Urgent advice req'd: Anyone used MICM in point cook before?

[wbasia888]

hi,

will really appreciate anyone's comment on the property agent MICM in Point cook Melbourne.

I'm not very comfortable with this term in the authority, so hesitate to sign. has anyone agreed to such 12 months terms before? looks scarry, because if they don't lease out my property, i'm stuck for 12 months, am i right to say? or if i break the contract, do i pay the compensation for leasing or also the management fee?


" Having signed this agreement the Owner has agreed to engage MICM Property to exclusively manage the property for a minimum period of 12 months, and agrees to pay MICM Property its commission entitlement if management is cancelled earlier than the minimum term. After the initial 12 months term, a minimum of 3 months written notice is required. "

thanks in advance for your help
W.B.

 

[buzzlightyear]

Treat as an opening of negotiations

If everything else checks out, cross out any terms and conditions you are not happy with, initial and send it back to them.

I used them back a few years ago and was pretty unimpressed with their level of service. The property was in Sth Melbourne/Southbank. Very unexperienced property managers and were having significant systems issues. Of course this may have well changed.

On principle a PM wanting to lock in an exclusive management period for that long a period and with that notice period, without any reference or them being conditional on key performance metrics, is laughable and totally one-sided. But then again, they put it together so you wouldn't expect them to put in anything that requires them to have a minimum and measurable set of performance standards, and repercussions for failing to meet them.

Maybe you can play the same game by making it conditional on a whole range of key performance measures and put in penalty clauses for failing to meet those.....on the other hand, just crossing out might be better!

 

[Sez]

hi,

will really appreciate anyone's comment on the property agent MICM in Point cook Melbourne.

I'm not very comfortable with this term in the authority, so hesitate to sign. has anyone agreed to such 12 months terms before? looks scarry, because if they don't lease out my property, i'm stuck for 12 months, am i right to say? or if i break the contract, do i pay the compensation for leasing or also the management fee?


" Having signed this agreement the Owner has agreed to engage MICM Property to exclusively manage the property for a minimum period of 12 months, and agrees to pay MICM Property its commission entitlement if management is cancelled earlier than the minimum term. After the initial 12 months term, a minimum of 3 months written notice is required. "

thanks in advance for your help
W.B.

Hmmm, I would contact CAV and see if this term could be upheld in VIC. As a rule an exclusive authority in VIC automatically becomes a general authority once the property is leased as there is no exclusive for management. They should also be including a statement of level of service in their authority. If you were to take management away for their failure to meet the standard stated in their own authority you may find that the termination fee is not applicable.

when in doubt get professional advice, clauses like this are always some cause for concern in my opinion!

 

[RightValue]

MICM are the property management arm of Central Equity

MICM = Melbourne Inner City Management from memory

 

[Melbournian]

i got a friend who did hairdressing course who is now part of the property management team... go figure. hair styles vs leases, tenants, fixing building issues.

 

[Lil Skater]

I agree with Sez to contact CAV as I didn't think that was possible.

Personally, never used MICM but have attempted contacting for a number of rental references as I previously managed properties in the area, took about 3 days to even get a hold of someone in the department..

One person I called about generally paid 3-7 days late and during reference call, said they would rent to again.

 

[Rolf Latham]

Personally, never used MICM but have attempted contacting for a number of rental references as I previously managed properties in the area, took about 3 days to even get a hold of someone in the department..
.

there is a flag of some sort isnt there................imagine an owner or a tennant needing something done

ta

rolf

 

[chilliblue]

Cross out the paragraph and initial the change.

 

[Goofy]

as above, there is no way that would be upheld in Victoria.

I would be striking that clause out quick smart!

But to be honest, i have never had any good dealings with them, and again as above have always found them to be difficult to get a hold of...

 

[goonandtell]

they managage the place i live in.

i wouldn't have them manage one of my places.

 

[rodimus]

my mum's been using MICM, and here's what we got:

-tenants paying late, and I have to email MICM almost every month to ask them "where's the rent????"

Central Equity develops and builds a lot of apartments in Melbourne city and Southbank, and they pass the management to MICM. So MICM probably has way too many business to give each landlord a good service.

 

[tvadera]

Hi,

Have burned my hands with few different managing agents, finally have found the right one.. PM me for more details..

There shouldn't be any lock in contracts, its stupid to keep paying someone when you are not getting any service..

hi,

will really appreciate anyone's comment on the property agent MICM in Point cook Melbourne.

I'm not very comfortable with this term in the authority, so hesitate to sign. has anyone agreed to such 12 months terms before? looks scarry, because if they don't lease out my property, i'm stuck for 12 months, am i right to say? or if i break the contract, do i pay the compensation for leasing or also the management fee?


" Having signed this agreement the Owner has agreed to engage MICM Property to exclusively manage the property for a minimum period of 12 months, and agrees to pay MICM Property its commission entitlement if management is cancelled earlier than the minimum term. After the initial 12 months term, a minimum of 3 months written notice is required. "

thanks in advance for your help
W.B.

 

[wylie]

I just realised this thread was started a couple of years ago. Original poster never came back...