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  1. #81
    Join Date
    Sep 2004
    Location
    Hastings
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    14,833

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    But is a letting fee a solicitor's fee when the solicitor's fee is for time and costs in executing tenancy documents?
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  2. #82
    Join Date
    Mar 2007
    Location
    Auckland
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    3,017

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    Quote Originally Posted by Keys View Post
    Just purchased a couple of stop watches from Ali Express. About $20. Will track the time involved in doing a few assigning or re letting scenarios. I have a $/hour figure in mind. Anyone got a suggestion on what they would charge (+GST) per hour?
    B&T estimate three hours to process each new tenant - I assume that this does not include any time spent on the unsuccessful applicants.

    $125/hr +GST sounds OK to me.

  3. #83
    Join Date
    May 2004
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    2,774

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    Quote Originally Posted by flyernzl View Post
    B&T estimate three hours to process each new tenant - I assume that this does not include any time spent on the unsuccessful applicants.

    $125/hr +GST sounds OK to me.
    Is that 3 hour figure for a new tenancy? The Bill allows for recovery of 'reasonable expenses on consenting to the tenant’s assigning, subletting, or parting with possession of the premises'. I assume this is what Keys plans to measure. Also I assume that 'assigning' includes change of tenants. Will there be some guidance on who should pay the expenses - the assignor tenant or the assignee tenant, similarly with subletting. Would this need to be included in tenancy agreements, including the standard MBIE ones. If not included is there an obligation on tenants to pay?

    What expenses would tenants be expected to pay when parting with premises, and can these be deducted from bonds?

    Stopwatch sounds like a plan for time (or use the lawyer 6 minutes) but costs should also be included - mileage, photocopying etc. Will each and every PM need to determine expenses for each type of activity - or indeed each instance of an assignment etc - and be prepared to justify it in the TT?

    The Bill just says 'reasonable' not 'actual and reasonable'. Who decides what is reasonable?

    PMs and also owners could actually do OK under this Bill, since tenants will be paying, especially if there is a lot of 'change of tenant' activity to charge to tenants. Not uncommon in group tenant situations, and would be at least 2 hours to process a new tenant and say 1 hour to process the leaving tenant. A gift that keeps on giving.

    Unintended consequences. And a whole bunch of TT applications ...

    Suggest submitters to the Select Committee do not say too much about the unintended consequences lest the Bill becomes more prescriptive / restrictive in this area. Seems little doubt something will be passed.

    It would be useful for, say, the PIF to contact a sister organisation in Scotland to see how they recover costs.

  4. #84
    Join Date
    Nov 2006
    Location
    Cyberspace
    Posts
    5,754

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    I intend to take note of a dozen or so changes. This will include travel time and car fees for all viewings, all cell calls to prospects, all time in answering emails, printing and stationery etc. You all know the drill. After a dozen or so I will have a good idea of actual time involved.

  5. #85
    Join Date
    Dec 2007
    Location
    Hamilton
    Posts
    190

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    I get that letting a property time consuming even in periods strong demand. Probable the Bill or Select Committee might focus on who benefits and why. Obvious situations might be tenant is still responsible when breaking an FTT & the hidden work involved in areas like that. Bonds for winz clients another - lots of mucking around there.
    No doubt tenant lobby groups will advocate the cost of preparing documents, advertising and time spent by a PM is a vendor expense yet remain silent on overhead expenses required to run an office.
    Figure quoted at $125 per hour, is that an Auckland PM rate? If so the commission based structure owners pay a PM represents good value.

  6. #86
    Join Date
    Mar 2007
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    Auckland
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    3,017

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    Quote Originally Posted by Sharon View Post
    Figure quoted at $125 per hour, is that an Auckland PM rate? If so the commission based structure owners pay a PM represents good value.
    I have no idea.
    It just sounded a reasonable figure for this sort of work to me.


 

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