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Dual Agent advertising for leasing out

Discussion in 'Property Management' started by jack88, 25th Jun, 2016.

  1. jack88

    jack88 Member

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    Location:
    Sydney NSW
    I have been advertising my property for a month and a half and haven't got any applications in yet and the agent initially sounded trustworthy but now seems disinterested, at least to me.

    Before choosing this agent, another agent gave a cheaper quote and also advised that he is happy to advertise the property alongside the chosen agent and whoever leases the property, will get to manage it.

    I was wondering if this is possible and whether I should do that? Has anyone got any experience with this? Any pitfalls to avoid? I want to lease my property out as soon as possible as it is costing my money daily and is highly negatively geared.

    Thanks for your help.
     
  2. SeafordSunshine

    SeafordSunshine Well-Known Member

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    Hi Jack 88, welcome!
    Could I suggest
    just because you haven't got any applications yet I would say you are 'over priced'
    Check with your agent what comments prospective tenants have made( eg. its too exy. )
    You will compare what other similar places are being rented for?
    Also how long they are being advertised for?
    Getting it rented and 'money coming in' is what its all about!
    Good luck on your journey,
    I hope this helps
     
  3. jack88

    jack88 Member

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    Thanks for the kinds words, SeafordSunshine.

    The market is not that bad and for condition I have been given the same appraisal by more than 5 agents so the price is OK too. Also, I have shown willingness to decrease price but agent mentioned that this is not required.

    As I said, property is costing me heaps and the agent doesnt seem to be doing much. He is professional though telling me what happened with the inspection how many people came etc.

    I got a call from another agent today and he mentioned that he would be happy to dual list the property with current agent if required.

    Not sure what to do? Would love some pointers.
     
  4. D.T.

    D.T. Adelaide Property Manager Business Member

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    Alarm bells!

    What feedback have you gotten in terms of feedback the potential tenants have given on why they don't like it? Missing X feature or priced too high or something else? If no feedback then why not? If there's not a good answer for this I'd be leaving them right now and going with the other who you've mentioned.

    I always produce a PDF report after each Open which shows which people came through and what each of their feedbacks were. Internally, my software also generates a whole bunch of statistics (how many enquired, how many are waiting for a viewing, how many have viewed, how many applied, status of applications) which definitely tells a story of how a property is going. If your PM isn't on top of this information, find one who is.
     
  5. neK

    neK Well-Known Member

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    Everyone thinks their poop don't stink.

    Chances are your property sucks, but in your eyes it is perfectly fine.
    How many people have you had walking through (agent should have these notes).

    Also I would avoid dual listing, all it does is encourage the agent to put the first person interested in.
     
    Ed Barton likes this.
  6. jack88

    jack88 Member

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    neK, thanks for your unhelpful reply. Chances are you have been fired as a property manager and liked to blame property.

    We had total of 3-5 groups inspecting every week. Property is only 10 years old and has clean walls with little wear and tear, no carpets and fully wooden or tiled floors(good for people with allergies)

    In terms of feedback - one lady wanted the whole house painted and some wanted additional parking and some were with pets / smokers so did not allow. I have also accepted that some patches throughout the house can be painted if someone was to be "really picky" but obviously that will happen when someone offers to lease it out.
     
  7. neK

    neK Well-Known Member

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    @jack88 No worries.
    Appears to me that if anyone says something other than what you want to hear, its unhelpful.

    Don't know how you jump to conclusion that I have been fired as a property manager and blame property, but clearly you like to blame everyone else except yourself. :)

    I'll let you continue to be unrealistic about your expectations then, in the meantime, watch that cash flow go down the drain :)

    There's a probably a good reason the agent is showing disinterest in you - and its got to do with the comment "everyone think's their poop don't stink". Hopefully you can figure out its meaning rather than taking offence.
     
  8. jack88

    jack88 Member

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    Sorry its not like that. Its when you have jumped to conclusion and being a judge. If you dont have anything helpful to say including any constructive criticism, please save your energy and do not post.

    In the same way you did accusing that I am the problem here which is not the case.

    Thanks for your feedback anyway.
     
  9. neK

    neK Well-Known Member

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    Hmmm yes.... I am accusing you of being the problem, because the problem is that you are unrealistic about your expectations.

    Property investing is a simple equation.
    You have a property
    You want to rent it
    The renters who want to rent it are declined by you

    The property is obviously not in such great condition you think it is. Drop the rent and get someone in. Its pretty simple.

    Willingness and action are two different things.

    If you aren't happy the current agent, then cut ties. Dual listing is bad, all it will do is encourage the agent to find the first tenant and tell you how great that tenant is.
     
    Ed Barton likes this.
  10. Nick Valsamis

    Nick Valsamis Real Estate Professional

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    Yes it is possible. Considering that it has been so long, you may even get some results with two agencies doing inspections. Plus if one of them can also advertise on gumtree, that will also increase your chances.

    Whether you do it or not will depend on how desperate you are.

    Sometimes you have to accept pets if you want a tenant in your property and who may actually be quite good as well.
     
  11. Lil Skater

    Lil Skater Well-Known Member Business Member

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    Melbourne
    You could list with more than one agent, but many don't like that..

    Six weeks without anything is a long time, despite what the agents are telling you (remember, they're trying to get your business at the end of the day!) there's got to be something wrong.

    Have you seen the listing? I send the link to my clients immediately after listing it, so if they want something changed or felt I haven't included something I should've I can change it.