The process of a potential tenant offering more money than advertised for a rental property is known as "rent bidding".
As at the time of writing, rent bidding is illegal in Queensland though not specifically against the law in other states including New South Wales. As such, real estate agencies take different positions on whether they will accept or encourage rent bidding among potential tenants.
First, let's take a look at how rent bidding can happen, and our position on this activity.
There has been a lot of talk recently around Mark Zuckerberg's announcement that Facebook will change its algorithm to promote more personal content and less from businesses, brands and media.
For some time, the advertising industry has also provided commentary on real estate being the "sleeping giant" that social media and other advertising platforms have only just woken up to.
So, it stands to reason that somebody wishing to rent their investment property may now be able to streamline the process of advertising - and save cost - by managing the marketing process themselves using platforms such as Facebook.
Did you know that there is a legal differentiation between urgent (emergency) repairs and those which are not urgent? The difference is important as it determines the action which can be taken by the tenant in the instance of repairs being required.
As a landlord, it can be difficult getting an understanding of the cost of property management fees in Newcastle. Most real estate agencies and service providers are comfortable providing numbers such as how many new management agreements they've signed in the past month, or the percentage of their properties which are occupied. But there is little transparency around cost.
We'll cover this in detail below, including an example comparison of typical property management costs from a Newcastle real estate agency compared with our own fee structure.
One of the most contested terms in rental property is "fair wear and tear". Even with a tenant looking after the property with care, there will be slow deterioration over time simply because the property is lived in.
So what does "fair wear and tear" actually mean?
Carnelian Property Management Newcastle NSW
We are a family-owned and run Newcastle real estate agent offering expert property management across Newcastle and Lake Macquarie.