NCAT and Fair Trading - Property Investing

Hello,

I was wondering if anyone had experience dealing with bad Real Estate Agent overcharging a landlord and if taking the case to Fair Trading NSW and/or NCAT will resolve the situation.

Any tips to a landlord being ripped of by Property Manager and inflated repair invoices and them receiving kickbacks.

Comments

  • Haven't had this experience.

    IP people still love to feed REAs yet moan about difference between $10 (Selfwealth) and $8 (ThinkMarkets) per trade. You lose more through rogue property investment supply chain (bad bank interest rates, bad mortgage brokers, REAs, tradies) than $2 a trade.

    • True, Plus my property manager always gives me the option to arrange myself. Doesn't take much effort to ask around for a couple of quotes and determine if the price they said is in the ballpark.

  • Do you thing I still have a chance if was duped by agent as they verbally said there isnt marketing fees charged for each new tenant but they sneakily did include these charges on the tenancy agreement?

    • I don't know but I think there wouldn't be anything you can do if you signed the agreement

    • Someone's gotta pay for the Domain and Realestate listings to line Mr Murdoch's pockets. But they could have a clause differentiating between marketing and advertising spend? Those ads are like $100 or so.

      • they charged me an outrageous 1 week rent :(

        • How much is a week's rent?

          From memory the costs would be in the ball park of $199 for the ad
          $150-200 for photos?
          $50-$150 for admin?

          $400-$650 all up.

          Did you agree to the quotes/work?
          If you did then unfortunately you're SOOL, they prey on people who are under pressure to make a decision, would not get any work done without 3 quotes min.

        • One weeks rent is standard, every agent charges that.
          It’s a letting fee and in every contract, some agents will also charge an advertising fee on top of that.
          I think you might be confusing the two.
          If you’re already outraged, you’re about to hit the roof. Take a closer look, it’s one weeks rent plus GST.

          As far as the maintenance fees, it’s possible an unscrupulous agent will get a kickback but it’s unlikely. The invoice you pay is GST included and has to form part of the tradies tax statements. Any “commission” the tradie pays the agent will have to be invoiced too otherwise it’s not worth the tradies effort.

          It pretty much costs $180 to get the simplest repair done. Prices go up from there.
          You need to factor in other issues. How much is your time worth?Obtaining quotes yourself and leasing with agent, tenant and tradie for access is time consuming.
          Also any repair the agent organises is basically guaranteed. The agent will get the tradie back to fix any stuff ups.
          If you not happy with your agent, move to a new one. It’s easy, the new agent does all the leg work

    • How was it sneakily added?

      Or didn't you read what you signed?

  • You need to have a plumber, handyman, electrician etc that you trust that you ask the real estate to contact in the first instance. If you let them arrange their own you don't have any control really. Price you pay for less work on your behalf. If I were you I would just try to use this as a reason to be able to cancel the contract with them and change agencies.

  • Do you thing I still have a chance

    The old "I said, they said" defence rarely works.

    If it's not in writing it didn't happen.