I have that sinking feeling

[SeafordSunshine]

New Agency
I found a property manager who claimed to be pro active in a brand new business, wants 5.5% plus $10 per month and $90.00 per hour $10 statement fee $first week (+gst )rent for letting fee
I wanted to paint and the kitchen taps repaired, and asked the agent not to enter until the Next Monday.
He went in the Thursday, on Sunday he had the place painted, before I gave him the 'ok'
He Painted more than I asked for before I approved the quote.
The plumber he sent wanted to 'upsell' more work than required. and didn't know anything about the new legislation about charging the tenants water usage. (New NSW Legislation)
I wanted 3 tenants only (2-3 br house). I had it for rent with Uni of Syd and forwarded Students on to the agent. Previous landlord refused to give them a reference. He checked out there TRA and then told me there were four of them.
We discussed $600 per week rent to keep it below the market and attract a better quality tenant.
PM listed it on RE.com for $650 per week, and informed me he would open it for inspection on Wednesday eve.
He didn't open it till the following Saturday 26th.
14 applications some of them groups of 3.
I really like his enthusiasm, but I'm a bit scared off my his Gung Ho
I feel like this PM is like a dog with a new bone. How do you suggest I proceed?
Any comments or suggestion will be appreciated
thanks
Seaford Sunshine

 

[craigb]

you are the boss , have you forgotten this! tell him what you want , because if you cant controll this situation you need to harden up before your wealth walks out the door .

 

[BV]

sunshine

Cheap doesn't necessarily mean better quality tenants.
Its usually the opposite.
I'd be concerned if the students had no references at all.

Regarding the other comments,
Have a talk with your agent and explain your concerns.
It seems to me that you have some communications issues

 

[Perp]

It's not good that he got the painting done without your approval, but how much did you authorise him to spend on repairs, on your agency agreement? If you authorised $500 and it cost less than that, then he's done nothing wrong.

Other than getting the painting done, which may have been just doing his job, he sounds great to me - what in particular are you unhappy about?

And I totally agree with BV that cheap doesn't necessarily mean quality tenants; a pretty convincing argument can be made that, in fact, it means the opposite.

 

[skater]

Like some of the other posters have mentioned, cheap does not mean that the service will be good. However, I even question the "cheap" part. The commission percentage is cheap @5.5%, but why are they charging an extra $10 PLUS $10 for the statement. This is $20 on top of the commission AND an hourly fee on top of this. The let fee is pretty standard, although some agencies do charge higher than this amount.

If this was my PM I would not be impressed with them going ahead on things without my approving quotes. That is just not right. If you are going to continue with this agency, I feel that you need to have a good long chat and let them know what you expect and that if you don't receive it, you will go to another agency.

 

[SeafordSunshine]

I have not yet signed an agency agreement!

Thanks for your feed back.

I am most concerned that this fellow doesn't follow instructions, every thing else seems to follow from that... I asked for proof that he is a member of the Real Estate institute before I sign the management agency agreement. He says it is coming....
I feel like I am being railroaded, I only want 3 tenants in the house as it is only small. He has submitted groups of 4 and checked their references, and advertised without an agreement to let from me. (Isnt this illegal?)
I completely agree that cheap doesn't necessarily mean good, and I also don't want the tenants to be paying the absolute top market rent, because I would prefer a low turnover and vacancy factor.
The $90 hourly fee is supposed to be charged for attending tribunals.
Previously I paid 5% plus GST and one weeks letting fee, $4.50 month statement fee. It was time for a change of agents when I discovered that there were 5 people living there.. along with all the wear and tear that goes with that.
How do you suggest I rein this fellow in? I dont want to curb his enthusiasm,(eg painting before I had agreed tot he quote) but I do want him to follow my instructions!
thanks
Seaford Sunshine

 

[Propertunity]

I asked for proof that he is a member of the Real Estate institute

You can find out yourself by looking on the REI web-site under 'members'.
http://www.reiv.com.au/agency_search/default.asp?ID=148

I feel like I am being railroaded,

You are.

and advertised without an agreement to let from me. (Isnt this illegal?)

It is not illegal BUT he is also not entitled to receive ANY payment for his services without an agreement.

How do you suggest I rein this fellow in?

I don't think you are going to get any advice on this other that what you've been given - i.e. TELL him what you want. Restrict what you want him to do with & without approval via the Agency Agreement.