Advice Needed – Real Estate Agent frustration

Hi investors,

Need some advice on what to do.

I’ve recently finished renovating a property in a rural town and it’s finally ready to rent out after months of blood sweat and tears. Trouble is, it looks like I’ve already lost the race before the gun has even fired.

This town really only has 2 major rental management agencies and I’ve contacted both. The first one they were all happy to give me their brochure and sales speal, and I was quite impressed. The managing agent went in for an appraisal and wrote me an email on what things to fix and finalize before it could be tenanted and even gave me a rental $ figure on what I should expect…so I arranged for those fixes and requested a re-appraisal. After some chasing up, I received an email reply from them simply stating that ‘unfortunately, we are unable to assist with managing your rental property’ I replied back and asked what the issues were – and she replied straight back stating that the rental market has been flat and has been for months.

In my opinion, that is just a nice way of rejection covering up another reason.

The second real estate agent I contacted sounded really enthusiastic about my completed renovation (I actually showed him through the property back when I was there renovating it and he seemed quite impressed with everything at that stage). After contacting him last week, he said he’d visit the property later that afternoon and get back to me. I hadn’t heard from him for 2 days (plus the weekend) so I decided to call him first thing when I got to work. As expected, it rang to voicemail and I left him a message to call me back. Still no call back by the end of the day. I called the office around 4:30pm and the receptionist put me on hold only to return and say he was ducking out to a meeting for the rest of the arvo and he’d call me in the morning. Well guess what? Haven’t heard from him, and it’s now the next day.

Now, this property has had some pretty major works done and whilst it’s not the Taj Mihal or The Block, it is tidy, with new carpets, a whole new lounge rooom re-done, polished hallway floor, new tiles in kitchen, built in robes, large block of land, close to shops and literally across the road from a school. When I bought it, it was an absolute dump, but now it’s very tidy and would suit a family.

My best guess is that these agents got cold feet when they went into the house, but it just doesn’t add up. The rental amount the first agent gave me was quite high and I’d be happy with what she proposed. I just don’t understand why the U-turn after the re-appraisal.

Could it be that there is something underlying that they don’t want to be honest with me about? Fearing that I’d be really disappointed if they told me?

I feel like emailing the second agent and asking him to be brutally honest on what the issue is – (if there is any).

I’m really stressing out because if these 2 agents won’t manage my property I have little hope with the other agents (if they manage at all)

Options? Ideas? Advice? HELP :(