Top Tweets for #Yakes

LOVE THE PANIC - love the annualised percentages "generalised falls across all Sydney markets" because this is what pushes sellers to drop values/pants... We just bought a house for a client: * Like property sold 7 weeks ago for $1,130,000... * We talked the selling agent down & she was willing to pass on the "sky is falling message" to her vendors on our purchase & our client is securing the deal at $920,000... You can't replace the house for less than $850,000 to rebuild it the same size...

SIGNS OF THE TIMES - how many more offices are facing the same or similar situation...??? Met with a "property manager" today - looking to get out of the industry... PM: I'm tired can't do it anymore - so much has changed in so little time... Me: What's going on...??? PM: We have a rent roll of 360 properties - we're close to $200K in arrears across the portfolio... Me: Holy Guacamole that's huge... PM: Over the last 5 years we have gone from 85% of tenants working full time across our management to now averaging 15% & the 85% relying on welfare of sorts... Me: WOW & why...??? PM: rapid demographic shift in the area... PM: Also - tenants walking into the office - handing over notice to front desk saying - I don't want to live in the property any longer BUT DON'T WORRY my cousin/friend/sibling has moved in - you can deal with them... Me: So what do you do in these circumstances...??? Did you allow them to have "sub-leases"...??? PM: NO - They get a proxy themselves weeks or months before the main tenant gives the notice - Getting one just about every month - it's a mess - we're going insane... People just don't get it & it's getting worse... NCAT not much help as it takes so long to remedy the situation through the tribunal... PM: We are slowly losing control... #FoodForThought