I get charged a $2 statement fee every month when I receive my rental cheque on each property.
For the life of me I cannot see how they can justify it. I dont care if they send the figures on fish and chips paper. As they take commission out of my rental income they are responsible for telling me how the final figure is derived. I should not have to pay for the priveledge.
Are we being dudded by property managers. All opinions appreciated.
yes you are being dudded… do they think they are a bank or something??? bloody ridiculous…
cheers
rI get mine emailed and print them myself – no paper copy mailed every month.
~jo~
Yeah….. I agree
$2.50 a month, give us a break![axe]
Cheers
ShawnYou are right Yack – that is $24 a year before tax! What a cheek they have!
Seriously, it is a standard fee that they all charge and I suggest you put your effort into making money and don’t sweat the small stuff as they say [cap]
What interest rate and bank fees are you paying? [biggrin]
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
***3 year fixed – 6.49%***Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
My PM was charging between 5 and 10 dollars per month for sundries. I asked him once how many stamps he used that month or phone calls he made on my behalf. He answered “NONE”. Seeing I get my statement emailed as well, I could not see the point. I was also under the impression that he was supposed to send a hard copy statement by standard mail as well.
Anyway, when he said “NONE”, I then asked him how he thought my clients would react if I charged a “Because I feel like it” fee of $20 per month. He tried to tell me it was not the same. I don’t understand how it isn’t.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdMy PM charges $5.00 per month + GST for providing the statement. I also believe it to be an unsubstantiated chargethat is levied without any justification.
It is all these small amount levy/charges that eat into investment returns.
My PM used to charge inspection fees for routine inspections but i have negotiated to have those costs removed as i believed that should be part of the management fee. I have to date been unsuccessful with removing the statement charge.
Kelvin J Brennan
I don’t pay any mailing or chq depositing or sundry fees. They get the standard % of rent and thats all.
Victorian PM charges $2+GST. Qld PM charges $6+GST.
From a principal viewpoint, I agree that their commission, should incorporate all their costs of doing business. However, put in perspective, these charges are not usurious and tend to agree with MortgageHunter, that personally while irksome, this is small potatoes.
Interesting to see whether they vary significantly by state.
James
I agree with the dont sweat the small stuff. But regardless of how small if its not justified its not right.
I should email jenman and ask what he reckons. As a consumer I should not pay this amount. As a consumer advocate he should support all agents stopping this practice.
Whattya reckon?
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