All Topics / Help Needed! / mistake magnets !!

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  • Profile photo of everdineeverdine
    Member
    @everdine
    Join Date: 2003
    Post Count: 119
    June 6, 2004 - 11:42 pm

    [blink] Goodmorning All,
    If there’s a mistake to make we seem to be able to do it. Thanks to all you helpful folks we are learning from them.

    Current situation….
    3 months ago bought an IP in large regional and big tourist town of SA. As it’s 2 hours from where we live went and saw a PM re renting it once it was settled, painted and repaired.
    Went to all PM’s in area and settled with one in a reputable well known firm.

    NO paperwork done – just verbal.
    Time has marched on and we have kept in contact, let her know when the home was ready and she has put small ads in with their For Sale page in local paper. Getting slightly impatient with no responses so gave her a call and asked her if she has been inside the home herself yet for a look. Guess the answer….. NO. How do you “sell” something you haven’t seen – just drive past twice/day??

    Other agents charge a heap of “extras” fees which deterred us at the start but now we are deciding if we – sell the property and buy something closer to home- or get a new agent. Where do we stand with the agent who has our keys – she has given them out to carpet layers etc – and she has done a few small ads. No paperwork signed with her.

    Don’t really want to sell as it’s a good home in a good location..

    Any advise appreciated.

    Thanks Diane

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    June 7, 2004 - 12:02 am

    Hi Dianne,

    I would suggest that you ring the property manager and discuss your concerns with them directly and if you are still not satisfied then move agencies – as a word of encouragement finding the first tenant always seems to take the longest. Historically mid-winter is the slowest time to fill vacancies.

    As for selling – doon’t panic – you bought the property as a result of your research – nothing has changed. It is still a good property.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of everdineeverdine
    Member
    @everdine
    Join Date: 2003
    Post Count: 119
    June 7, 2004 - 6:00 am

    Hi Derek,
    Thanks for your propmt reply and encouragement.

    Will speak to PM and be more patient!

    Cheers, Diane

    Profile photo of thecrestthecrest
    Participant
    @thecrest
    Join Date: 2004
    Post Count: 992
    June 7, 2004 - 10:33 am

    My suggestions ( 2 cents worth at least) – You already have a good IP, no need to throw away that effort. You need to establish a legal agreement with the PM, after discussing and refreshing both memories about the arrangement.Make the managing agency agreement reflect the arrangement. Give the PM 2 weeks to find a tenant, providing you with all copies of applications (declined or otherwise). If no action, then the agent is inactive, find an agent who has a higher enquiry rate and some traffic through their door.Pay the old PM for the ads and something for her trouble. Don’t be surprised if you have to deal with that agency again, it’s a small world.
    cheers
    thecrest

    thecrest | Tony Neale - Statewide Motel Brokers
    http://www.statewidemotelbrokers.com.au
    Email Me | Phone Me

    selling motels in NSW

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