I have been put in contact with a Managing Agent by an advisor, in an attempt ot find a tennant for my new IP.
The rent we are looking for is in line with other properties in the block. It has been 3 weeks without so much as a nibble.
I have been contacted by the agent who managed the property for the previous owner and have been told that they could have someone ready to move in immediately.
I have the paper work to be completed for the Managing Agent who is currently looking, but it has not been submitted yet.
Is it poor form to engage another MA to search for a tennant at the same time?
Have you signed any sort of agreement with the managing agent?
Property managers, often being part of a Real Estate Agency, will usually request exclusive rights to Lease/Tennant the property and will get an agreement signed which will also set out their fees & commision etc
If you signed anything you may have to stay with the agent, however the agreement should have an expiry (30, 60 days etc) if you have an agreement READ it to see if there is a getout/expiry clause
If there has been nothing signed, go with the other agent, PROVIDING that they actually do have a tennant ready to move in. Ask to sign the lease straightaway, subject to due diligence, and ensure the lease commencement date is within a few days etc
An agent cannot act on your behalf unless you have signed a leasing or management agreement either exclusive or open. That may be why they haven’t done much to date – do you have the paperwork?
Is it up on the web or your preferred media?
If you have not signed an agent, you are free to choose but many agents will tell you what you want to hear in order to list the property.
Which area is the property’
Yes it’s on the web and has been for a couple of weeks, inner southern suburbs of Melbourne. Elwood, Elsternwick, Prahran area
Scott No Mates wrote:An agent cannot act on your behalf unless you have signed a leasing or management agreement either exclusive or open. That may be why they haven't done much to date – do you have the paperwork?I agree with Scott – there should already be some formal agreement in place, it would be a silly move on behalf of the agent if there wasn't. The priority here is to get that property filled ASAP – if the current agent can't get it done, then move onto the one that can.
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]
chappy1970 wrote:Yes it's on the web and has been for a couple of weeks, inner southern suburbs of Melbourne. Elwood, Elsternwick, Prahran areaOK there should be good demand in the area – is the agent using domain.com.au and realestate.com.au or just their own website? What could be the other issues with the house? eg is it presentable?
The current agent should most definately not have started trying to find you a tenant without a signed authority, I myself will not do anything until an authority is returned. That piece of paper gives them the go ahead to do these things!!
What sites are they advertising on? How are the photos, you say it is inline with other properties but is the presentation inline with the other properties??? when you say it is inline with others does that mean that others in the block are currently available? If so how long have the other properties in the block been vacant? Are there several agents working in that block or only the one? If you're asking the same as everyone else there but the other properties have been vacant for over 3 weeks because they're asking too much then being inline with them won't help!!!
Let us know how you go !
Scott it’s on RE.com.au,
It’s only 5-6 years old(apartment) It certainly needs a good clean and fresh coat of paint, but we cannot get in to do those things before settlement. The vendor has allowed access during the settlement period to find a tennant.
so it probably isn’t being shown at it’s potential
Make sure you have access to measure up and to allow tradesmen in to quote for you and you are ready to go the same day that you get the keys.
I would also ask for immediate access (again) and enter a contract setting out EXACTLY what you wish to do (paint, carpets, curtains etc). They are concerned that you may damage the property and then fail to complete the transfer leaving them with the mess to pay for. Remind them that with the work you are doing, they would only benefit if you fail to complete the transfer (with new paint, carpets etc).
Offer them an extra $1,000 in cash to sweeten the deal if that helps. At $300 to $500 lost rental income per week, it will take just 2-3 weeks to recover the additional cost.
Did you the bank to provide an 'end valuation' (after reno)?
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