Right, here’s a situation quite a few people have probably experienced and maybe someone can offer some advice.
I have a property I’m currently renting out through agents. The people in the place are great, pay on time, nice etc. the agents are slack, don’t return either my calls or the tenants, not friendly etc. The 6 month lease is due to expire very soon and I would like to keep the tenants but not the agents… what can I do? and should I really try to manage it on my own anyway?
Hey Barniboy,
Your situation is not uncommon at all unfortunately.
If you have the time on your hands, maybe manage it yourself, but saying that there are many issues to consider.
1) Finding new tennants
2) Advertisement
3) Background check of tennants
4) Regular Inspections
these are just a few to consider in managing yourself, not to mention the time factor involved.
Have you gone in and spoken with the property manager?
If you have and situation can not be resolved, sure there be others willing to step forward and manage for you.
Cheers
Hi, I don’t know how you lose the agent but not the tenants. Someone will post the answer though. Perhaps you can approach the tenants privately and let them know you want to manage the place yourself (just in case the agent gets a case of sour grapes and tries to move them on to spite you).
I do know that if you live close, managing it yourself can be easy. We manage our own. You need to spend some time on the RTA website (or whatever it is in your state) and get to know the rules. They have all the forms to be downloaded.
We have had a few problems over the years, but I would hate to pay an agent to do what I can do myself (probably better).
Don’t be put off. Give it a go. If you don’t like it or aren’t comfortable with it, you can always go back to an agent.
Regards, Wylie.
Hi Barni,
Check your Property Management Agreement first, you will be required to give the agent notice, this can often be up to 90 days. The current lease term has nothing to do with the agency agreement.
Mal
Getting out of your comfort zone, can help you become comfortable
G’day Barni,
My advice would be to first have a look around at some other agents, ask them there procedures etc. If some of your friends have a good agent, ask them what there details are, maybe change agents. but you will hve to give the correct notice to your current slack one.
Managing your own place can be very good, but it can get very messy. if your tennent has been the place for awhile, it may help the desicion, easier for you.
Check out your Land lord protection insurence, sometimes insurers wont cover you if you manage your own.If you live close to the property, this would make it easier for you also.
I hope this helps abit.
jaseJASE
Hi Barni,
I have read examples where investors manage the property themselves, however I am personally happy to have the agent act on my behalf to avoid any awkward situations with the “nice people” who are tenanting my property, should things not work out so well.
I have had my fair share of issues with agents, however once I find a good one, I think it’s worth every cent of the fee.
Mind you, I have found it very rewarding to negotiate fee’s with agent!Hi All,
Thanks for the comments, I think I will look into canning the agent as I have spoken with them about the service they offer without success, then I was passed on to another person after the first left the company and it still hasn’t improved things at all… I think it might be a company culture issue rather than just a slack single agent.
I’ll have a look at the agent contract we have in place, I thought it went along with the lease contract being in 6 month lots, but if it has separate timeframes etc it will be interesting. I suppose I’ll also have to have a contract in place with the tenants if I go it on my own… might be able to use the general agent format unless anyone has a better idea.
Cheers again
Barni
self management is really a trap for young players. Just spend a day at a tenancy tribunal in your relevant state and see how the magistrates treat the owner managers. They just get crucified.
Go into the agency (get a new one first) and tell them that you would like to be released as you had expected more. I would be surprised if they don’t release without notice on the spot.
cheers
[email protected]
Property Spotters living in NZ .
We are active in this market and buy Properties directly from the public. Maybe you want to sell?
Email now to receive info on the lastest deals.Just a note to add about the tenancy tribunal. About two years my parents were having trouble getting some tardy payers out. Had given the proper notices etc. They kept paying at the last minute and notices were re-issued a couple of times before it finally went to the tribunal.
Contrary to what many think, this magistrate (whatever they are called) gave them notice to leave. If they failed to pay during the notice time, they were out even earlier. It was very fair. My parents were treated courteously and fairly and the tenant left with no damage.
Funny thing is, I was renting a neighbour’s house for them when they moved interstate and this same family phoned me three times over the saga asking to look at the house I was trying to rent. Luckily I twigged early enough and was able to deflect them.
Even more odd was that they couldn’t afford the rent at my parents’ house, but the house I was renting for my friends was an extra $40 per week. Some people just keep digging bigger holes for themselves, and cannot be helped.
And for those who think that agents vet tenants more thoroughly than owner/managers, I generally agree because we don’t have access to the data they have access to. However, an agent once found me a tenant who was an ex-hooker who had been in prison, and charged me a week’s rent for doing so.
My thoughts, Wylie.
Hi Barni,
We have swapped agents before. We found an agent that we thought would do a better job, they sent the agent with the lease a letter signed by us sayingh that they would be taking over. No problems.
Shop around for a better property manager and ask them if this is possible. It might vary from state to state.
Good luck,
Pete
Yes!!! When you do it yourself you may not have access to vital past rental history information that agent do.
Cheers
[email protected]
Property Finders living in NZ .
We are active in this market and buy Properties directly from the public. Maybe you want to sell?
Email now for information sheet and current deals.If you have joined the list since 16 Oct Please re send information.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
