For those who had the experience of buying a property and rent it back to the seller, do you get charge one week letting fee by the real estate agent? The property manager is under the same roof as the seller agent.
One week Letting Fee on a Rent Back property, Yes or No?
ozbaragan on 28/12/2021 - 11:06
Comments
Why don't you be the property manager and save yourself any property management/leasing fees?
What's the point of having a property manager renting the property - are they going to point out any damage to the property to you?
Basically, Yes, it's reasonable.
1) You would have to sign a management agreement, which would state clearly the fees applicable. But as mentioned you can always ask to negotiate.
2) Assuming a decent manager, they'd still have to draft up all the paperwork and entry report etc, which takes time.
3) I personally think it's not the best idea to use property manager who is affiliated with the sellers agent.
Assuming a decent manager
Hahahahahahaha
they exist?
I thought they were like unicorns,
Would be nice in theory, but only exist in fantasyland
I personally think it's not the best idea to use property manager who is affiliated with the sellers agent.
Agreed. My in-laws had massive issues in this exact same situation. The agent forgot who they were working for…
Thank you everyone who has replied. in summary, I did not get charged one week letting fee. The agent did charge it but luckily when there is an email trail confirming it should not be charged and there was no work done to find the tenant they ended up refunding me. So for anyone who rent back their property please make sure you don't get charge letting fee and have it in writing.
You can try negotiate a fee reduction but it's typical for rental agents to charge something. If not able to reduce the listing fee, I've negotiated reductions in on-going percentage fees.
You might need to shop around as a form of bargaining tool.
Also, typically the sales and rental teams of even the same real estate agency are different businesses.