I bought a unit recently which settled on 2nd July. The unit already had a tenant. I decided not to use the existing property manager (as they made no contact with me during the sale process I assumed they may not be quite on the ball – even though they were aware it was being sold and had a new owner) . At the end of the month I got a rent statement from the new manager for the period 14 July to 2 August. When I asked about the rent money from 2 July-13 August, the new manager told me they were trying to chase it up as the tenant had paid to the old manager who had already disbursed it to the previous owner. I have rung both the new and old managers and emailed them and 2 weeks later am getting various stories/promises to call back etc.
I would like to cut this process short and avoid more of my time being spent trying to get back the over $500 I should have received.
Is there a quicker method than just the endless phone calls which I really dont have time to make? (Nor should I be having to.)
Thanks
Sorry for the unrelated reply. Nice username
I take it they were notified of the change to ownership?
If so, speak to the principle/owner – that's simply unacceptable.
You shouldn't have to rely on them recouping the money from the previous landlord. They should just pay you the rent that's owed to you asap.
It goes without saying that a new PM is in order. Ask the new PM to waive the usual one week letting fee for finding a tenant since you already have one in place.
Good luck.
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]
Ring Consumer Affairs, explain your issue and and ask them to explain the process you need to follow. Basically you need to send an email or letter to the principal clearly explaining the course of events and how much you are owed and that they have 2 weeks to pay it into your account or the matter will be escalated through Consumer Affairs. Give them your bank account details or address for cheque to be sent so they can pay you.
They won't want the matter to be escalated to Consumer Affairs. I had this very same issue a few months back and got my money.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Thanks for advice. Wasn't sure if Consumer Affairs dealt with this sort of thing. Both PMs are just blaming each other. Or occasionally they blame the solicitor who did the settlement. In any case it's not getting resolved by my polite phone calls.
Not real happy with either of them. Think I need a 3rd pm. Will try the suggestions and let you know how it goes.This is my opinion and how I see it, been here before as a PM and inherited a similar problem from a previous PM and had to pay the new property owner immediately to fix it, and the REA was out of pocket until the money sent to the wrong person was retrieved.
Provided your PM was advised of the date of settlement, 2 July, presumably by your solicitor or conveyancer, then any rent sum paid to the PM on or after 2 July is due to you and now is overdue. Also money already paid to the PM before 2 July to pay for any rental period after 2 July should have been adjusted at settlement by your PM & solicitor. It is irrelevant that the PM has paid money to some incorrect person after settlement, that's the PM's problem and you don't have to wait until they retrieve that money from wherever they sent it because it's not your money and it does not alter the fact that the rent due to you from the PM remains unpaid to you and that is actionable by Dept Fair Trading or Consumer Affairs in whatever state. You may find that authorities may overlook errors but not unnecessary delays.
An audit of the trust account should show they do not have the funds to pay all their obligations unless the REA puts in his own money to make up the shortfall – as he should because it's his agency's error.
Those handling trust accounts are fully accountable at all times for their actions and must pay their obligations promptly.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
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Email Me | Phone Meselling motels in NSW
I have emailed the Principals of both REAs and sent copies to the buyer's agent I bought the unit through and the conveyancing lawyer. Within 5 minutes I had been contacted by the buyer's agent and the lawyer who are both keen to follow it up promptly…
I just don't want the lawyer to charge for it and eat up the $500! What would be the point of that. Will sees what happens tomorrow, if nothing will go to consumer affairs.
I have emailed the Principals of both REAs and sent copies to the buyer's agent I bought the unit through and the conveyancing lawyer. Within 5 minutes I had been contacted by the buyer's agent and the lawyer who are both keen to follow it up promptly…
I just don't want the lawyer to charge for it and eat up the $500! What would be the point of that. Will sees what happens tomorrow, if nothing will go to consumer affairs.
Great stuff. Keep us posted as to what's happening. It's a good knowledge-sharing exercise. I'm sure someone else will come up against such an issue in the future!
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
can you claim this on insurance?
i know my insurace company doesnt charge me an excess for rent in arrears
Not real happy with either of them. Think I need a 3rd pm. Will try the suggestions and let you know how it goes.
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