I'm currently battling to find tenants for one of my QLD properties and have got to the stage where I am considering changing PM's. Is it possible to engage more than 1 PM advertising for tenants at a time and then whoever finds a suitable match sign the lease with them? Or can you only work with one at a time? Thanks, Tom
Better not to do both though, if its a race they'll put anyone in there and not screen properly. If you're unhappy with the performance of the existing one, communicate your thoughts with them. See if its market conditions in your area, whether something should be done about either the price or the property itself. Ask how many inquiries there's been, how many people have been through opens, what their feedback was, how many have applied, etc. My software generates stats on all this stuff so could be painting a picture of what's going on there. If still unresolved then swap to a new PM but don't go changing PMs like you change underwear. Do you use a different accountant each year?
Thanks @D.T. We have been looking for tenants for about 2.5 months, the problem is we were the first built in a new subdivision so tenants don't seem to want to live in a building site. Understandable. The property manager we are currently working with also manages our other Bris property. They have been good so far and we have been in regular contact with them. The real reason I am considering a change is they are based in the CBD and our property isn't in their immediate area (about 17 kms out) and it's got to the stage where it feels like they are just having their fingers crossed hoping someone suitable will come along. I would like a little more proactivity, although i'm not 100% sure what else can be done - rent dropped, 1 weeks free rent offered etc. I'm thinking someone based in the immediate area may have more contacts or be a little more proactive. Thoughts? We have had a handful of applicants, although, none have been suitable, due to income and previous issues with tenancy.
@Robbo03: Would suggest to talk to PM#1. They might be relieved/happy for you to get another PM. It sounds like they may not be familiar with the demographic, or not prepared to lower their CBD standards to suit a suburb. (Is that Logan?) The challenge is probably in finding PM#2.
The second agent will use the same means of advertising as the first. Best to establish what the problem is and handle the problem. If the agent is the problem then change to another agent. If not then best to let them do the job you hired them to do.
I agree with the posts above that it is best not to engage a 2nd agent at the same time. You could also end up having to pay double fees, advertising, photos etc. Also - from past experiences having the property advertised twice on the same forum by 2 agents can have a negative impact as people may think there is something wrong with it as its clearly not renting and it can sometimes portray a sense of "desperation" causing tenants feel they can negotiate further with price. I'm an agent in Brisbane and happy to give you any information I have regarding vacancy rates or suburb information if that might help at all. There has been quite a few changes in the Brisbane area of late!
