All Topics / Help Needed! / letting agent contract.

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  • Profile photo of Karl and RitaKarl and Rita
    Member
    @karl-and-rita
    Join Date: 2003
    Post Count: 103
    January 5, 2005 - 4:31 am

    Hi

    dont fully understand this but wondering if anyone can help. Have recently bought an IP and signed a PAMD form 20a, not fully happy with their services as it is not rented out yet after 3 and a half wks.

    If it is not rented out yet can we go with someone else and also can you go with more than one agent?

    Cheers

    Karl and Rita

    The only thing that limits us…is a limiting belief.

    Profile photo of Yasna SimonYasna Simon
    Member
    @yasna-simon
    Join Date: 2004
    Post Count: 40
    January 5, 2005 - 8:55 am

    Hi Karl & Rita

    The PAMD Form 20a comes in two parts – pages 1 – 3 just give the agent authority to provide details of your property to prospective tenants as well on page 2 at item 4.2 the notice period required to terminate the agreement. This must be signed by all parties.

    The second section, pages 4 – 10 are the actual management agreement setting out fees and charges and what each party is obligated to do as well as how to terminate the agreement. This also needs to be signed.

    Do you know if there is a low vacancy rate in the area or is the rental market slow? The PAMD is a Qld Act, so I assume your property is somewhere in Qld.

    Is the property overpriced or does it need some work to fix a problem or to present it better?

    If just part one of the PAMD is signed, then yes you can ask other agents to help. If both parts signed, I would speak to the PM to advise this is causing you hardship and that you have asked others to try to find you a tenant and the one who gets the tenant will get the management. I am sure this would not be a problem but follow up your conversation in writing, via an email and ask them to acknowledge same.

    Hope this helps

    Yasna

    Profile photo of Karl and RitaKarl and Rita
    Member
    @karl-and-rita
    Join Date: 2003
    Post Count: 103
    January 6, 2005 - 8:06 am

    Hi Yasna,

    Thanks for your reply, yes the property is in Qld and it doesnt seem to be a high vacancy rate as the agent keeps telling me that the properties are renting left right and centre.

    We have just dropped the rent down by $10 and there is nothing needed to be done on the property, its neat, tidy and ready to be moved into. We have signed all the pages of the contract, so could we still go to other agents??

    Much appreciated

    Karl and Rita

    The only thing that limits us…is a limiting belief.

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