No more rent bidding! Abolished by the RTRA Act in Queensland
You should all be fully aware of the new Act we are now following since July 2009, but have you as a landlord or tenant noticed any of the changes?
One of the first things we must do, when appraising a property for rent and providing landlords with information about property management, is set a listing price and marketing campaign. Since the introduction of the new Act an agent is unable to push for rent bidding. So, if we have 5 applications that are all excellent, we cannot start asking them all for their highest offer and high-five the landlord when we get more than we really budgeted for (and more than it was really worth!).
If a tenant offers a higher figure, for example they might be in a huge rush to move or they have a pet, then we”ll take it to the landlord for their consideration, but we can’t tell the other applicants so they can erupt into a money throwing fight.
So if you want to get a tenant, quickly, with good references, and have a choice of tenants to pick from… price it right! We’ll work hard to get you the best rent possible but don’t set it too high and wait for the tenants to negotiate because they’ll just choose something else.