Thanks everyone for advice and opinions As I said I am still learning so everything helps. Without answering everyone individually and theres no need to, I admit I was rash and accepted what the property manager presented to me at the time while I was at work. I wanted it leased asap and didn't think how much I was losing out. But the rent is not everything, I am not happy with other stuff which I have already mentioned.
I will explore the opportunity to change PM and agencies and if I am able to set new terms and put up the rent I will. I am not running a charity, it's business and if the tenants want to leave over me upping the rent to what people next door are paying which is $40 more per week than they can go look somewhere else.
Basically, you cannot up the rent on a fixed term lease! If the fixed term lease is for 12 months you have to stick it out as you entered into a binding contract between the tenant and you, the agent does not matter, nor changing to any new agent!
Periodic month to month is different.
Yes, you can change the agent, just check what agent agreement you signed! Some lock you in to pay them 90 days (about 3 months) when you leave them.
The only thing you could do would be to ask nicely, to negotiate with your tenants, but I doubt they would want to pay more.
A friend bought a unit which was tenanted on a 12 month lease and with 10 months left to go. She did not want the tenants as she wished to move in. The seller/vendor was able to negotiate to break the lease with the tenant with some compensation (finding alternative accommodation, some money compensation, covering break lease fees).
Either way, if you agree on something and sign a contract for a period of time it doesn't matter, what you do you have to stick with it to the end, unless you wish to compensate that person, they agree, and then move forward.
I hope that makes sense, and good luck, and we all learn from those first mistakes, right?
By the way, I also always rent out at $5-$10 below the market value so I can have quicker change overs.
I heard one lady uses a strategy, where she tells the tenant to drop the rent by $5.00 every 3 days it is not rented out and advertised. I haven't tried that but she recons this strategy works for her every time......