Our Agency charges 6.5% + Gst, $3.00 per month statement fee and 1 weeks rent + Gst when placing new tenants, thats it!

If agents are charging additional fees what’s the management fee for??

A rent rolls value depends on many things, ie; how many multipule landlords, how long the property has been with the agency, are the properties in good condition or poor condition ?? etc.

The general rule in Qld is about $1.80 to $2.20 per dollar income depending on above factors.

Jarrod
Jarrod Lane Real Estate[biggrin]

Jez that seems expensive! Can’t help you on conveyancing in NSW but here in QLD about $350 – $500 is the go. No searches needed when selling mainly when buying. We don’t have a 149 here so I’m no good to you there either.

Jarrod
Jarrod Lane Real Estate[blink]

Once the lease is signed, sorry the rent is in place until the contract ends, no matter how much you improve the proeprty.

Jarrod
Jarrod Lane Real Estate

Jenman really irkes me when he says agents get kick back from the media, or they charge the vendors more and keep the cream. I know a lot of agents and I do not know one who gets any sort of kick back and never have. What he is doing is scaring the public into using agents that use his system, whick he gets a kick back from. Mr hypocite himself. (Our ofice pays for advertising with all sole agencies)

Yes you are better to use one agent that you feel comfortable with and believe will work hard for you. Make sure you interview a few. That way you & your agent are incontrol of all offers that come your way. If the property is for sale the buyers will find it with the right advertising and the right agent. Open listings don’t cause competition because agents do not actively work them, if the have a buyer they have a buyer, if they don’t, well they are not fussed. I know I alway give 100% to the vendor who will commits to me, it is only fair.

Best of luck with your decision, people on this forum give great advise.

Jarrod
Jarrod Lane Real Estate

Here in QLD it is definately NOT LAW you must pay a deposit. I have complete sales on as little as a $50 deposit, but the general rule we use is 10% or thereabouts once the contract becomes unconditional.

TERMS OF CONTRACT REIQ

2.4 ENTITLEMENT TO DEPOSIT

(1) The party entitled to recieve the deposit is:
a. if the contract settles, the Seller
b. if the contract is terminated without default by the Buyer, the Buyer.
c. if the contract is terminated owing to the Buyers default, the Seller.

If the Buyer terminates a contract during the cooling off period the Seller is entitled to recieve .025% of the purchase price from the Buyer. A smart Buyer will use finance or building inspections clauses to terminate a contract without penalty.

Never herd of an agent refusing to submit an offer without a deposit. I’d also be checking with the Office of Fair Trading if what they are doing is legal, and if keeping the deposit is legal ( I have my doubts).

Jarrod
Jarrod Lane Real Estate[]

I biggest concern is the expense of management fees and inccuring cost of all that goes with it.

We had a unit on the Gold Coast and the on site manager was charging $10.00 to change an ligh bulb & $3.00 for the light bulb. Linen might get stained so it was replaced for about 50% more that I could buy it for and then charged to replace it. Knives & forkes, pillows, lounge suite, tv’s, washing machines breaking down, towels ect All were replaced and charged for without even telling us what was going on.

Cleaning was another rort. So out of a one night stay @ $160 we would probably see $80. Then then were BC fees which were really high etc. Hence as soo as the market lifted a couple of years ago WE SOLD!

My advise unless it is a really good price be careful.

Jarrod
Jarrod Lane Real Estate

Why are you collecting the rent? Should it not go to your PM, and then he/she fowards it onto you at the end of each month?

Any case here in rainy QLD tenants are allowed to get 7 days behind in rent before a formal notice can be issued. A further 7 days before another notice can be issued & if they still havent paid you may then issue a notice to leave 7 days after that. Usually your PM will phone when tenants are 2/3 days late and find out what is happening.

Don’t get two concerned, if your PM is on the case they should know what is happening.

Jarrod
Jarrod Lane Real Estate[]

hwd007,

Some of my experiences as a PM. I have rented dozens of properties of lower quality (55 – 20 yr old units) to Bosnian refugees and could not ask for a better tenant. They keep the units immaculate and their rent is ALWAYS paid on the exact date. At the same time I have rented $400 a week homes to doctors and the would never do it agaiin. They have lived like pigs and for ever chasing rent, say they are to busy to pay it.

Guess my theory is that a properties from the lower to mmedium bracket the tenants generally stay longer and because they may take longer to save for deposit to buy their own place, they tend to treat the rental like it was their own as they usually stay longer.

Just my observation.

emacavity

Send me your email address I may be able to help. I have a friend that works for the banks in repossessing homes. They basically make sure the occupants are out, organise a local REA and clean up the property ready for sale. As the market has been so busy over the last few years things have been a little slow for them and anything that has come is sold UTH at auction for good prices. If you are patient this will change as interest rates rise and we will see more come through. I have picked up a couple, although not in recent times, prices have been too hot.

I get nothing out of it other than pass on the details of the property & agent for you to do your own DD.

Jarrod
Jarrod Lane Real Estate