How to deal with property managers ?

My property manager always advertise my property for rent at a lower rate than what I asked for. Does anyone have the same problem ?

My IP is up for lease renewal next month. So I did a research on the market, similar accommodation in the area were listed for $440-$450 pw. I said to him, if I can avoid the property being vacant, I wouldn't mind $440 pw. Then he went ahead and listed it at $435 pw. The same property manager then advertise the unit next door (similar spec) for $450 pw...and yet for mine, he insisted $450 was too high.

This is not the first time it happens. A couple of years back I wanted $400 pw, then he blatantly said no because he thinks it was too expensive.

Does it ever happen to you ? How do you deal with it ?
 
My property manager always advertise my property for rent at a lower rate than what I asked for. Does anyone have the same problem ?

My IP is up for lease renewal next month. So I did a research on the market, similar accommodation in the area were listed for $440-$450 pw. I said to him, if I can avoid the property being vacant, I wouldn't mind $440 pw. Then he went ahead and listed it at $435 pw. The same property manager then advertise the unit next door (similar spec) for $450 pw...and yet for mine, he insisted $450 was too high.

This is not the first time it happens. A couple of years back I wanted $400 pw, then he blatantly said no because he thinks it was too expensive.

Does it ever happen to you ? How do you deal with it ?


remember this - your property manager works for YOU. if they are not doing what you want i'd be speaking to the owner of the agency, and even seriously looking at taking your business elsewhere (and if you do, make sure you tell the owner of the agency why you did this)
 
Email them with a copy to their licensee the amount that you wish the property to be advertised for.

If they choose to do differently, then it may be time to move elsewhere.
 
Email them with a copy to their licensee the amount that you wish the property to be advertised for.

^ ^ put everything in writing, so you can refer back to it if they do differently. They (and you) are bound by the MAA you both signed at the outset. Refer back to it, to see what you have authorised them to do on your behalf.
 
You hire them, so you are technically their manager.
Provided you're being within reason, they should do what you advise them to do.
If you have done your research and know market rates, it's not acceptable for the PM to not follow your instructions.
If it's happened twice now, it's time to get rid of them.
 
You've employed them, unless what you're asking is against the law they should be following what you say.

I will advise landlords of the amount I expect a property to be worth, if they choose to ask for more, that's their choice and I will advertise it at that price.
 
There are some agents who always seem to advertise rentals for cheaper than others. I've noticed this in Western Sydney. I even mentioned it to one agent who kept asking me (everytime I bought a house off them) why I didn't use them for rentals. They were either lazy or out of touch with rental values.

It's easier to rent for them if the price is lower and the $10 a week is less than $1 lost by them.

I find it incredible that they are telling you what you can and cannot do with your own property.
I rang my agent once as a house was for rnt for a lot more than mine and mine was better. She said the owner wanted it listed for that. It sat for a month before it was reduced.

Sometimes agents know better. Sometimes we do. :D
 
Well, this property manager is one of the owners of the agency, so I can't report him to anyone.

Back then, I followed what he suggested because I thought he is more knowledgeable in managing rentals. He'd say I'm asking too high and that the other units in the same complex rent theirs for lower.

This time around we manage to find new tenants relatively quickly, so I can't help but wonder that maybe the asking price is too low. The other thing is this PM only want to do 12 months lease, which means I have to stick to that rate for 12 months.

I suppose it's true that an extra $10 for landlords means an extra $500 cash flow per year, whereas for them it's only an extra $50.
 
Is he part of the states REI or a franchise.

You could also always contact the Dept of Fair Trading or best of all - advise him that you will walk away in accordance to your MA.
 
They certainly need to act on your instruction. If they think the price is too high then really that is your issues. Meaning if it doesn't rent because you requested a price too high then you can't turn around and blame the agent for not getting it rented in a sort time.

Depending on your rent don't forget if you have the property vacant for one month you never get this back with the increased rent.
 
Is he part of the states REI or a franchise.

They're part of state REI agents.

I suppose it's time to look for other alternatives...

What I wanted to do was to advertise at a higher end of market rates and lower it after if we struggle to find interested tenants. I've seen this done with a few properties.

Depending on your rent don't forget if you have the property vacant for one month you never get this back with the increased rent.

This is true .. the aim is to get the highest rate while minimising vacancy period.

Oh well, lessons learnt.
 
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