Prop Mgr - Are you on my side?

From: Xtine McDonagh

We recently bought a 2-bed appt. in a posh Melb suburb for $360K. The rental appraisal was $380-$390 p/wk. The ex-owner rented it from us for 2 mths whilst he looked for another place, at $390 p/wk. It has then been vacant for 2 wks.

The Property Mgr suggested we lower the rent to $370 when we had no takers. I replied that I wouldn't accept lower than $375. OK, says he, $375 then. I rang back within the hour saying 'No, definitely advertise again at $390.'

We double-checked the papers last weekend - yes, $390. I rang Monday. 'Any interest?' 'Yes. One reply. Has inspected Monday morning. Most impressed. Girlfriend inspecting in the afternoon.'
Prop Mgr rings Tuesday. 'Yes. They'll take it. BUT they won't pay more than $375.
Excuses being: similar properties rented at lower price, winter being slow time for rentals, currently being a renters' market.

OK then, better rented than not - go ahead.
I looked at the RE agent's website that night for the first time. Our property is listed at $375! Next morning I get the excuse that, when a property is rented, the website is updated with the actual accepted rental details and lists the accepted rental figure instead of the previously advertised figure, until the final removal from the website.

This sounds like he's trying to stroke my wand to me. Any suggestions/experiences?
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Reply: 1
From: Michael Yardney

I'm sure you are right.
It doesn't sound correct that he would update his website with actual rentals. He obviously forgot to update his website when you increased the rental.
You've done the right thing accepting a good tenant, it's better than your property being vacant.
I would confront the agent, explain how you realise he made a mistake on his website and this has cost you money Ask him to waive his rental commission on this occasion. If he is a smart businessman, the one week's rent he will forgoe will be worth it to win over a client who could refer more business. It's better that way than you telling everyone how inept he is.
Michael Yardney
Metropole Properties
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Reply: 1.1
From: Simon .

Good call Michael.

I spoke to a rental manager here who just sold some of his rental roll to another manager. He was paid $1500 per property - and these are Newcastle properties at around $150 - 250 pw level. Imagine what your property would be worth to your manager to keep on his books!

Simon Macks
Mortgage Hunter
0425 228985
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Reply: 1.1.1
From: Scott Marshall

This also explains why the estate agent is not keen to get possession of the property from defaulting tenants 6 months prior to the end of the lease, in my case where we want to move back in. It is in his interests to keep the tenants, who defaulted twice, and are never in advance. On talking with another Property Manager, when the case is reheard in the tribunal, the tenants just don't front, and when the Police arrive to evict them, they just say they want a review! Could go on for months. I am now considering suing the Estate agent. After talking with the tribunal, and reading all the laws, my next property will be self managed! On your topic never ever be in a hurry to get bad tenants. Scott p.s. he wasnt our first Real estate property manager, our original one told us they were not doing management anymore, and were handing the management to Elders (you guessed it). When we visited the estate agent, low and behold they still have rentals! So if Elders paid for our business too hooker they will be even more willing to keep the tenants. Elders lied to us saying to get the original case opened the tenants had to be 14 days behind. I rang tribunal and was told as it was a finding rent had to be in advance ANY arrears is grounds for a reopening of the case. You should have seen the agents face when we told him WE faxed a letter to the tribunal 3 weeks ago, and the hearing is next week !!! LOLOLOL We learnt our lesson, if they tell you they are no longer handling Property management and we are handing it over to so and so, tell them, that we will take over the management then RIGHT NOW! and if they tell you a law, look it up for yourself.
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