What to do with my current PM

I have a PM in QLD, who has been slack in renting my vacant property in Beenleigh. It has been advertised for over 7 weeks and vacant for over 5 wks.

I had it originally rented for 2 years @ $350 per week. She wasn't getting any bites, so I agreed to drop rental to $320 per week (via email in writing)

Two days ago, I looked on re.com.au and noticed it advertised for $300 pw and a week free rent. I never authorised this, or was spoken to about this verbally or in writing. When I asked them whi they did this, they advise it is good as they are getting more interest now.

In fact I haven't had one phone call from my property manager and a few emails. Seems I keep having to ask them how things are.

Is it possible to have two agents advertising your rental at the same time and having them compete for your business, or do you have to be exclusive with your current agent?
 
Cales405

Have you signed anything to stay with them for a period of time?
Are they doing regular open for inspections?
Did you have it rented for $350 per week or advertised for $350 per week?
Ask them if they have ever heard of the word customer and if so why they are not listening to them when there seems to be a discrepency in what you are asking for?
How did you reach your figure as there seems to be a fair amount of properties available in the area?
Get someone you know to do a spot inspection for you to see if they are even making a effort

On a seperate not you seem to be up against some tough competition if this is anything to go by ( have a look at what rent they want)
http://www.realestate.com.au/property-townhouse-qld-beenleigh-404504402?tm=1270905107&c=58795521

Jezza
 
I bet you have a tenancy agreement with them that lets them off the hook with no fewer than 90 days notice. Am I right?
 
Cales405

Have you signed anything to stay with them for a period of time?
Jezza

No, but need to give them 90 days notice unless they agree otherwise and minimum would be 30 days.

Are they doing regular open for inspections?
Jezza

I am not 100% sure. Their communication is horrible

Did you have it rented for $350 per week or advertised for $350 per week?
Jezza

It was rented for $350 per week from April 2008 until March 2010. I was with another PM at this stage which I punted in September 2009 for no communication. I agreed to reduing the rent to $320 per week. They went on their own accord and reduced it more with free rental offered

Ask them if they have ever heard of the word customer and if so why they are not listening to them when there seems to be a discrepency in what you are asking for?
Jezza

My sentiments exactly

How did you reach your figure as there seems to be a fair amount of properties available in the area?
Jezza

$350 is what was being achieved. There are 36 3 bedroom houses in my area available for rent. Mine is the 4th cheapest now

Get someone you know to do a spot inspection for you to see if they are even making a effort
Jezza

I have another agent checking the place out for me to give me a rental appraisal. He is prepared to advertise alongside this PM to compete for my business, but I am not sure if this is even allowed.

On a seperate not you seem to be up against some tough competition if this is anything to go by ( have a look at what rent they want)
http://www.realestate.com.au/property-townhouse-qld-beenleigh-404504402?tm=1270905107&c=58795521
Jezza

HAHA!! Thanks for the laugh. My issue is that they have reduced my rent and offered free rent and I had to find out by searching on realestate.com.au myself and email them and ask them.

I want to know if I can have two PM's competing with each other to earn my business advertising at the same time. If not, I am just going to punt this mob too. I only started with them 7 months ago. I have seen people on here give this mob an OK wrap too.
 
Have a look at Item 4.2 of the Management Essential Terms and Conditions (if your PAMD20a) is a standard REIQ.

4.4.2 - The Lessor must not let or manage the Property as principal, or appoint any person to let or manage the Property other than the Agent for the term of this Agreement.

Term of agreement (found on page 2 Part 4.2)

To cancel: Refer to Item 12.1.1 ( in writing)
If you are really unhappy with the agents, you can stand your ground and not have to provide this length if you can prove that they have breached their obligations to you under this Agreement and get them to waive the 30 days:-

E.g. Clause 8.3 - to let the Property for a rental that is in accordance with the instructions of the Lessor,

Getting two agents to list the property:

This is common practice and I haven't come across a case in property management where the first (and unsuccessful) agent has chased for fees - obvious reason, there is no current income yet and they didn't let the property.

But, if you looked at the terms of the Management Agreement - it tells a different story....

Whate ever you do - put it in writing. 7 weeks is definately poor.

I can provide you with a specific property rental report for separate analysis - just PM.
 
If they have offered first weeks rent free without your consent, are they taking it from their letting fee?
What sort of tenants are attracted to one weeks free rent? Better off waiting and having a good tenant than one who is at risk of not paying their rent down the track. Have your property managers been performing until now? I can't imagine many property managers wanting to compete like that for a property, you might be better off just shopping around for a new PM and asking around at other agencies the average rent for your type of property as well as rentability and how long it should take to rent. Does your property stack up with other properties in the area or does it need work - paint, dishwasher, new carpet etc that may not increase the value but may improve rentability. Have you had a walk through the property while it has been vacant? Don't just leave it to the agent. It is your investment and your money. I haven't looked at investments in Beenleigh for a while, but my brother has several in that suburb and he has never had any trouble renting them out.
 
Notice to PM Beenleigh

I have had similar problems with PMs and only solution is to give them written notice of termination of PMD and I suggest asap or you will opnly have more to regret. Even if they won t agree to 30 days termination get their REIQ number and talk with the REIQ. Always communmicate with PMs via email for record purposes.
All the best.;)
 
I would first tell them what I think of them for doing such without disclosure/approval, secondly I would swap agents seeing there is no tenant it is not managed and you can do what so as you please. I have recently run in with agents in QLD for my own properties with their arrogant stance. I dont know why but they feel they can TELL you what to do there, its like they call the shots 100% of the time.

Anyways thats my rant :)
 
If they have offered first weeks rent free without your consent, are they taking it from their letting fee?

Regardless whether they are taking it from their letting fee, they have also reduced the rent without my permission. I am sure they won't pay for this from their management fees.

Have your property managers been performing until now?

Hard to say. I only employed them last September and the place was already tenanted at $350 per week. They are struggling getting $300 per week now


Does your property stack up with other properties in the area or does it need work - paint, dishwasher, new carpet etc that may not increase the value but may improve rentability.

I have asked them the same question and they have advised me that all the work has been done from the previous tenants bond


Have you had a walk through the property while it has been vacant? Don't just leave it to the agent. It is your investment and your money .

I live in NSW. There was no problem renting it out when I bought it 2 years ago.
 
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