Hi
I am a landlord but also a tenant, which I am sure many of you are too. I'm just wondering does anyone actually check the performance of their real estate agent operationally?
In my tenant life, I came across few agents that are really hard to get in touch with, for example, in Launceston area, Bushby real estate agent who seems to only have one property management contact person takes around a week just to inspect the property, that is if you are lucky enough that you get a phone call back from them, I am wondering how would the existing tenant get to them for any maintenance request.
In my landlord life, it worries me. How many prospective good tenants that I have been missing out of because it? I steered away from them and tried to stick with one that has many agents, in the hope that the workload gets shared. Although, I am not sure whether appropriate service level is obtained by the tenant. My other agent in Victoria tends to communicate well initially but it has started to be a bit quiet in the last few months…
What does other people do to ensure you actually pay management fee that actually give you something in return proportionally?
Cheers,
APSilence = something to hide.
Ask to see agency references & check them. I have heard that some agents fake them so check them thoroughly ie ask for long term clients, dissatisfied clients & the tenant as well.
igino wrote:In my landlord life, it worries me. How many prospective good tenants that I have been missing out of because it? I steered away from them and tried to stick with one that has many agents, in the hope that the workload gets shared. Although, I am not sure whether appropriate service level is obtained by the tenant.This is one of the major reasons we self manage our IPs. I honestly didn’t think that the property manager was taking or returning all of the calls. They had problems finding a tenant at the start (sighting that there hadn’t been any interest). We took over management when the first lease was up and it hasn’t been vacant for one day (and there’s always been plenty of demand).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie,
It has came across my mind several times but how do you manage the distance? i.e. different state, or in regional area, specially during the letting period where we need to have several open houses with work commitment, study and family?
Do you use your lawyer to draft up the tenancy agreement? and even checking the workmanship for the maintenance work.
it’d be degrading to ask a lawyer to fill out a tenancy form. It is downloadable from the net & so simple a property manager can do it.
igino wrote:Hi Jamie,It has came across my mind several times but how do you manage the distance? i.e. different state, or in regional area, specially during the letting period where we need to have several open houses with work commitment, study and family?
Do you use your lawyer to draft up the tenancy agreement? and even checking the workmanship for the maintenance work.
Hi Igino
Sorry, I didn’t realise you were talking about IPs in other states. I think the only option is to appoint a PM. That said – if you’re not happy with your current one, call around and see if you can find another that you’d be more comfortable with.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Igino,
I would begin looking around for a new property manager. One of the main things to ask them is how many properties are in their portfolio! Depending on what area of VIC you are in that answer will vary. If you are looking with a PM with the time to really do their job well then don't go with an agency whos answer is 220+ properties per manager
.Living interstate the main thing to do is ask questions of your PM and see that they get back to you and actually have an answer for you! Ask about the current rent price, is there any maintenance, when did you last to a routine inspection, when are they next due for one etc. etc. etc. They should have the information on file and be able to answer all of your questions. If you aren't happy with your answers then your PM isn't doing their job well enough.
Scott no mates – So simple a PM can do it??? I won't take it personally
Thanks for the comment Sez,
I got one new agent, not a good start at the moment but hopefully it's only a teething problem. I'll give it time for them to proof themselves. I'll be looking to check on my other agents as well.
In my tenant life at the moment, I am faced with an interesting situation where I am about to move out to a different property but my current agent has bad mouthed me and that got me banned from one of other agent just like that.
I haven't missed any rent payment (setup as automatic deposit from my bank) and take care the property. We don't always have a squeaky clean during the inspection but always in reasonable condition for a property that is currently tenanted (not for display).
Is there any way where I can deal this current agent effectively to cause me this unnecessary grief? I tried to come to their office and ask about the issue but the lady who checked my record gave me blank face and told me that I have clean record and not sure why someone gave bad reference….I am stuck.
It's like having a bad credit check without knowing it why so you cant fix it. The new agency just take it at face value without doing any other check. They refused to tell me the reason due to privacy act etc, hence no way for me to know whether it is right or not.
Hi Sez,
of course a pm can do it without having to engage a solicitor. In NSW & other states, you can either download the form from fairtrading.nsw.gov.au or buy them from newsagents or real estate agents. This allows landlords to do it themselves.
How do you feel about real estate agents putting tenants into your your investment properties without first having discussing with you, the landlord. Personally I feel as a landlord I would like to be more involved: to know who my tenants are; how many persons are moving in etc. What and if there are more than one applications I would like to have a say as to who would be the successful tenant. Am I asking too much of a property manager?
Would like to hear your comments
This all depends upon what you have arranged on the management agreement. It stipulates the duties to be performed eg adverts, vetting prospects, recommendation or selection of tenants, reference checks Etc…….
flochan wrote:How do you feel about real estate agents putting tenants into your your investment properties without first having discussing with you, the landlord. Personally I feel as a landlord I would like to be more involved: to know who my tenants are; how many persons are moving in etc. What and if there are more than one applications I would like to have a say as to who would be the successful tenant. Am I asking too much of a property manager?Would like to hear your comments
As far as I know the RE agent also bound by the agency act where one of the main duty specified is to have fiduciary duty to the principal. Failing to negotiate the prospective tenant / even cutting the tenant even before applying the property just because the agent have some issues with them should not be considered as acting in the best interest of the principal. They can cut or just put tenants as many / as little but at the end of the day it's the landlord that need to pay the mortgage…, surprisingly many agent do not grasp that concept.
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