I have been living in Castleknock,Dublin-15 since 2006 paying Euro 1000/month & spoke to Property Agent if he can reduce it on it’s renewal (last month) as per current market Rental price but he only give me 5% reduction even I insisted to decrease it upto 15-20% but he even didn’t listen it. Although, I have explained him several times for the rental market drop but in vain.
I was shocked to see the same Property on Daft that he reduced the rent upto 15% without offering me even I have asked him two days ago. But when he reduced the price, I couldn’t think to talk him as I had made a deal in Dublin-15 for Euro 800.
My question here is why these agents do not give such relieves to their existing Tanents but can agree to give this property on lower rent then advertised (upto 20% only because of bad rental market) to a third person. I was so DEPRESSED by that agent’s action. Let me tell you about me that I was a good tanent and always paid rent well before time and looked after property very well but still he didn’t offer me the right price (which he actually gave to third/new person) before I made a decision to leave this property to get a cheaper property in the same region.
Please comment on this and if could advice how to deal these monster type agents.
Took a quick read through your post as luch hour draws to a close and having been a property agent in the not too distant past ill put it to you like this,
Assuming the agent is also managing the property he probably makes approx 5/6% per month in management fees from the landlord, if you stay on he only makes this 5/6% plus a marginal charge for the new contract - typically €100 billed as administration.
If you leave and a new tenant has to be found, he may lose a months worth of management fees, approx €40 (assuming relatively quick rental) but he will be able to charge the owner a new tenant finders fee - typically 6/7% of the years rental income, so maybe €750 - €850 yoyos goes into his back pocket, depending on location, demand etc he might only have to do one or two viewings to get a new tenant so he’ll make out like a bandit (in the parlance of the Pin)
I haven’t counted in the possibility of this agency also having their own in house cleaning firm, short version, you move out, they find a ‘problem’, clean/repair it without consulting you and deduct the amount from your deposit, quite difficult to prove a breach of trust/contract (or at least I saw very few people manage it)
Obviously all this is conjecture on my part and I would like to add I have worked for some very professional agencies who wouldn’t- engage in this kinda carry on - I just know from first hand experience this kinda cowboy behaviour goes on.
I can see property is still on rental market with 15% reduction since I left (3 weeks ago)
I don’t know if he agrees to give on above reduction if I come back to him again since I have signed a contract with new landlady who is using dodgy ways by initially saying 2 bedrooms (very small) with small living and kitchen area in Euro 800 (including heating + NTL cable).
She turns on heating when she wants (3+4=7 hours in total every day) which is pain and when I spoke, she said, she can’t afford it to turn it on 24 hours. I don’t know what’s going on in Dublin and how to handle these kind of person.
The only thing is she contracted for 1 year with a clause, either of us can finish the contract on 1 month notice.
This is not a great house but only a time pass with an attraction of free heating (not whenever you want).
Would you guys pleae give best advice in this situation without giving favor of such landlord/lady?
I deal with lettings ocasionally and I would suggest you always contact the Landlord if the agent wont play ball. You’re entiltled to his name and contact details. If its anything like the market I work in its probably quite competitive and just suggesting to the agent that you’ll contact the Landlord might be enough, as he wont want to appear incompetent.
While there is a short term gain for agents acting in the manner earlier described, the real money in property letting comes from constant renewals year after year (very often from the same tenant staying in the same property) and it would be very short sighted of any agent to loose good tenants.
But i suppose its like all walks of life…theres always some cowboys.
Just noticed while I was searching/viewing the properties, owner/agent pretend asking rent amount high to show renting properties are still in demand but infect its not that.
I’ve seen 1 bed room reasonable apartment in Dublin 15 with asking rent of Euro 900 which was crazy but was wondered to know owner was even eager to rent this property in Euro 725 Euro per month.
Another 1 bedroom apartment in Donabate with asking price of Euro 800 was even happy to rent it in 675 when bargained.
I know every person has different circumstances when they want to rent a property especially when they have few days left on their current contract or they have some other urgent requirements that tend them to move immediately which always Agent/owner take advantage.
I’m sure if you don’t show your eagerness to Agent/Owner that you have no other option to move immediately, definitely, they will take advantage and would not reduce the asking rent as per current rental market. Their hope of bubble burst when you say, you will walk if you don’t reduce the asking rent. It’s just patience if you can control and wait.
I don’t think so that current rental market is reasonable, it should even go down to another 20 to 30% fall. I’m sorry to the owners but not to Agents who never show the exact picture of rental market to owner just with greedy thoughts to earn more commission on highly asking rent. That’s why I have never seen any Agent driving ordinary Car but Expensive cars.
No huge money in Lettings I’m afraid, well - not for the agent anyway (maybe the owner/board of directors), i was earning under the average Industrial wage and didnt have much hope of driving it up considerably… I would regularly work on until 7/8 at night without any extra renumeration.
With regard to the expensive cars, at the time I drove a nice German saloon, it was over 10 years old and had nearly 150k on the clock - some clients used to comment on how ‘everybody in property is doing so well for themselves - look at you’…
I’m sorry but for me working 10 hour days and driving a fairly knackered car does not a succcess make.
What my time in letting did teach me (and I feel it was a very very valuable lesson to learn) is that not everyone who wears a sharp suit and drives a German saloon knows what they are talking about, their judgement is not necessarily better than yours and no you shouldn’t defer all decisions to them because they are ‘in the know’, i took that lesson and applied it to every auctioneer, accountant, solicitor and other vested interest I’ve ever had dealings with since…
…isn’t there a saying ‘don’t bullshit a bullshitter’…?
I’m sorry to you buddy but you are the first agent I would know who has this old car. I have seen few properties through agents of Baxter, Sherry Fitzgerald, Wilson Moore etc. during last few months both for sale and rent but none of these Agents has vehicles older than a year. I don’t know what company do you work for.
I want to know one thing why the property agent don’t show the right picture to the property owner and to tenant. I know friends of mine who put the property on sale through agents for 4 months who didn’t advised them (owner) they should reduce the property’s asking price as per reducing market price to sell it quickly but keep saying put it on high asking price will make it good value for sale market and finally most of them put it on rental market rather than on sale eventually.
I actaully wanted to buy a property but can’t afford on such asking Irish property prices which doesn’t worth for it’s actual price. Look at the 2 bedroom apartment/semi-detatched is for Euro 250,000/- and rent is Euro 1000/- Plus which is really no affordable. I don’t know where are we going when 30k salary person can afford to buy property in Ireland.
Either you leave the country for cheaper place where you atleast can save some money otherwise, you earn and pay half of your salary for rents and other life expenses.