Hi everyone,
Wanted to come on here and asked some experienced investor about an issue I am facing at the moment.
To my careless behavior I never check my bank statement until recently I realised I have not been paid rent from the real estate agent for the last 4 months. I know for certain that the tenant is paying rent, the problem is the agent is not sending it to me.I called him up(agent I bought the property from) and was told his brother now run the property management at the old site and he has now moved opened another agency elsewhere. So talking back and forward, found out his brother has cancer and is in the process of selling that management business.
If a real estate agent is sold, what happens to the remaining debts?
The answer was ANZ was holding my money and not sending so he told his brother to write me a cheque to my surprise it was only $1500. I was expecting near 5k for 4 months rent. I asked him how many months is this for, and he said 2 months. 1 months is minimum 1k…he said send him my bank statement to show I haven’t been paid. So I send him my statements, he said wait a few days for his brother to look at it.
This is getting frustrating, anyone experience this? What are my options?
Please help, I feel lost.
Thanks
Rich.
I had similar kind of experience. I chased up the agent for the rent which they didn’t pass on to me for months !!!!
What I did was, call the agent everyday ( serious ) and email them everyday. give them a deadline.
Also tell them before this deadline if they don’t pass on all the rent to you. you will report to the Fair Trading office.Must put everything in writing ( email ) so they know how serious this issue is !
You have to be tough on them and make this issue their priority.
Their sickness ( cancer) may be just a excuse or even it’s just a lie.
If a honest agent will up front on their difficulty. but it seems they are not very honest about their situation.hope everything goes well for you
As mentioned above, communicate expectations and deadlines clearly in writing. If they don’t comply, report them to Consumer Affairs. They stand to lose a lot if Consumer Affairs pursue them.
Being inconveniently vocal about the issue in their reception area when it is full of clientele is also quite effective.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Wow, rent money is held on trust for you until released. Don’t believe the sick story (it may or may not be true) but demand they give proper account for the money held and complain to the relevant department in the state they are located in. They could easily lose their licence over this. However if they are dying from cancer they won’t care about this and the risk of being prosecuted may not be a worry. Maybe time to change agents too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks everyone for their advice, seems like a threat of reporting made them do something. They said give them till Wednesday, then I will report. Apparently they paid into the wrong account, believing or not is not important at this stage. I will report them if I don’t have the correct money with each month statement.
Can anyone recommend an accountant that knows abit about investing in Sydney. I need to do my return, i only have one investment.
Regards
Rich.
Hi Rich,
I am happy to recommend Nick from Strategic Wealth Management. I have used him in the past and was very satisfied with his expertise. He’s also a helluva nice bloke. When I was there, about 4 years ago now, his offices were in or around Hurstville.Benny
Yes, I recommend Nick too. I often run into him on the various courses I do. I beleive he is still in hurstville.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yep – I’ve only heard good things about him too.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Suggest you inspect the property asap and talk to the tenant to find out what they have paid. From what you have said, you have cause to change managing agents without notice as their breaches of the managing agency agreement and the law are serious. Surely Dept Fair Trading will want to audit them without delay if you pass on this information to them. There may be other property owners not being paid.
Good luck
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
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