All Topics / Help Needed! / List with 2 Property Managers – Would you do it?

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  • Tara30
    Participant
    @tara30
    Join Date: 2006
    Post Count: 44
    April 7, 2009 - 2:20 am

    Hi All,

    I am currently looking for a new property manager. After doing some homework I have two different companies in mind. I have given my existing property manager notice that I will not be continuing with them after the current lease expires (August).

    The property is 2 years old 4 bed 2 bath & currently rents at $415 per week in a large regional area.

    My existing PM told me the property will be pretty hard to re-lease as there are not many renters around at the moment in this price bracket and things are always quite at this time of the year (they always tell me this).

    To cover all bases – I thought about listing the property with more than one company.

    Has anyone done this? Are their any legal traps I should watch out for? Would this make the PM work harder looking for a tenant to secure the business or have the opposite effect? Would it make no difference listing with just 1 or 5?

    I am just trying to plan ahead for all possible scenarios.

    Thanks
    Tara

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    April 7, 2009 - 3:08 am

    Exclusive listings are generally the way to go whether it is for resi or commercial. It then leaves the agent with the ultimate responsibility for getting the letting whilst you keep giving them grief until they have leased the house.

    Putting the property with 2 agents reduces their incentive to work on your behalf as they may have put in all of the work and the tenant decides that they will take the property through the other agent who hasn't even done an inspection. ie care factor becomes zero.

    Check your agency agreement, it will most likely only require one month notice to terminate, so don't give the agent the benefit of the doubt (if they ask, tell them you will be taking over the management). Either let the lease expire, you never know, the tenant may wish to stay on holdover and get the current agent to do the rent review (at least you will have the agent's opinion on the current market and whether a change to the rent is warranted).

    Tara30
    Participant
    @tara30
    Join Date: 2006
    Post Count: 44
    April 7, 2009 - 3:59 am

    Hi Scott,

    So are you saying – sign a one month agency agreement with one PM & if there is no action then move to another?

    I will be looking for a new tenant as the current one is definitely moving out when his lease expires.

    Leaving the house vacant for a month seems a long time to me.

    Thanks

Viewing 3 posts - 1 through 3 (of 3 total)

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