Hi all,
I am in the process of appointing a PM for my recent IP purchase however am a little surprised at the push for exclusivity during the listing period, but more disturbing is the way that REIV PM/client contracts are written – seem to be very focused on protecting the interest of the PM and make no mention of their expected duties nor the need for due to care.
This all said, is there a contract or has someone written one that we as investors can expect our appointed PM to sign which binds them to a level of quality of service e.g. with service level agreements, with penalties for failure to perform duty to care and or meet these SLA’s?
Cheers… Squash
The PM has the legal obligation to act in the PO’s best interests at all times. That covers most problems. The rest you should be able to cover in the MA. Particular attention should be paid to clauses covering who pays for ads, 30 day notice to terminate MA, re-let & other fees. Avoid Tribunal and inspection fees, makes them bother good tenants too often and also encourages selection of lousy tenants who have a high rate of tribunal attendance.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
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