REA Has Recently Changed Landlord Payment System - Management Fee Not Collected

jerjergege on 29/11/2023 - 09:09
Last edited 29/11/2023 - 09:36 by 1 other user

My REA for an investment property has recently changed from one form of landlord payment system to another.

Our agreed upon management fee is 5.5%. I noticed that they transferred me the full rental income without taking their share of the 5.5% on the most recent payment.

I have let the REA know via call to her boss, call to their office, and a call to her directly. I have not left an email. They have yet to ask for payment.

My question is, what can they do on the next payment? Take their management fee twice?

• 

  onceupon8 on 29/11/2023 - 09:24

  +8

  Yes that would be common sense for them to fix it up by taking it out of a future payment. Don't worry about it, they will fix it up eventually. I wouldn't waste three phone calls on it.

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  haroldmac on 29/11/2023 - 09:48

  I would send an email, so there is a record of your contacting them

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  jv on 29/11/2023 - 09:58

  +4

  Take their management fee twice?

  plus interest.

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  richadam on 29/11/2023 - 10:08

  +1

  Set aside what the management fee would be in a high interest savings account. That way, when they do eventually want it make you're making a little bit from them in the meantime.

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  Duckie2hh on 29/11/2023 - 10:10

  +4

  Or just hope they don't notice it for the next 6 years and they won't be able to recoup the cost.

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  orangetrain on 29/11/2023 - 10:30

  Better keep calling and keeping records before they kick you out for non-payment!

  • 

    jerjergege on 29/11/2023 - 10:43

    I am not the tenant, I am the landlord.

    Tenants pay REA, REA transfers to me minus the management fee.

    This time they have transfered the full amount.

    As others have said I will just keep asside the money just in case they come back asking to pay, I don't think they are allowed to take it out of future payments without a seperate confirmation from me.

• 

  Daabido on 29/11/2023 - 10:36

  Email them and say you are considering switching companies. You will be contacted before you hit send.

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  JIMB0 on 29/11/2023 - 11:05

  So you got your money and then some. I can't see the problem.

  • 

    richadam on 29/11/2023 - 12:13

    +2

    The problem here is that they don't want to be double charged next month or have to pay a lump sum when they figure out their mistake.

    • 

      JIMB0 on 29/11/2023 - 13:54

      Then just keep the money aside earning interest. Maybe they never figure it out.

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  Sye on 29/11/2023 - 11:49

  +4

  Post this as a deal, "0% Management Fee".

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  AustriaBargain on 29/11/2023 - 12:41

  -1

  Kinda sad that house price is 5.5% higher than it needs to be for your renter just because of a management fee. And 200% higher because of the investment bubble.

  • 

    jerjergege on 29/11/2023 - 13:37

    It is actually less than market rate in that area of the suburb because the house I'm leasing, only has 1 shared bathroom, and no dishwasher compared to the other properties in the area.

    So actually i'm making less than the competition.