Moving from one realestate PM to other ??

Discussion in 'Property Management' started by Aman Mehta, 1st Jul, 2020.

Join Australia's most dynamic and respected property investment community
?

Do i hold right to move to new Realestate If they not able to let my property for 2+ months .

  1. Do i hold right to move to new Realestate If they not able to let my property for 2+ months .

    0 vote(s)
    0.0%
  2. Do i hold right to move to new Realestate If they not able to let my property for 2+ months .

    0 vote(s)
    0.0%
  1. Aman Mehta

    Aman Mehta Active Member

    Joined:
    8th Jun, 2020
    Posts:
    27
    Location:
    Melbourne
    i got a IP in western suburbs of melbourne , i had one of realestate who is trying to find new tenants from last 2 months , as advsied by agent i changed blinds , paint the house , changed fire alarm as to get right tenants in ASAP, but it is been 2 months no positive response ,as it is my first time of using realestate to rent out proeprty .Do i hold right to move to new Realestate If they not able to let my property for 2+ months .
     
  2. Lindsay_W

    Lindsay_W Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    4,982
    Location:
    QLD/Australia Wide
    Why is there a poll for this? :D
    It's your property so I'm pretty sure you have a right to engage a different PM, you might want to look at any agreement you signed though
     
  3. Propertunity

    Propertunity Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    3,476
    Location:
    NSW
    Check the MAA (managing agency agreement) you signed with the real estate agency. Look for the clause that has the amount of notice you must give them to terminate their management rights - it is not uncommon to see them have 90 days. Nevertheless, many real estate agencies would let you out of that if you were very unhappy staying with them.
     
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,319
    Location:
    Sydney
    Will another REA have any better luck. Over supply, the expected rent, reduced demand all may be factors. Why isnt it renting ? I
     
  5. Megan-Werribee

    Megan-Werribee Member

    Joined:
    5th Jul, 2019
    Posts:
    13
    Location:
    werribee
    Hi Aman, you can definitely change real estates agency’s. There could also be many other factors as to why the property isn’t leasing, just as is it being advertised correctly, is your agent showing people through the property quickly. Is the property priced right.
     
    Last edited by a moderator: 2nd Jul, 2020
  6. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

    Joined:
    6th Jun, 2017
    Posts:
    1,448
    Location:
    Sydney
    Post a link to the ad and we might be able to give you some suggestions. Its either pricing, marketing or agent availability. Or a combination.
     
    Scott No Mates likes this.
  7. Tom Rivera

    Tom Rivera Property Manager Business Member

    Joined:
    1st Jul, 2015
    Posts:
    2,718
    Location:
    South East Queensland
    100% this!
     
  8. Warren from Geelong

    Warren from Geelong Active Member

    Joined:
    22nd Nov, 2019
    Posts:
    30
    Location:
    Geeong
    Hey @Aman Mehta, you may be bound by the exclusive authority period, but if the agent can't help you, they should let you go. COVID and the market may also be hindering their efforts, but if similar properties in the area are going, then it may be them.
     
    Last edited by a moderator: 13th Jul, 2020
  9. MB18

    MB18 Well-Known Member

    Joined:
    25th Sep, 2018
    Posts:
    1,374
    Location:
    NT
    Is your agent getting any enquiries?

    If not it's going to be a pricing issue, and for.some reason most rental listing have nothing more than 2 or 3 drab looking low res pictures which wont help.

    I'm not usually very defensive of PMs but even I would have to question the worth of changing PMs to get a tenant because here is how it works from a tenants point of view...
    1) I go to realestate/domain and search by suburb. 2) filter requirements of bedrooms/parking etc and sort by price. 3) I dont care or even notice who the agent is as it's completely irrelevant to me.

    Most PMs seem to be in denial rental prices have tanked so assess the asking rent yourself and adjust downwards, and if you are one of those people listing a property with a couple of crappy photos taken from a VGA era phone camera then sort out your game.

    In short, I doubt a new PM will help you to any great degree if your pricing and to some degree presentation is off.
     
  10. Michelle Evans

    Michelle Evans Well-Known Member

    Joined:
    18th Oct, 2017
    Posts:
    257
    Location:
    Bacchus Marsh
    Hi Aman - how did you go? Some agents do lease faster than others - it's not always about price but response to enquiry and service as well. If you have people enquire online for example and they don't get a response, of course, that affects how quickly you lease. Same with opens (of course lock down now means you can't have them) but some agencies list a 10 minute open on a Saturday morning and don't bother to show people through any other time. Others only process applications after someone has viewed a property - which is hard if they're only that 10 minute window. To answer your question, you can change agents, but, there might be an advertising fee and if you're on a 90 day exclusive letting authority, you may owe the agency a letting fee if it leases during that time, whether they lease it or not.
     
  11. SeafordSunshine

    SeafordSunshine Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    993
    Location:
    Sydney
    Dear Aman Mehta

    Is your agent waiting for 'good quality tenants'?
    ask them
    1.how many enquiries have they had?
    2. What is the competition?
    3.What is the profile of tenants who are looking?
    4. Is there any thing else you can do to entice people to choose your place first?
    I hope this helps
    p.s. ( I like your logo!)