Hi Chefman
Congratulations to you both on the new pub ! Hope it’s a great success. All the best.
cheers
thecrest

Hi Recoveryman
Sounds rough. You need accurate information first to establish the true situation.
Get the new PM to take photos and do a very detailed condition report and send both to you immediately, pay them separately for it. Get it rented again fast. Discuss the details with Dept Fair Trading – they approve REA licences,(QLD ?) they also…[Read more]

Hi Muppet
As per the posting question – How did you do it ?
cheers
thecrest

It’s business, you don’t want a loose casual relationship or any grey areas, so be specific about what you want, have a specific agreement, get the best PM and at fair rates. The most expensive is not necessarily the best.
Reward success afterwards, not just classy sales presentation up front. Keep the carrot until you get the cart where you want…[Read more]

Hi Kristine
Very clever question, you’ve really tapped into everyone’s engine room.
For me, it was gaining knowledge and experience by books, jobs and hardship.
Identifying and building on strengths, we all have them.
The responsibility of raising a family (call that one burning the boats if you like)
There are joys too, this has gotta be the best…[Read more]

Hi grega21360
Add $1000 to the price (or to your confidential reserve price) and add $1000 to the salesman’s personal cash bonus if he sells within 30 days at or above your confidential reserve.
Watch him go. [grin]
cheers
thecrest

Hey Domo
You’re doing well. The ideal situation is to have good tenants who stay long term, look after the property, pay on time, and don’t bother your PM on little things, or become demanding. Encourage the PM to get & keep those type of tenants for you.
So, discourage tenant turnover by reducing the profitability of tenant turnover for the PM,…[Read more]

Hey Shaunwalker
Any update on your takeaway venture ? I’m interested in commercial property.
cheers
thecrest

Hi Nikki
Looks like the forum has given you the answers to your problems like selling off the worst problems. But, looks to me like you might have a very expensive repairman, and a slow PM and Agent.
sewerage blockages $200 each ? WoW !
Not one buyer enquiry in 3 months ? Agent on holidays right ?
20 % of tenants trashing ? PM is not vetting your…[Read more]

Hi Domo
It would be in your interests to interview more than one PM. They are usually pretty handy at interviews. Might clear things up if you spreadsheet all the items and costs on 3 PMs, see who gets all the ticks.
The agreement should reward renewal of leases with long term tenants, not tenant turnover or tribunal appearances with bad tenants…[Read more]

Hi Helmutb
80% sounds pretty high, and high occupancy is only a small part of the equation. Redwing is right, get a list of all the costs – over the last 2 years, and projected and planned costs over the next 2 years, high occupancy creates high wear ‘n’ tear. Is it tired yet ?
I remember inspecting a place mid north coast NSW had very high…[Read more]

Hi EMCDONALD
Something doesn’t add up here.
If the properties are meant to receive 4 inspections per year, then your 900 properties divided between 3 PMs means 100 properties per PM each month, seems a lot. Doesn’t add up, so do some properties miss out or does someone else do the inspections ?
cheers [confused2]
thecrest

Sounds expensive for a renewal only. Read the Managing Agency Agreement to ensure the agent is complying.
cheers
thecrest

Hi Scullie
Been there done that, so I don’t mind warning anyone – definately the most hard won experience ever. My suggestion is to put a toe in the water before taking the plunge – how ? make arrangements to spend a few days with a PM doing property inspections and Tribunal appearances, the PMs would almost certainly appreciate the company.…[Read more]

Jeez Jo, i can’t type rolling on the floor laughing, ya got me.[laugh3][laugh3]
I propose Jo runs the next election, howzat ! [bulb]
cheers
thecrest

Hi Unified
There’s a lot to check with a commercial property.
It’s only as good as the financial strength and stability of the tenant really. The vendor should provide you with the rent record and the complete file of all correspondence with the tenant,which can be revealing. Other records to request are rates, maintenance expenditure, water…[Read more]

….What I’m aiming for in my life is a “triple bottom line” of satisfaction and success in financial, emotional and spiritual realms….Good for you Leigh, that sounds like the snippet I read somewhere recently which really took my fancy – “work like you don’t need the money, love like you’ve never been hurt, and dance like no-one’s watching”.…[Read more]

Wouldn’t want to be using that system for ordering carpet
cheers
thecrest

Hi Blitzem
Wish all tenants were like that, and stayed long term and did the good quality repairs, but I for one still have the visions splendid of the tenant being the disappearing dust cloud on the horizon, and the walls looking like the a firing squad used it.
cheers
thecrest

Hi Luckyone
If they don’t understand the basics, they can hardly blame you for changing PMs.
A good REA and PM should have a high enough level of enquiry to steer one your way, with or without a specific ad.
Most PMs will not stand in your way if you are polite but firmly changing PMs because they goofed at your expense.
good luck
cheers
thecrest