one concerned is AB.
It is now day 5 (email) and day 3 (callback) have not happened, despite my daily call to the office. No dount, I've been ignored.
In a phone call to the office, when I asked if there is someone else I could discuss the issue with? someone I could fwd my emails to, for the office to be aware of the issue? Answer from the office: No and No.
Not going to keep begging for this REA to do their job properly.
Definitely a Red Card.
The one concerned is AB.
It is now day 5 (email) and day 3 (callback) have not happened, despite my daily call to the office. No dount, I've been ignored.
In a phone call to the office, when I asked if there is someone else I could discuss the issue with? someone I could fwd my emails to, for the office to be aware of the issue? Answer from the office: No and No.
Not going to keep begging for this REA to do their job properly.
Definitely a Red Card.
PM in Frankston
As anticipated, phone call, messages and emails are not returned after a good 10 days had passed. Total silence. Our IP was sitting there, not tenanted and not attracting interested tenants for almost 3 weeks because of their total inaction. ABEL REA is able to nothing but collecting their mgt fees. Absolutely nothing else. No communication whatsoever.
Had finally resort to call another REA who wthin a space of 3 days of appointment, had secured a keen tenant.
Responsibility? Customer service? Communication? Accountability? Trustworthy? Well, clearly, none of the above.
As anticipated, phone call, messages and emails are not returned after a good 10 days had passed. Total silence. Our IP was sitting there, not tenanted and not attracting interested tenants for almost 3 weeks because of their total inaction. ABEL REA is able to nothing but collecting their mgt fees. Absolutely nothing else. No communication whatsoever.
Had finally resort to call another REA who wthin a space of 3 days of appointment, had secured a keen tenant.
Responsibility? Customer service? Communication? Accountability? Trustworthy? Well, clearly, none of the above.
I have been renting two properties in Frankston (South). I have used the same property managers and having multiple properties, I have maintained 5.5% commission and 1 weeks rent. This is the same as my properties in Mentone/Edithvale.
In that time I've had about 20 different property managers ie. a new one every 6 mnths. But when i go to the bank or woolworths, I am always served by a different person, so whats the issue.
You may call them dunderheads or whatever, but overall i cannot complain too much. Vacancy between tenants has been minimal and late rent has always been chased up. Very little damage in that time either.
I dont know how perfect you all are in your 9 to 5 jobs but at the end of the day you need to manage your property managers.
In that time I've had about 20 different property managers ie. a new one every 6 mnths. But when i go to the bank or woolworths, I am always served by a different person, so whats the issue.
You may call them dunderheads or whatever, but overall i cannot complain too much. Vacancy between tenants has been minimal and late rent has always been chased up. Very little damage in that time either.
I dont know how perfect you all are in your 9 to 5 jobs but at the end of the day you need to manage your property managers.
Shop around, fees above 6% IMO are a tad on the high side for my liking, but then I guess it depends on how many properties you bring to the table. Obviously the more business you dangle in front of them, the more negotiation power you have to play with!!!
I've recently enlisted 'Fruit' to look after my place in Karingal.
Standard AV Jennings 3+1+1.5 renting for $285 on 12 month with tennant that is so far proving to be very good.
After 3 months, Fruit have proven to be professional, reasonable, available, while communicating regularly and efficiently. They maintain these qualities regardless of how minor the issue.
Link: http://www.frankston.fruitproperty.com/
re: Fees - I suggest you negotiate directly with them to get your business. I pay 6.6% (inclusive of GST) and negotiated a lower letting fee.
Standard AV Jennings 3+1+1.5 renting for $285 on 12 month with tennant that is so far proving to be very good.
After 3 months, Fruit have proven to be professional, reasonable, available, while communicating regularly and efficiently. They maintain these qualities regardless of how minor the issue.
Link: http://www.frankston.fruitproperty.com/
re: Fees - I suggest you negotiate directly with them to get your business. I pay 6.6% (inclusive of GST) and negotiated a lower letting fee.
Can concur with MM. My Frankston IP has been with Fruit for over a year now and their rental area has been thorough and communicate effectively.
Fruit
I'm very glad that you have had a good experience with Fruit. I can't say the same. The worst property managers I have ever dealt with.
I am now only getting the professional service that I have been paying for and deserved now that I have sold my last remaining property and will no longer be dealing with them.
Appalling communicators, don't read all the email, I even received email regarding another owner's property, do not let you know when tenants are in arrears and will never admit that they make a mistake.
Also, make sure you thoroughly check all rental statements especially the dates, there 'system' seems to make mistakes resulting in tenants being a month in advance when in fact they are in arrears and misallocation of rental funds. If you want further details, please see previous post pm and the missing rent money.
Good luck
I'm very glad that you have had a good experience with Fruit. I can't say the same. The worst property managers I have ever dealt with.
I am now only getting the professional service that I have been paying for and deserved now that I have sold my last remaining property and will no longer be dealing with them.
Appalling communicators, don't read all the email, I even received email regarding another owner's property, do not let you know when tenants are in arrears and will never admit that they make a mistake.
Also, make sure you thoroughly check all rental statements especially the dates, there 'system' seems to make mistakes resulting in tenants being a month in advance when in fact they are in arrears and misallocation of rental funds. If you want further details, please see previous post pm and the missing rent money.
Good luck
