I have a property that is vacant and being managed by a local real estate agent. As it has been sitting idle for quite a few weeks, I was wondering if it would be an option to get another local real estate agent to advertise the property as well.
Is this something that competing agents wouldnt do because of ethical or legal reasons, or is it a normal or acceptable practice.You say it’s being managed ?? Are you sure ??
Why not step up to the plate and take the bull by the horns. If it all goes to custard it’s in your lap anyway, so why not try to do something about it yourself. Palming off to REA’s and PM’s is a sure fire way of getting an average result.
Ethics ?? You’re joking right ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Originally posted by Aphex:I have a property that is vacant and being managed by a local real estate agent. As it has been sitting idle for quite a few weeks, I was wondering if it would be an option to get another local real estate agent to advertise the property as well.
Is this something that competing agents wouldnt do because of ethical or legal reasons, or is it a normal or acceptable practice.It is not unethical or incorrect to give a “general listing”rather than an exclusive one for rentals.
But you will find most agnets won’t be intereted in it.
While competition may work for you, it may work against you. I have heard of agents who put just any tenent into a property (in other words a bad tenant) just to get the business and beat the opposition.
Also with an uncertain commision at the end (and that’s why they work) a general listing means the agent doesn’t work as hard for you.
This isn’t good for you.Find a good property manager and let him/her work for you exclusively.
Michael Yardney
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FREE subscription http://www.metropole.com.auWhy not be proactive and get the tenants yourself, screen them and then hand them over to the PM the manage – that way there’s no letting fee which i find is very attractive to potential tenants and you get to pick who you belive is most suitable for your ppty. Have a checklist ready for criteria you want the tenants to meet and go through it methodically. I find all up it only takes about 2 hours of my time as I get them to come over at a fixed time like an open home which also creates competition. Has always worked for me and I haven’t had a bad tenant yet.
Debs
Use a PM. Like any professional, you pick a good one, you get a good job done.
Structure the agreement to ensure that it is in the PM’s interest to avoid tenant turnover, and to have a good tenant who pays regularly and renews the lease every year. Don’t pay for Tribunals, or high fees on re-lets, but pay well for rent collected and a bonus on nil rent arrears and on same tenant long lease renewals.
Insist on a good tenant, and be prepared to wait a little extra for one, preferably employed, with previous rent record from an agent (not private).
Good luck.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
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I think I would talk to the PM first, to discuss the problems they are having finding a tenant for your property.
Perhaps there is a acceptable reason that the property has been vacant for a few weeks now.What are the vacancy rates in the area?
Are other “To Let” properties attracting tenants quicker than yours is?
Is there anything you could do to make your property more desirable? Perhaps your PM has a suggestion.
Have there been any application requests, but perhaps your PM has not approved of them for a good reason?
I’d discuss all these things with my PM before making any decisions.If your PM sounds genuinely interested in doing all they can, ask them to give you an update every week. Has there been any interest in your property that week?
If you have the feeling that they couldn’t care less, it may be time to look elsewhere.
Celivia
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