Timeout Accommodation PM

[Bazza]

Hi Guys,

We have an IP for rent this weekend on the Gold Coast for $420pw. An agent called me and said he had a couple looking for a rental for around $500pw. We normally manage ourselves but he said he could get a better price.

The agent and the couple came around this arvo to inspect the IP and they were the perfect couple on a combined income of $150k pa no kids and said that they would be happy to rent the IP for $485pw - $65 more them we wanted.

We have the application forms from the couple (via the agent) and it all looks good. But maybe this is too good to be true?

Looking at the agents business card there is no shop front just a PO Box in Surfers Paradise.

Could this be a scam?
Has anyone dealt with Timeout Accommodation?

Thanks in advance for your advice.

Cheers,

Bazza

 

[Propertunity]

Why don't you just check out their licence which will be registered with the Dept of Fair Trading in your state? Then check out ASIC to see if they have a registered ABN and are not in external administration or receivership. Then ask for some referees and call them to find out if they are happy?

 

[Tools]

http://www.abr.business.gov.au/(wl3...rchText=timeout+accomodation&StartSearch=True

Tools

 

[gg1965]

You mentioned the extra rent that you will get by going through this agent, but you didn't mention what their fees are. For all we know, the extra rent may be eaten up with fees/commissions.

But i would be curious about them myself - if they don't have a shopfront, and only a PO Box, then i wonder what type of resources they ahve behind them. Can you, as a PI go around and see them at any time to talk to them - or to hound them.

It may very well be a one man band running from someone's bedroom. This may be good in terms of specialised service, but if their rent roll grows too big then i would worry.

Tread carefully and do you DD on the agent too.

 

[Bazza]

Thanks Guys.

Their commission is $40pw leaving us an income of $445 as opposed to $420. They also charge one weeks letting fee which I believe is pretty normal.

I did a search on the agent and he used to work for Ray White so it seems he has now started his own business. His business card only had a PO Box but on the application form he actually has a shop address so we will check that out today.

Cheers,

Bazza

 

[9-5 slave]

Looks like he has gone out on his own and is working from home - does not yet have an office set up and does not want anyone to have his home address.

He does sound keen and sounds like he has the experience - also has a lot of properties listed for rent atm

Available rentals

Holiday Rentals

His website - not fully up yet

 

[Localgirl]

Hi Bazza,
Just wondering how you got with this agent... did you secure a tenant with them? I too have been approached by them so am looking to get others feedback of those who may have successfully engaged them. Are you happy with them being a new operator and presumably you are going to receive your rental income monthly yes? ie I had the thought that being new and out there on his own, no shop front, no website yet that perhaps the agent may just take the cash and run.

Cheers, any comments would be much appreciated.

 

[Bazza]

Hi Bazza,
Just wondering how you got with this agent... did you secure a tenant with them? I too have been approached by them so am looking to get others feedback of those who may have successfully engaged them. Are you happy with them being a new operator and presumably you are going to receive your rental income monthly yes? ie I had the thought that being new and out there on his own, no shop front, no website yet that perhaps the agent may just take the cash and run.

Cheers, any comments would be much appreciated.

Hi Localgirl,

Yes I would think Alex would be happy to take the cash and run! I don't like to run people down but this guy would have to be the sleaziest agent I've ever come across.

The deal fell through luckily and I still have his number on my mobile so that I can not answer his calls. My advice is do the same.

There are more sharks on the land than in the water.

Cheers,

Bazza

 

[Localgirl]

Hi Bazza,
Thanks so much for the feedback yes these are my sentiments exactly - just about to do the same and if I end up listing with an agent will go with main stream to avoid sharks for this reason.

 

[Localgirl]

Sorry just wanted to add - thanks for the prompt feedback... much appreciated.

 

[bubbles]

Just wanted to add that we had this "snake oil salesman" try and fool us too...

My lovely husband was fooled, but I was smart enough to use my gut instinct and find that the car that the "tenants" he had interested in our property drove for the inspection, was the same car that featured in a number of his facebook photos...

Big scam as far as I am concerned!