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Replies (2)
- Michael Emery, "MikeEmery"
- Contributions:7298
The dual relationship should've been disclosed prior to your accepting of the lease agreement.
Since the deal is done, I would view this as a CMA (and I don't mean Competitive Market Analysis) by the agents. But if I were in your situation, I would sign the agreement but might look elsewhere for the an agent the next time you need to lease the property.
It's a tough market for rentals, especially in areas with tons of vacant homes.
Since the deal is done, I would view this as a CMA (and I don't mean Competitive Market Analysis) by the agents. But if I were in your situation, I would sign the agreement but might look elsewhere for the an agent the next time you need to lease the property.
It's a tough market for rentals, especially in areas with tons of vacant homes.
- Jason Webb, "jasonwebb"
- Contributions:65
If it was disclosed or told you up front that they were representing both you and the tenant, then I see no reason not to sign the dual agency. If you don't have a problem with them representing both you and the tenant, then again I see no reason not to sign it.
If you do have an issue with them representing both the tenant and you especially if it was not disclosed, then seek legal advice.
As a property manager about half the time I lease direct to a tenant where the tenant is not represented by another firm. In these cases I only represent the landlord. Since the landlord is the one paying me, my loyalty is mainly with the landlord. I treat tenants fairly and disclose in writing that I am not representing them. How agency and representation is handled varies by firm. Some brokers are of the opinion that all parties to a transaction have to be represented and they will require a dual agency in this type of scenario.
From your comments, it sounds like your issue is more with the fact that the home did not rent as quickly or for as much money as expected. In most areas of Greater Phoenix the rental market was hot in the spring and into summer. Rental rates were going up and homes were renting quickly. Since then, the rental market has gotten more competitive. Also, most years we see a slow down in summer and then especially in fall until after the holidays. It may just have been the timing in this case.
If you have an issue with their services, don't use the dual agency as a way to get back or make things more difficult. Just take your business else where when your management agreement expires. Since it is now rented, you may want to stick it out and see how they handle the day to day management. It can be difficult getting decent management services.
If you do have an issue with them representing both the tenant and you especially if it was not disclosed, then seek legal advice.
As a property manager about half the time I lease direct to a tenant where the tenant is not represented by another firm. In these cases I only represent the landlord. Since the landlord is the one paying me, my loyalty is mainly with the landlord. I treat tenants fairly and disclose in writing that I am not representing them. How agency and representation is handled varies by firm. Some brokers are of the opinion that all parties to a transaction have to be represented and they will require a dual agency in this type of scenario.
From your comments, it sounds like your issue is more with the fact that the home did not rent as quickly or for as much money as expected. In most areas of Greater Phoenix the rental market was hot in the spring and into summer. Rental rates were going up and homes were renting quickly. Since then, the rental market has gotten more competitive. Also, most years we see a slow down in summer and then especially in fall until after the holidays. It may just have been the timing in this case.
If you have an issue with their services, don't use the dual agency as a way to get back or make things more difficult. Just take your business else where when your management agreement expires. Since it is now rented, you may want to stick it out and see how they handle the day to day management. It can be difficult getting decent management services.
Limited dual representation by Husband wife team
We signed an agreement with a property manager to list and manage our rental home. After months of them lowering the price, a tenant has been found.(They came up with the original price and told us it would rent quickly at this price) Everything was signed and they have come back after the tenant moved in and asked us to sign a limited dual form. Aparently the wife agent is representing the tenant, and the husband is representing us! Should we sign this form?
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