A common frustration for Licensees and Property Managers is the way the PAMD Form 20a separates the commissions, fees and expenses. It can cause great confusion to lessors as well; what are they actually paying?
Due to the first four pages of the PAMD Form 20a being regulated and provided by the Government through the Property Agents and Motor Dealers Act 2000 (Qld) and the fact that only commissions are regulated by law, and that fees are deregulated, the commissions and fees MUST be separately shown. Expenses are costs to be reimbursed to the business from the lessor such as title searches The additional pages after page 4 are best practice and risk management; lawful but not the law.
The trouble for most lessor's is what is the total cost? Property Managers should be very clear about the legislation to enable precise explanation of costs and the form set out to lessors.
Real Estate Excellence has designed a best practice attachment to the PAMD Form 20a to assist in breaking down clearly all costs; the beauty also is that it is all on one page with explanation as well. In House private training or consultancy services can also be provided for compliance, best practice and risk management.
For more information about this best practice form, and many others, visit http://www.realestateexcellence.com.au/education-and-training-events-real-estate-excellence/cat_view/35-best-practice-forms-and-information/17-property-management or contact Stacey Holt - firstname.lastname@example.org