Statement fee?

[s050399b]

I understand about the management fee; 8.8%

There's also a statement fee? It's 1.72%


So actually it's 10.52% for managing the IP, does it seemed excessive?

 

[Propertunity]

Yes it is at the upper end.

Read this thread: http://www.somersoft.com/forums/showthread.php?t=55294

 

[s050399b]

I was refering to the statement fee, is it common?

 

[Propertunity]

I was refering to the statement fee, is it common?

$2 - $5 per month is normal

 

[s050399b]

Thanks for the clarifications!

 

[vbplease]

Try requesting the statement to be sent via email.. it may cut down the cost of postage + petties, and can be more convenient.

 

[s050399b]

What does the statement usually contain?
- confirmation of the rent paid + deduction of management fee?

btw, do you let PM pay your rates etc?


in my PM contract, it says that they could pay from the rent:
- all land rates
- all water rates
- all BC rates
- all maintenance accounts

 

[vbplease]

What does the statement usually contain?
- confirmation of the rent paid + deduction of management fee?
and cost of repairs if any

btw, do you let PM pay your rates etc?

in my PM contract, it says that they could pay from the rent:
- all land rates
- all water rates
- all BC rates
- all maintenance accounts

Sounds like they'll try to increase their commission if they do

 

[s050399b]

Do they alais with the insurance company too?

 

[vbplease]

Yep, landlard's insurance too.. You just need to write and sign a statement saying you give authority to your PM to receive and pay these bills.

 

[toony]

Just out of interest - where is the property manager? From my experiennce, charging a % for a statement fee is not common in Bayside agents.

I told my agent in Frankston I was walking if they continued to charge a statement fee. Now its emailed to me.

 

[paguatao]

My agent charged me $5/month for statements even though I asked if they could email, she said they didn't have the facility yet. Then when the property management contract was up for renewal, I got bold and crossed off the $5 from the contract renewal, she then started emailing them to me .... funny that. Doesn't send me copies of invoices etc though. Do I have to ask them for every little thing???

 

[sailor]

Try requesting the statement to be sent via email.. it may cut down the cost of postage + petties, and can be more convenient.

Did that ... and they said they would email it as well as snail mail. I suggested they cut out the snail mail except for the annual one. Nah! They are being over-inclusive again.

 

[susan_10]

My agent charged me $5/month for statements even though I asked if they could email, she said they didn't have the facility yet. Then when the property management contract was up for renewal, I got bold and crossed off the $5 from the contract renewal, she then started emailing them to me .... funny that. Doesn't send me copies of invoices etc though. Do I have to ask them for every little thing???

As a precaution, I keep a copy of all invoices for ATO auditing. I also review the charge if they are consistent with the quote and anything extra I question the PM.

Some PM charge 10% on top of the contractor's cost, that is why they do not want to show you the invoice.

Cheers

 

[susan_10]

Sounds like they'll try to increase their commission if they do

PM can not charge commission on any outgoing, it is the incoming money including rent, water and sewerage usage.

I let the PM to pay for council rate and water bill. In the case of the landlord insurance I pay this separately which is bundled with my PPOR home and content and house insurance of other IPs. This way I get a discount on all of them and can negotiate to increase discount even if I have claims on one property.