Anyone else notice rents being kept artificially high on Daft.

wilson10

Is it just in my area, mid Louth, where letting agents are running what I can only refer to as a scam to try and keep rents artificially high. Well, to be fair, it's just one agent in particular.

They're advertising, on Daft, properties that are already let, in some cases, since last year at rents that are way above the going rate. They update daily so it looks fresh.

If you call they tell you that the property is just gone but they have more in the same area.

Ok, I know you don't have to take it at the price, but it does make it look like these rents are being attained, whereas other letting agents are settling for realistic prices.

Blue_Wolf

Smart idea :P

Cabaal

Nope I don't think they are, infact one of the lads I worked with used daft.ie rent prices to get his exisiting rent in the same estate for a house dropped by 200e a month.

He simply showed his landlord a house on daft.ie in the same estate which was cheaper,

Happy days!



Perhaps its just that agency in your area?

ejmaztec

As many agents are also into property sales, they have to try dastardly methods to up their rental commissions to at least make up some of the shortfall that they're experiencing in the dead property market. Many of them are barely ticking over.

bcirl03

ejmaztec wrote: »

As many agents are also into property sales, they have to try dastardly methods to up their rental commissions to at least make up some of the shortfall that they're experiencing in the dead property market. Many of them are barely ticking over.

My heart bleads for them

d'Oracle

Probably an element of trying to keep out the riff-raff here too.

wilson10

This practice is unfortunately giving prospective renters in the area a false expectation of what is attainable, so properties end up on the market for a considerable time being reduced a number of times before being taken up.
It's just a stupid way of doing business.

rh555

Yeah I too think landlords are just trying to hold out as long as they can even though many apartments are empty but they just refuse to lower prices. I was following this on daft for sligo.

There were many apartment buildings finished recently and even though i dont know it for sure I believe half of those are empty. As for rents you could not get a 2 bedroom apartment for less than 650 for last few months and nobody moved their prices down.

However last week someone started offering a 2 bedroom apartment for 129/week in the town center and all of a sudden i check again today there are 4more 2bedroom apartments in the town center for about euro550. As I said lowest was 650 before for months and nobody reduced their prices.

So I think as soon as one landlord cant take it anymore and actually reduces the rent all of a sudden all the other landlords are forced to do the same.

Well either they reduces prices or the let the apartments stay empty. I just think sooner or later they cant take the pain anymore and it just takes one 'rogue' Landlord to get the ball rolling.

who_am_I?

I recommend a toolbar for firefox.
http://www.property-bee.com/

also
http://www.irishpropertywatch.com/

This will make prices and ages more transparent

kwyjibot

It might be an idea to send daft an email complaining about this agent - they'd probably not be too happy with effectively fake ads being put up and making it a pain in the arse for you to use their site!

It's been a while since I put an ad up on daft, but they definitely used to have a warning list of stuff they'd take your ad down for. I'd imagine they have similar rules for estate agents.

Rayan

who_am_I? wrote: »

I recommend a toolbar for firefox.
http://www.property-bee.com/

also
http://www.irishpropertywatch.com/

This will make prices and ages more transparent

I would highly recommend property-bee too, especially if you are looking to rent or buy in the future. I am astonished at some of the information I see, like letting agents with properties to rent on the market since last september/october with no drop in the rental price.

They are artificially keeping rent prices high, because if they drop 1 property, they will have to drop more.

cheapskate

I wouldn't believe the lord's prayer from the mouths of any of these vested interests e.g. like sherryfitz economists telling people to get real last year stating house prices had hit rock bottom and newstalk presenter giving them the airtime to deliver such tripe w/o any challenge or debate (maybe the presenter or the show's producer was trying to offload a house or two)

CS

ejmaztec

I think that a lot of buy to let investors have got high mortgages round their necks for these properties, and ideally would like the rental income to at least cover the mortgage payments.

A lot of people got involved in buy to let arrangements because they thought that it would be a good idea, but as we all know, it has all gone a little pear-shaped.

Obviously, if there is a shortage of tenants, or they can't cover their costs after they reduce the rents, repossessions will be taking place when the investors finally run out of steam.

There will probably be quite a few cheaper houses for sale in the coming months.