Forum Replies Created
Thanks Redwing and Mictob,
Proves the stories are correct!
Don’t go there.
Matt,
I can certainly understand your frustrations! The things that you have described are what you are paying the PM to d0…eg notice that the booster is missing when the tenant leaves and charge them or take it from the bond.
Maybe you should look at smaller ’boutique’ property management firms?
I have had some problems with an agreement that I negotiated that was ignored. I just kept at them and it was resolved. I must have a red mark against my name now because they are very circumspect with me now!
Rachel
Heard a few stories….be careful.
Matt,
I rarely hear from my property managers, isn’t that why I pay them? My advice – find better managers. Alternatively, find better properties because the PMs must be ringing with problems.
Just a thought,
Rachel
I live with my husband and 2 daughters in Victor Harbor, about 1 hour south of Adelaide. PPOR and 2 IP’s here and 1 IP in Adelaide.
Lovely seaside environment and clean air for the kids!
Hi Dr X,
I read about this on a regular basis in The Advertiser. They seem to have an adgenda in this area!
Just a quick caution – in Adelaide, check the land tax implications. Could be scary, especially when you own other properties in the same name (not POPR). Try http://www.revenuesa.sa.gov.au.[cap]
Dear LB,
Thank you for your reply. I do appreciate that your comments were tounge in cheek, and I think I understand what your problems with valuers have been. (After all you are in the finance industry) I do agree though. Its a pretty tough call to value a property below contract price unless there is a really good reason not to.
Just occasionally I feel the need to adopt a lower value, but usually its when a purchaser has got a bit too emotional about a deal or they have been mislead by the agent etc.
Long term paying a bit extra might be OK if you get good capital growth, but valuers have to look at it from the banks point of view. If the purchaser goes belly up tomorrow, how much will the bank get out of it. If they lose, you can bet they will try to sue someone (read valuer).
However, I do hope that there aren’t valuers out there operating on ego only. That is very unprofessional and gives us all a bad name.
Anyway, I’m glad you feel better, always good to get it off your chest….
re
Hard question. I know it shouldn’t be, but it usually comes back to the purpose of the valuation.
In your case it was for finance, and the valuer is going to have to be conservative. Unfortunately some banks use the valuers PI insurance as their safety net and too many valuers have been sued for being optomistic in the past.
It’s the real estate agents job to be an optomist and the valuer to be a realistic. Lets face it, if everyone was aboveboard and honest about real estate transactions, then valuers would be out of work.
Too often the valuer is proven correct when a property is sold. Sure there are always exceptions, but unless you can give me a crystal ball and an idiot meter (because plenty of people that buy real estate are idiots and I can’t count on that in a valuation) I can’t do any better.
My best tip when you get a valuation is to keep copies of all agents brochures of property that has sold near your property. Give them to the valuer when he/she comes to value your house, it might help get the value up.
Don’t be surprised though if the places that you keep brochures for have actually sold for a lot less than asking price. Valuers can access that information (so can you) and it can be quite surprising.
As a valuer myself I can tell you that I am usually quite cagey when asked questions – professional indemnity insurance comes very expensive these days!
By the way, LB seems to have a chip on his/her shoulder….wonder why? I can probably guess.
Still, some valuers even invest in +ve cash flow property so they can’t be all bad!
