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Can I drop asking rent during Exclusive Leasing Period?

Discussion in 'Property Management' started by CargoCult, 26th Feb, 2016.

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  1. CargoCult

    CargoCult Member

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    26th Feb, 2016
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    Location:
    Melbourne
    I have a rental property in Melbourne.

    I have signed a leasing agreement (REIV form Code 005a) with an agent, and put the Exclusive Authority Period for Leasing as 30 days.

    As I understand, the form says the agent has the exclusive authority to lease for The Price during this period, and non-exclusive during the Continuing Authority, which is another 30 days.

    My questions is regarding the meaning of the The Price. Lets suppose I believe the asking rent is too expensive and I would be happy to decrease it by 10% so the property gets more interest. Can I ask this agent (and only him) to market the property for less than the specified price?
     
  2. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Yes you can. As the principal you choose the price and can vary it at your discretion.
     
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  3. Xenia

    Xenia Adelaide Property Manager Business Member

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    If enquiries are low price should definitely be dropped. This is a leasing strategy and has nothing to do with the stage of the marketing period.
     
  4. Lil Skater

    Lil Skater Well-Known Member Business Member

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    Melbourne
    The price on the authority is just an estimation or guide. Ask them to drop it if you feel it's required.