what should the PM be doing?

J

Jayro

Hi all,

Just picking your brains.

We are hopefull that we will settle on our latest IP this Friday. There is currently a tenant in there but on the advice of the PM we are getting vacant possession as he isnt good on keeping up with rent. When we were looking to buy the property the sales guy had the PM get in touch with me and she was very keen and motivated and helpfull. Seems now that we signed an "owners authority" and faxed to her that all good service has dried up. She was originally saying they would be showing new tenants through and have a new one ready to go at settlement. Now she says, oh no rush we dont look until its closer to the date. Keep in mind its only 4 days away.

I had a clause in the contract stating that she is able to show prospective tenants through before settlement once the contract went unconditional and now im wondering why I bothered. I have another R/E company from there on the phone every 2-3 weeks or so just asking if Im still considering them to manage it for us (as I originally considered) and if there is anything they can do. Telling me to feel free to call for advice even if I do go elsewhere etc etc (all the typical sales talk).

Am I being a pain to the PM by asking them what the heck is going on and why havnt they found a new tenant yet? I dont want a rocky relationship with her from the start but I am getting a little concerned with settlement so soon.

Your thoughts?


Jayro
 
I can think of a few reasons why they may not be showing the property yet:

1) Perhaps they perceive that most people are looking to move in right away.

2) What if settlement doesn't proceed for some reason? Then they've got a tenant who can't move in, and all the bad PR that goes with that!

3) What if settlement does proceed but the vendors leave it a mess, and you need a week to tidy it up in preparation for occupancy?

Make sure the PM has done what they can - lease prepared, ads written, photos taken etc - but I wouldn't be too worried that they're not showing it to prospective tenants yet. Ask them why they're not showing it yet. I was only guessing!
 
think you are on the money there ozperp. Sounds like a whole lot of grief for the agent for something that isn't a dead cert. their time would be better spent writing up PCRs at $100 an hour or sending letters out to justify that $10 postage and petties charge. postage stamps are just so dear these days...
 
Howdy,

I understand your anxiety. I bought by first IP with settlement on 6th dec 2007, its STILL vacant. Im going mad! I have had to pay the mortgage for the last 4 months. I have no money left.

I wish I hadnt done it now - such headaches, so much for rental demands :(

Peta

I hope you have more luck with yours.
 
Peta said:
I bought by first IP with settlement on 6th dec 2007, its STILL vacant. Im going mad! I have had to pay the mortgage for the last 4 months. I have no money left.

I wish I hadnt done it now - such headaches, so much for rental demands :(

Peta

I hope you have more luck with yours.
Click to expand...

Sorry to hear that Peta, is the property being managed ? and how good are they if no tenant has been found as of yet ?

Mark
 
They should be marketing and showing tenants through before settlement. If there are no tenants then you should be notified of what the problem is, ie overpriced etc.

Are they at least marketing the property and offering open inspections before settlement?
 
A good PM should be on the ball before sttlement I would think. You don't want to be in Peta's situation if you can help it! :( It goes to show that a more "humble" rental will at least get the cashflow to offset your interest bill to a degree.
 
I find it interesting that when I was looking to buy this property the PM couldnt be more helpfull and seemed very keen to keep the business once we took ownership. Now I cant even get her to return a phone call or reply to a bloody email. :mad: I do get that feeling that I have made a mistake going with them. Ah well we will give it the 12 months and if not happy will change.

Jayro
 
I assume not. I will be signing a 12 months lease with the new tenant. Would that not mean that I am also stuck with this agent for that contract period???? So far I have only signed an "owners authority form". Anyone know if this is binding or not? We have another agent lined up that "seems" very professional but was trying to not burn the bridge with the current PM as im a believer in "you never know what the future may hold" but the bridge is getting some flames creeping closer every day:)

Jayro
 
Jayro said:
I assume not. I will be signing a 12 months lease with the new tenant. Would that not mean that I am also stuck with this agent for that contract period????
Jayro
Click to expand...

Absolutely not.

You can change agents mid-stream. Done it many times, and the new PM should handle all the paperwork. They will approach the exisiting PM, tell them they now have authority, and notifies the tenants where to pay.

Cheers,

The Y-man
 
ah ok. Thanks for that guys. I had no idea that was the case. I thought the contract was also with the PM, good to know that its not. Thanks again. Thats a big relief. I will check and see what there terms are.

Jayro
 
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