Advice on Renting

[prunster]

My brother has a unit in Chelsea Heights and is trying to rent it out because he has been transfered to East Sale with his job.

He is trying to get an agent to do the work for him but they are playing hardball according to him.

He says they have worded the contract so that they have the ability to take fixed agents fee PLUS 8% of the rent!

PLUS the contract is EXCLUSIVE so they can't use any other agent.

Got the contract worded so that if rent doesn't get paid, or place is leased but tenant doesn't move in, then WE have to pursue the tenant for the unpaid rent, and STILL pay the agent their fees

Is this normal in Victoria?

Does anyone know of a decent reputable agent that can help him out and where can he get Landlord Insurance from?

Thanks
Grant

 

[GoAnna!]

Hiya

Might a good idea to have a look at a copy of the contract for yourself.

Is there a possibility that the "fixed agent fee" is the inital letting fee of say 1-2 weeks rent while the 8% is the ongoing management fee?

"PLUS the contract is EXCLUSIVE so they can't use any other agent."

I am wondering why you would want to use more than one agent? Putting myself in a property managers shoes I would promote any property I was guarenteed of getting a fee for rather than one that I might put hours of work in and get zippo for. What have others experiences been?

"Got the contract worded so that if rent doesn't get paid, or place is leased but tenant doesn't move in, then WE have to pursue the tenant for the unpaid rent, and STILL pay the agent their fees"

Do they mean fees to chase rent? Like through tribunal? Otherwise I can't understand this. 8% of nothing couldn't be that much?

Is this normal in Victoria?

Ummm...not as described.

Does anyone know of a decent reputable agent that can help him out and where can he get Landlord Insurance from?

Most agents would be able to provide this information.

Let us know how it goes.

 

[Lily House]

Hi Grant,

Veitch Real Estate (in Seaford - 113 Nepean Hwy) manage a property for my hubby. We have not had any problems with them (although admittedly we have a long term tenant who does all the right things). It might be worth talking to them. They are just a small office - ask to speak to Greg Veitch. Ph: 9786 2933.

Good Luck

Lily