What is wrong with Mandurah agents??

[Of The Vultures]

Ok, to be fair, they're not all bad (surely!) but one struck me as difficult from the beginning and the response I got from her today has me shaking my head.

I'm not in Perth so I spoke to a PM to go look at a property for me but the sales agent will not let her through until I make an offer. WTF? Who does that?!

 

[westminster]

Fark me!

No wonder it's the slowest market around!

You could make an offer 'subject to PM inpection' lol!

 

[Of The Vultures]

The selling agents explanation was that someone from another agency contacted them for access on my behalf and the Director declined. Apparently I put the property manager in a "compromising position" with my request. I don't know what they're doing over there, but they're certainly not trying to sell property.

 

[sanj]

perhaps they are thinking it is a conjunctional type arrangement and do not want to share their commission. could be worth clarifying that with them.

 

[Jake D]

Want me to go for a drive on the weekend? Give me some petrol money and I'll take the kids as a cover story.

 

[redwing]

Ok, to be fair, they're not all bad (surely!) but one struck me as difficult from the beginning and the response I got from her today has me shaking my head.

I'm not in Perth so I spoke to a PM to go look at a property for me but the sales agent will not let her through until I make an offer. WTF? Who does that?!

We operate a bit slower here, I knew a REA who locked his key's in his car; it took him 45 minutes to get out

 

[D.T.]

We operate a bit slower here, I knew a REA who locked his key's in his car; it took him 45 minutes to get out

Thats quick, it's taken RAC 90 minutes to come out to me before. Could have walked to a servo and bought the part I needed in that time.

 

[Of The Vultures]

perhaps they are thinking it is a conjunctional type arrangement

The PM was from a rentals-only agency so unless the sales agent is ignorant of her competition... actually this is entirely possible.

Want me to go for a drive on the weekend? Give me some petrol money and I'll take the kids as a cover story.

While she was blowing off my PM it turns out she somehow managed to sell the property to somebody else over the weekend. So I'll keep looking but might just take you up on this when I find another one!

We operate a bit slower here, I knew a REA who locked his key's in his car; it took him 45 minutes to get out

Bahahaha, god I hope that's not true

 

[locko24]

Thats quick, it's taken RAC 90 minutes to come out to me before. Could have walked to a servo and bought the part I needed in that time.

You misread Redwings post

 

[Jake Milne]

The selling agents explanation was that someone from another agency contacted them for access on my behalf and the Director declined. Apparently I put the property manager in a "compromising position" with my request. I don't know what they're doing over there, but they're certainly not trying to sell property.

1. If you're PM is half decent they should be able to give you a desktop rental appraisal

2. If the agent shows the property to another PM then they have a higher risk of losing the property from their rent roll... Which may be the reason for the uncooperative nature.

 

[Of The Vultures]

1. If you're PM is half decent they should be able to give you a desktop rental appraisal

2. If the agent shows the property to another PM then they have a higher risk of losing the property from their rent roll... Which may be the reason for the uncooperative nature.

Point 1 - the internet marketing consisted of one photo taken from the car (side mirror made it into the picture!).

Point 2 - fair enough, hadn't really thought of that.

 

[D.T.]

2. If the agent shows the property to another PM then they have a higher risk of losing the property from their rent roll... Which may be the reason for the uncooperative nature.

Assume 70% of people are in PPORs and 30% of people rent therefore its 30% chance the property will be an IP. And assuming that 30% chance is split 3 ways between 3 agencies in the area...

I dont know the value of the property, but I'd say a 12k comission is better than a 10% chance of 2k per year.

 

[Jake Milne]

I dont know the value of the property, but I'd say a 12k comission is better than a 10% chance of 2k per year.

What you may not realise is that as a business the rent roll of an agency is more valueable than the sales. The reason for this is that banks will lend against the rent roll and count it as capital. Sales often generates more money for the company which usually counts as the overall profit whereas rent roll is what keeps the company alive, paying bills and such as it is reliable monthly income.

It's for that stability and overall equity value that agents really don't like losing rental listings and prefer to keep them over sales in certain cases.

 

[Jake Milne]

Point 1 - the internet marketing consisted of one photo taken from the car (side mirror made it into the picture!).

Oh dear... Fair enough!

 

[The Fence]

What you may not realise is that as a business the rent roll of an agency is more valueable than the sales. The reason for this is that banks will lend against the rent roll and count it as capital. Sales often generates more money for the company which usually counts as the overall profit whereas rent roll is what keeps the company alive, paying bills and such as it is reliable monthly income.

And yet banks seem to want to play the too rent reliant card at times with investors....?

 

[Peter_Tersteeg]

And yet banks seem to want to play the too rent reliant card at times with investors....?

There's two fundamentals you have to provide to borrow money. Equity and cashflow.

A rent roll has both on a steady basis. A sales agent only has cashflow (and it's not reliable).

I can also assure you that if your LVR was 50% you won't be seeing the rent reliant card.