FAQ - Landlords

Why should I have my property managed by an agent, surely anybody can collect the rent?

Collecting the rent is only part of the job. When you engage a specialist agent to manage your property they do just that – they manage your property. You will receive the following benefits when you employ a professional property manager:

• Knowledge of the Residential Tenancies Act 2010. The managing agent is aware o the implications of the Residential Tenancies Act 2010 and therefore can advise owners and tenants of their rights and obligations.
• Advising on acceptable lease structures so that your investment not only retains its value but also has growth built in wherever possible.
• Negotiating lease terms with the tenant to obtain results that ensure that the value of your property is enhanced by the lease and not restricted or worse – devalued.
• Dealing with your tenant in an expert, professional manner regarding queries and problems that inevitably arise from time to time with the property and/or tenancy – these negotiations should only be handled by professionals to achieve the best outcome.
• Ensuring the property is maintained.
• Rent Appraisals. A real estate agent (preferably local) knows the supply and demand in a given area and is therefore aware of the comparative rental of homes.
• Rent Reviews. The managing agent monitors the rent and keeps the owner informed of market change.
• Location. The owner may be separated geographically from the property, eg transferred overseas or interstate.
• Accounting. A professional property manager supplies accounts and details of all income and expenditure relating to a client’s property.
• Taxation Benefits. Properties purchased for investment purposes can attract significant taxation benefits. Property management fees are tax deductible.
• Disputes. The managing agent through dealing with tenants on a daily basis has gained the experience to resolve disputes.
• Access to Tenants. A managing agent often has a ready supply of tenants. The agent has the means to check references and credit ratings. This enables more effective screening of tenants.
• Inspections. The property manager is trained to report in detail on the condition of a home and has the expertise and experience to maintain the home at a satisfactory standard.

The future value of your property is dependent in no small way on the quality of it’s management – to take chances with a non specialist or to adopt a “do it yourself” approach is unwise and likely to result in rough running for your investment and lower returns.

My home has been listed with an agent for over 3 months and I’m not happy. What options do I have?

All listing contracts have expiration dates. When is yours?

If it is not coming up soon, tell the agent and/or his manager that you want to cancel your listing. Often they will let you cancel easily, since they do not want to build ill will in the community.

If they won’t, you can always pull your home off the market until the listing contract expires.

Just listed with a realtor for 3 months but decided I would like to change to another. Is that allowed or legal?

Since you have a contract for 90 days, you would have to get your agent’s permission to be released from the contract so you can go with the other agent.

Most of the time they will attempt to dissuade you from making the change, but will release you because they don’t want to engender any bad will. The agent will be reluctant of course, especially since you just “changed your mind,” and cannot point to any lack of performance problems with your present agent.

The agent can refuse to release you from the listing agreement and there are various reasons they may do so. In that case, you’re either stuck or you have to simply take your home off the market for the rest of the listing period.

I signed a listing agreement, but am having second thoughts about selling. How do I cancel and will it cost me anything?

It should be pretty simple. Just tell the agent you have changed your mind and decided not to sell after all.

Since your cooperation is required to sell the house, most agents won’t give a hard time about cancelling. Their hope is that when you later do decide to sell, you will get back in touch with them. However, if you attempt to put it back on the market during the contracted listing period using another agent, your original agent will attempt to enforce their contract.