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Unethical Property Managers

Discussion in 'Property Management' started by Ald, 23rd Nov, 2016.

  1. Ald

    Ald Well-Known Member

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    A friend knows the owner and the owner was complaining that nobody was applying for the property. Meanwhile I know of two people who definitely applied and where knocked back by the property manager.

    When I very carefully and discreetly prodded the property manager while offering her a job for a higher salary she let me know that the agency that she worked for did not allow her to recommend tenants who low balled, but that she had to go and check the references and call employers of everyone who applied so that in bothering all those people, potential tenants would be discouraged from applying for to many properties with low ball offers. It makes sense from a real estate agent principals point of view. All agents work like that, they are all guilty of it.
     
  2. Ald

    Ald Well-Known Member

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    Nobody is eroding your capital when it's standing empty except you by your stubbornness to not negotiate. But do whatever you want, it's your money to throw to the bankers and property managers. Obviously you like being enslaved to them.
     
  3. Ald

    Ald Well-Known Member

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    That's because you can choose to think outside the square. If you are assessing a person on one factor alone you make the mistake. Don't assume someone is screwing you assume they have limited means and negotiate something else that will make you both happy. If you have a tenant who passes with flying colours in everything except what he has offered, you are crazy to not try and seek compromise. But how will you do that if you have put a property manager and their principal with their own interests, between you and your client the tenant.

    Australians just don't get it. A tenant is your client, somebody who is giving you such a massive part of their income to stay at what is usually your dump of a house that is artificially inflated. Treat your customers like kings , but don't invite the criminal customers in.

    It's that simple.


    I have had a tenant stay at my house for half the rent, but we agreed that he would do landscaping, painting, etc. He was happy as he got a cheaper place and I was happy because my property was well maintained. I still am in touch with that now friend, in fact because I was so impressed with him, I landed him a very high paying job as a building maintenance manager and my mate who owns the building couldn't be happier. Because he could show he was trustworthy in small things and that he was willing to compromise and negotiate we could work together. I regularily become good mates with many of my tenants.
     
    Last edited: 24th Nov, 2016
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  4. Perthguy

    Perthguy Well-Known Member

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    Nonsense! I am certain some operate like than but I know for a fact that others do not. Last time one property was vacant my agent passed me all offers no matter how stupid. Here is an offer I got (property was on the market for $440 pw for a 3x1).

    We will offer you $380 pw but we want written approval to accommodate up to 12 people on a regular basis because we are going to be renting it out by the room.
    What nonsense but our agent passed the offer on in full because I don't hire idiots to work for me. Anyway, she found us great tenants who paid full price. I was very sad when they left.
     
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  5. Ald

    Ald Well-Known Member

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    You sound like a real pro.
    You talk like a real pro
    I think you are a real pro.

    I will organise some business for you. I have a lot of investors from my investors club up that way.
     
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  6. sanj

    sanj Well-Known Member

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    While I scarily agree with a lot of your post, wouldn't all your recommendations in south karrinyup be heavily negatively geared? is that immense dense stupidity or just irony?
     
  7. Ald

    Ald Well-Known Member

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    Because the property manager is acting on instructions of the real estate agent who has hired her, to make life so frustrating for tenants and certain carefully selected property owners so that the property owner prefers to sell the property through that agency. There is more commission earned from selling a property than can be earned from management.

    It's not in the agencies interests sometimes to keep the property rented. Sometimes it's in the agencies interests to keep the property vacant. You have to realise that once you get into the lair of a real estate agent or a property manager and you have signed the contracts which no owner usually reads or understands the implications off, you are in amongst the wolves. These wolves will do what's good for them.

    There are perhaps 5% proper and decent , competent professional real estate agents and property mangers, the rest are clowns and thieves. It's very difficult to find that 5% , when 2/3 rds of the people in the country would not even know how they are rorted.
     
  8. Ald

    Ald Well-Known Member

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    But I like that you sent her a gift for being smart it says a lot of good things about your heart.
     
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  9. Ald

    Ald Well-Known Member

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    In two years time, if property prices don't go up enough , I am keeping a property that was PPOR empty. I don't want to share my capital gains with the government. Around me you must work hard for the money.
     
  10. Ald

    Ald Well-Known Member

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    Fair call. Most agents
     
  11. Ald

    Ald Well-Known Member

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    Nope I have the finances flipped. If you recall my advice to anybody buying a property now in any Australian big city where property prices are sky high relative to incomes, is put 80% deposit down and 20% mortgage . If you can't, then you can't afford it, rather grow your money by living like mr money moustache or invest somewhere else.
     
  12. kierank

    kierank Well-Known Member

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    What $hit are you smoking!!!
     
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  13. Perthguy

    Perthguy Well-Known Member

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    6 years vacant from main residence rule?
     
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Generalities such as this can be deemed to devalue the information one is looking to passionately and genuinely provide.

    ta
    rlf
     
    Last edited by a moderator: 4th Dec, 2016
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  15. Scott No Mates

    Scott No Mates Well-Known Member

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    - You lowballed an offer and got knocked back, get over it.
    - I agree that using tge cap method is an inappropriate valuation methodology for residential property however I put my comments in the context of the effects on a commercial property and gave you too much credit that you might understand the effect on capital value has in a different market.
    - I have never suggested that investors in low yielding property are idiots, maybe they are considering wider market factors which drive their investment decisions eg. future capital gains, risk adverse or other factors.
    - Property managers ARE agents so I don't know why you separate them from agents
    - Most of the pm's that I know hold degrees. Granted that none of them work in residential property however the level of training received by many residential property managers is poor as they hold a certificate of registration and areexpected to learn on the job.
    - 'children of stunted development' may be blissfully unaware of their malody and can be quite content, on the other hand you appear not.
     
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  16. Ald

    Ald Well-Known Member

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    Yes
     
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  17. Ald

    Ald Well-Known Member

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    Sorry I have my experience with many property managers and real estate agents. So many people I talk to have similar experiences.
     
  18. Ald

    Ald Well-Known Member

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    Perhaps

    Generalities like that may also serve to keep people aware of what is a pathological aspect of society that is well organised, heavily funded a strong lobby group and writing the laws in this country that keep equality and free market principles far from the general population.
    If more people were aware of how big a drain on society the real estate agents and property managers are they would tear it down in a flash and replace it with something that is fair to both owners and tenants.
     
    Last edited by a moderator: 4th Dec, 2016
  19. Ald

    Ald Well-Known Member

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    My comments still apply in the commercial space.
    The problems with regards to property managers and selling agents is the culture they work in and the regulations they find themselves in. It is evident that the writers of the laws that govern these occupations and the housing market as well as commercial don't have a proper grounding in economics, ethics and philosophy. Thus their law making is garbage.

    You can call me stunted after you have finished magna cum laude your masters degree at least and at a proper university. You can call me an idiot once you have completed your doctorate and have done at least one year of economics and 2 years of philosophy. When you have 3 degrees you can lecture me on whatever you want and I will gladly listen and thank you for sharing your knowledge.
     
  20. Scott No Mates

    Scott No Mates Well-Known Member

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    Capitalisation is the main methodology used for commercial property and has been since Noah was a kid.

    Doesn't the University of Flanno & Ugh Boots count? Stunted...ok I don't have a doctorate...

    Don't graduates need 3 degrees nowadays in order to get a job which would have only required a TAFE Certificate in previous years?
     
    Last edited: 25th Nov, 2016
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