Hi, I have rental properties in WA that were managed by a company that has now been taken over by a group called Australian Property Finance Exchange or APFX.
Has anyone had experience with, or heard of, this group?
Thank you.Hi Squirrel,
Your post has not received any feedback. It only goes to show none of us here has heard of them. If you want to get to know them, I suggest the following:
1. Google the company
2. check with your State's fair trading office
3. go to ASIC's website
4. call the company and arrange for a chit chat with the property manager in charge
5. if it's a block of flats, speak to one of the other owners
6. if it's a block of flats, did you have a say as a body corporate who should be taking over property management?I hope this helps.
Angel
Hi Angel,
Thanks for responding.
Yes, I did try the google and checks, but only results are ones the company has put on the web themselves.
I've already spoken with the company – they say the right things, but I want to know if they do what they say they do (without finding out the hard way).
It is regular house/land investment properties, and not flats etc.I'm hoping someone on this forum has come across them…
SquirrelI woudl be commissioning a private valuation yourself on any property away from your Bank.
Whatever you do dont let me them convince you they have someone who can arrange your finance in house or suggest you cross collateralise securities by putting your PPOR or other IP into the mix and that way do have to worry about the valuation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard,
I value your opinion as I've read your comments over the years.
On this one, I am not applying for finance. This company also manages rental properties and have taken over another company that used to manage 5 of my properties in WA. As I know nothing of them, I am seeking to find out more before making a decision to either stay with them, or look elsewhere.
Thank you,
SquirrelHi Squirrel,
Are these properties in a mining town?
Have they done anything to upset you or make you suspicious of them? If they hadn't maybe you're worrying or being concerned for nothing.
Failing to find out more, the best thing to do now is to do your visitations. As the property owner, you have every right to request time to inspect the properties yourself. Advice the property manager to arrange this. This will either dissolve your apprehension or confirm your worst fears.
Take care.
Angel
Hi Squirrel,
It isn't too common, but rent rolls are often purchased and sold. Often to keep you on as a client, they will keep the property manager assigned to your property. However, sometimes this is not the case.
Some things you should ask a managing agent in writing include:
What is the cap of properties for each property manger?
Fewer than 100 is good.What areas do they manage in?
If they say everywhere or are willing to take any property, this is not good. Another test is ask if they will manage a property in x suburb (far away from your current properties).Ask them for a written customer service charter and a marketing plan. If this is not written up, good luck on holding them accountable to getting back to you when something goes wrong with the property or marketing it well.
Ask to see a copy of their end of month statements.
I have a document with quite a few more questions your can ask, msg me you email and I can send them onto you.
Thank you Kent.
I have asked about managing a property a long distance away and they said they would consider it… hmmm not good. I will also ask about the cap of properties managed too, as I am beginning to wonder whether their time is well managed (although I do put some of it down to taking over a new portfolio that they have to get their minds across as well).
What you have given me is a bit of food for thought as well…
Thank you,
SquirrelSquirrel,
A good managing agent will have a core area they specialise in and then reject properties outside of it. Therefore, they are able to operate under economies of scale. This means the cost to operate is lower and they can provide you with better service.
A good agent will have it on paper that they stay under 100 properties per agent. This is important because if they are managing 150 properties, that is 150 tenants, 150 owners, plus trades and other services (talking to 350 – 400 people every month successfully is almost impossible to keep up) .
Another good test is to ask if they take photos for the routine inspections. I have heard of some managing agents who mock these reports up when they get a little busy (it is not always the agency – but sometimes the overworked property manager). Photos guarantee that they have been inside every room. This is especially important if you are far away from the property.Squirrel,
BE WARY!! As your previous correspondence "I've already spoken with the company – they say the right things, but I want to know if they do what they say they do (without finding out the hard way)." Communication and promises have broken down!I rent a property through these people and have trouble with them. I would not like to be an owner who has properties with them!
Hi Claire6, Thank you for giving me this feedback. Are you comfortable letting me know the kinds of problems you have had?
Them telling me I haven't paid rent when I have, and they are very slow to get back to me.
I have multiple properties with this people- the experience has been absoulutely horriffic.
Terrible customer service, errors with just about everything which have cost me big.
Avoid them.If you have ant dealings with this company you might want change that very quickly.
You are entitled to remove your property away from this group, with or without a contract still in force. Your contract was with another company so terminate it quick, making sure they do not hold over the next months rent.
There will proberbly be a clause in your origional contract stating that the managering agent is entitled to sell your contract onto another 3rd party…NOT a good idea as your contract is a private arrangement between yourself and the managering agent (in person), its them that your are entrusting your property, not the firm.
Unless you took the time to strike out that clause in the origional contracts you may have some 'issues'.
At the very least, (if you wish) terminate the contract (in writing, by registered post; and email) effectively immediately. You may be stung with another months rental commission but a small sum to pay to get out quick. You should also make sure you send a letter to each of your tenants advising them of your NEW agent, along with their bank account details, making sure that you state that all future payments MUST be made to your new agents. It is also advisable to send these letters via registered post.hi squirrel – i am tenant renting a property that was managed by WAR and is now with APFX.
I can tell you from first hand experience that are absolutely hopeless. Their customer service is non existent. Phone messages go unanswered for days on end. They forget to to carry out booked inspections and have lost the keys to the property. They send tradespeople to the wrong property for the wrong problem (if they send anyone at all)
Apart from being a tenant i own three properties myself and would not let them within a bull’s roar of my investments.
PS my property in perth is handled by Charleigh Close at Joyce property investment and i am very happy with the service.pc
Hi Squirrel,
Seems you have enough 'don't use these people' messages here. You may have to look at Plan B.
Even though there are advantages to using one property manager for all properties (I assume this was a goal you were seeking) it would appear as if you may need to look for recommended property managers in the areas you have your properties.
I started pursuing some other managing agents instead, to take over our properties, however in the mean time the owner of APFX removed a number of staff who were not making the grade, and I think he has replaced the management as well.. so far so good – I am already noticing the difference in a big way.
We also just received a lengthy letter from APFX today, which looks like it went out to all their customers, specifically apologising for the way things were run and advising experienced and qualified staff had now replaced the old ones… we've already had experience of one of these new staff going the extra mile for us and being more than prompt with responding to emails and queries… the difference is quite marked.
So, we will stop pursuing other options for the moment as it is looking very much like the owner of this business is determined to turn it around…
Thank you everyone for your input.
Hi Squirrel
I have only just read your query on a company called APFX at William St Perth.
I have first hand experience with the company and am in a position to tell you be very careful with your dealings with this company. At present they are under investigation by the SAT division of Real Estate in WA for all manner of below standard dealings. I believe the company has been set up by an Eastern State company called 180 Corporate Pty Ltd. This is a company who works with companies in financial stress or on the brink of liquidation.
I personally know of a number of Real Estate Agents having great difficulty getting bonds and documentation back from APFX. Some existing staff at APFX leave a lot to be desired in looking after both tenants and landlords. They are very nice to you until there’s a problem then they do not want to know you. As for them looking after your property – well good luck.
JB
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