Is is possible to have several agents working to find you a tenant?

[Peta]

Dear Brains Trust,

Can I have 2 agents bidding to find a tenant or does this breach some kind of law???? They both seem to want to sign me up on an exclusive management agreement (already signed up with one agent) with 30 days notice to terminate by either the agent or landlord.

One agent (the only one in town) rents houses on a rooming basis (which is what I want to try since the single lease & fully furnished scenario was difficult to rent). The other agent rents as usual...on single leases.

Can I have both agents trying to find me a tenant? First one to find a tenant is the managing agent???

Place was vacant for the 1st 5 months of this year as students didnt want (or couldnt afford to rent) a furnished 6 bed, 3 living area house for a rent reflective of fully equipped 6 bed house (about 500-600/week). Apparently it is easier to rent furnished properties on a rooming basis with utilities included in their rent which they pay for per room.

I have an appointment with the second agent this Saturday (the one that does rooming basis) but he wants me to sign up an exclusive agreement. When I said I wanted to keep my options open and not close myself off to one agent only and have it sitting vacant again he said "well we will need to talk about that coz we need to know that we are acting on your behalf"? What does that mean - can he not act on my behalf if there is another agent involved??

Thanks in advance...

 

[Peta]

Does anyone know the answer to my question?

Thread regarding the legalitities of have 2 agents trying to find you a tenant? Is this allowed?

 

[Alabex]

Hi Peta,

Yes you can have two agents working for you except they will need to sign you up on an open agency agreement not an exclusive.

we dont do it very often, but when we have in the past we have signed an open letting agreement (not management) ... then once it is leased we sign them up to an exclusive management agreement.

you will jsut need to check the wording carefully to ensure you dont end up paying double fees.

I would also recommend if you do this, make sure that both agents are aware of the other one, and that any price drops or changes are communicated to both agents.

 

[Dazz]

The Investors Club do this with PM's all the time.

Set 4 of them to task - first one to sign a tenant up gets the agency.

Whether you have the weight of presence to get them to bid for your work is another matter.

 

[Peta]

Thanks for your replies

 

[tubs]

I had one agency that was really slow at finding me a tenant. Fortunately I had a general, not exclusive agreement with them, so I started to call around other agencies and telling them about the place, and asking if they had anyone on their waiting lists looking for something like it.

One agent did find me a tenant, so they got the management rights.

This could be a better strategy if you're struggling to find a tenant.

 

[Zhouse01]

If you have entered a exclusive management agreement then you cant have more than 1 agent. If you have entered a general management agreement then yes you can have more than 1 working for you.

 

[tess85]

you mean this thread?
http://www.somersoft.com/forums/showthread.php?t=45794

are you asking if the thread is allowed, or if the tactic is allowed?

 

[Zhouse01]

you mean this thread?
http://www.somersoft.com/forums/showthread.php?t=45794

are you asking if the thread is allowed, or if the tactic is allowed?

The latter i would say.

 

[The Y-man]

I have merged two threads, as it was rather confusing to have 2 threads by the same person asking the same question in the same forum......

Cheers,

The Y-man

 

[Peta]

Sorry for the confusion - I dont know how to link (or merge) threads lol.

It was asking if the tactic is allowed.

My current agent is exclusive but they said they would not hold me to the 30 day exit clause if I want to find another agent and at one stage things were so slow that they actually suggested I tried another agent they closely work with.

Because I now want to sign up an open agreement with the rent by room agent, I need to ask the current agent for an open agreement dont I?

Thanks in advance

 

[Zhouse01]

Sorry for the confusion - I dont know how to link (or merge) threads lol.

It was asking if the tactic is allowed.

My current agent is exclusive but they said they would not hold me to the 30 day exit clause if I want to find another agent and at one stage things were so slow that they actually suggested I tried another agent they closely work with.

Because I now want to sign up an open agreement with the rent by room agent, I need to ask the current agent for an open agreement dont I?

Thanks in advance

I would actually get the current agent to put in wrighting they are letting you rescind your exclusive contract then approach others. You dont want to be in a situations where your paying 2 REA fees.