From: Mike .
Hi Folks,
I've got a couple of real estate agent issues I'd like your thoughts on.
Just in case it's relevant, I'm in London, okay?
First issue: I'm presently looking for a new tenancy and am doing the rounds of the REA's in the area I'm interested in. I give them an idea of what I'm looking for and they write down a list of candidates and I do a drive by to check location features and external condition of property. Anything that passes that test I book an internal inspection. What bothers me as a landlord myself is how the letting agent starts selling the features and desirability of those on the list. Like, "That one is the best of that lot, for the same price as the others you get off street parking, large bedrooms, one with ensuite etc. That other one is also in a good block (I actually live there myself) but the rooms are smaller. The third one is only partly furnished and the cheaper one is near a busy intersection with no off street parking."
So I'm thinking how long have some of these properties been vacant if they are so dismissive of the older properties versus the newer ones? For those of you who have experienced long vacancy periods would it be worthwhile having a friend or relative act as a prospective tenant to check out what the agent's attitude is toward your property? If your property is interstate I wonder if Robert's organisation could do this as a paid service?
Second issue: From that list I chose a couple for inspection to make a comparison and liked the first one so went back to the agent's office and placed a deposit to take the property off the market. One issue I pointed out was that I wanted the tenancy to start from 29th May . The agent said it was rather quiet at the moment and the landlord should agree. I arrived at the agent's office after the agent who told me that the landlord was notified and was agreeable, so I filled out the form with references for their checks. I handed over the deposit money and signed the document. Two days later I get a call from them saying that the landlord had informed them that the property had been let by another agency. Apparently, the landlord had placed the property with multiple agents and not told them. Apparently, this practice, while not prevalent is not unusual and is not regulated so the so-called agreement and deposit is purely for the benefit of the agent and landlord but not the tenant.
While this situation is unfair for the prospective tenant, speaking now from a landlord's POV, is this a good strategy against unmotivated agents as in the first example above? As with a multilist situation for selling property the successful agent gets a finders fee and gets the property to manage. What do you think?
Regards, Mike
Hi Folks,
I've got a couple of real estate agent issues I'd like your thoughts on.
Just in case it's relevant, I'm in London, okay?
First issue: I'm presently looking for a new tenancy and am doing the rounds of the REA's in the area I'm interested in. I give them an idea of what I'm looking for and they write down a list of candidates and I do a drive by to check location features and external condition of property. Anything that passes that test I book an internal inspection. What bothers me as a landlord myself is how the letting agent starts selling the features and desirability of those on the list. Like, "That one is the best of that lot, for the same price as the others you get off street parking, large bedrooms, one with ensuite etc. That other one is also in a good block (I actually live there myself) but the rooms are smaller. The third one is only partly furnished and the cheaper one is near a busy intersection with no off street parking."
So I'm thinking how long have some of these properties been vacant if they are so dismissive of the older properties versus the newer ones? For those of you who have experienced long vacancy periods would it be worthwhile having a friend or relative act as a prospective tenant to check out what the agent's attitude is toward your property? If your property is interstate I wonder if Robert's organisation could do this as a paid service?
Second issue: From that list I chose a couple for inspection to make a comparison and liked the first one so went back to the agent's office and placed a deposit to take the property off the market. One issue I pointed out was that I wanted the tenancy to start from 29th May . The agent said it was rather quiet at the moment and the landlord should agree. I arrived at the agent's office after the agent who told me that the landlord was notified and was agreeable, so I filled out the form with references for their checks. I handed over the deposit money and signed the document. Two days later I get a call from them saying that the landlord had informed them that the property had been let by another agency. Apparently, the landlord had placed the property with multiple agents and not told them. Apparently, this practice, while not prevalent is not unusual and is not regulated so the so-called agreement and deposit is purely for the benefit of the agent and landlord but not the tenant.
While this situation is unfair for the prospective tenant, speaking now from a landlord's POV, is this a good strategy against unmotivated agents as in the first example above? As with a multilist situation for selling property the successful agent gets a finders fee and gets the property to manage. What do you think?
Regards, Mike
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