Sacking the Property Manager

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From: Ron Redshaw


After some 6 months we have come to the realization that the agent who manages two of our properties is useless.

They are always late with the rent payments.
We are always the ones to notify the agent if the tenant has slipped behind in rent.
The last property had to have some minor repairs done at the tenants expense before the lease was re-signed for 12 months.
But the agent didn't pursue this and then had them sign a new lease for 2 YEARS!!
Our agent dosen't even realize that we haven't returned the signed rental agreement
for the last property we purchased in April.
My wife & I have had enough, what is the easiest way of terminating his services and can any forum member give us a clue on who to use in the Jervis Bay area ?? Regards, Ron
 
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Reply: 1
From: J Parker


Ron,

Look at your management agreement and note how many days notice you need to terminate the agreement. Let them know in writing that you will not require their services anymore. It's that simple. I have done this recently and when I outlined my reasons (no inspections in a year, no calls returned, promises of mail never forthcoming etc etc) the principal actually agreed with me and refunded a month's worth of management fees! Be polite but firm and find a better PM. They are out there!
Cheers, Jacque :)
 
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Reply: 2
From: Kevin Fielding


What if it is a strata title type unit. Don't all the units come under the one property manager??

Kevin
 
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Reply: 2.1
From: J Parker


Kevin,

A strata manager manages the common areas of the building such as stairwells, shared laundries, carparks, gardens etc. Your strata fees cover the cost of employing this manager and there is not much you can do to get the manager changed if you're not happy with them (unless you own a number of units in the building and thus have more clout at annual meetings!). Strata fees can also include what is known as a sinking fund, which is simply a slush fund with money put aside for major costs such as roof replacement, new carpets in common areas, landscaping etc. Such costs can seriously eat into your returns and should be thoroughly investigated before buying, as strata fees vary enormously, depending on location, age of the building and no. of units in the complex.

A regular property manager, on the other hand, is someone else you usually employ to collect the rent from your tenant, pay water and council rates, carry out inspections and find suitable tenants. Fees range from 5-8% for this service.
Hope this helps.
Cheers, Jacque :)
 
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