How would you know? Is your agent working for you or the tenant? Ever decided to ask another agent for a rental appraisal? Investors in the stock market will occasionally glance at the shares prices from time to time, they may not know or really understand what’s going on but they check. Investors in property should do the same.
Over the years and whilst working in other rental departments, it was interesting to note how many property managers became very good friends with their tenants. Your agent should remain professional always and not let emotions get in the way of business. Often comments such as – “don’t worry we won’t put your rent up, the owner won’t know” would filter around the office. Remember, your agent is not in the business of providing low cost housing. You are in the business of providing accommodation and your agent is your employee. If they are not working for you – sack them.
Over the last couple of months, several properties have come across to us for management and it has been staggering to see the amount of money owners are losing. Unfortunately, we believe, these owners are not even aware of it. Some properties have not had rental increases in FIVE years! Yes – that’s right FIVE. What’s wrong here! Is your agent asleep and not watching the market or are they just plain incompetent? One tenant commented to us that they haven’t moved because they knew that they were getting cheap rent and even after we put their rent up $35 per week, they said they still felt they were paying a good rental compared to their friends. WOW! What a statement. What did we state in a recent newsletter article? Abad agent can go undetected for years. How very true.
Want a rental appraisal on your property? It won’t cost you and if you want to change agents that’s easy too – no hassles – we do all the work for you. Call 02 6061 0111 and talk to us today – you may discover that the white elephant you thought you purchased several years ago wasn’t a white elephant after all but a gold one.