how can i stop a property manager talking a relative into selling the property they are managing

how can i stop a property manager talking a relative into selling the property they are managing

estate agents often have management sections which dont earn them so much, in orderto have their foot in the door for what they really want, for what the big bucks are of earning from sales of properties

after many years a tired old relative has employed the help of estate agents for property management

but how do i know they are not eager and hoping and eager for any sign of this aged relative wanting to offload the headaches of this property and they could encourage her to sell which is not in her orher families best interest for many reasons.

how can i assure this doesnt happen

 

Its the other way around usually - management is the big bucks.

You cannot stop 2 people from contracting with each other - unless one has capacity issues perhaps.

 

Agree with @Terry_w , you cant stop two consenting adults to have a business discussion, especially when they are both matured, very matured. You can educate your relative and his/her family but that's about all...

Anyhow, from those keywords above (old, tired, headache), it looks to me perhaps it is in his/her best interest to sell. Mind you, keeping an IP is not everyone's cup of tea. Some stamina and business acumen is needed. I know many who just prefer to invest in shares or boats, and not to deal with Tenants at all. To each their own.

 

thank you for your replies

is there anything i could say to the managing agent that would make them more cautious about influencing this relative to sell?

this relative wouldnt otherwise invest in shares or anything better it is in their best interest to keep this property and have the rent week by week

i fear this relative being talked into selling by an eager estate agent and this has happened before and has caused enormous loss in our family which we still feel decades later.

can I say anything to the agent to make them more cautious re influencing this relative to sell.

 

No.

 

It's really none of your business.

 

Tell them that you are employed by the 2nd largest Mexican drug cartel.

 

I recall the previous thread, and I think some good advice was given there. Your aged relative is entitled to make decisions with regards to what is best for them without reference to you or the desires or "interests" of family members (including any inheritance of the property they might have been hoping for). Perhaps your aged relative wants to sell and enjoy their wealth instead of passing it on? Perhaps they're hoping to downsize and use the funds for retirement or home nursing costs as they age? Perhaps they're not prepared to deal with the costs of upkeep? Whatever the case, they're free to make their own choices.

 

You could go to the tribunal and try to get appointed their administrator or guardian if there are capacity issues.

 

Offer the relative the same price that is being thrown around, but do it privately, without the agent.

Future Christmases might be a bit awkward, depending on the direction of the market, but at least you made your point...

 

There is no evidence that the agent (later edit: or property manager) is actually suggesting Justine's relative sell!

In one of Justine's other threads, it sounded like the relative wants to sell because the flats are run down and renovations would be too costly.

I suspect the relative wants to excercise free choice and Justine is afraid of missing out!

 

You might be right, it might not be the agent, just the property manager, and there might not be any evidence, so a prima facie case of harassment and coercion may possibly not be worth pursuing.

On the other hand, like I said, Justine might consider making an offer... and then, like you said, she won't miss out.

 

To be honest (and I'm not saying this is definitely the case, this is just my impression from the limited info available) I was getting a serious vibe of "I don't want to lose my big inheritance" from previous threads. The flats were very run down with high upkeep costs and in one thread the poster seemed a bit derogatory towards the elderly relative. Yes, them selling might not be in the "interests" of family expecting a windfall but it's very possible the relative has their own interests in mind here, as is their right.

 

Justine if the property is such a good place to be invested why don't you buy the property off your relative ? If it is weekly income she wants you could buy it with vendors finance using weekly installments that would probably give her more than the she receives in rent. You could use whatever terms suit, high interest with a low price, or low or no interest with a high price. She could retain an interest and mortgage in the property. From another of your posts it sounded like being invested in the property wasn't the best place for your relatives money at their stage of life.

 

That sounds about right

 

Justine if you buy with vendors finance for a low price and high interest rate. It may reduce their CG Tax and give you greater tax deductions. Surely a win, win can be worked out.

 

The relative may also create a Centrelink concern if they sell.
The property may be a pre-CGT asset.
The property may have a special connection eg former spouse acquired it etc

Personally it seems like a lot of meddling in another persons affairs and unless they lack capacity then stay out of it. Ask them if they are thinking of selling and then when they say no . Walk on.

I always have concerns when family think they are helping a older relative and can see an untapped potential in property. If its so valuable why not buy another neighbouring one just like it ? OR is the end game more about taking advantage of the elderly person yourself ? Worried the REA may be honest and put the property to auction ? A developer site ?

Perhaps raise that issue and see if you can assist them achieve that outcome. You may need to fund the dream and be at risk until it sells. Legal advice vs other family then...

 

Agreed!

MIL was quite ill & in a nursing home. She had a lovely little unit of her own. When she passed, it was put to auction. We asked family if they would mind if we bid, as we would have liked to own it, but only at the right price, and we didn't want to submit an offer and have the rest of the family think that we somehow were taking advantage. Nobody had an issue with us bidding. They said our money was as good as anyone else's & if we bought it, it meant that we had paid more than anyone else was willing to on the day. At the end it was down to just us & one other. They got it! The family was happy, as having us bid had pushed the price up a bit more than if we hadn't been there, & we were happy too. We only wanted it if it was a bargain.