Building trust with owners while providing transparency and fairness in the rental market

Promoted National Property Group.

The COVID-19 pandemic and interest rate increases have intensified the rental crisis in Australia, creating a high demand for rental properties that has made it challenging for both renters and property owners. Renters are facing unaffordable rent increases, while property owners are struggling to balance returns on their investments. This puts real estate agents in a difficult position, as they act as intermediaries between the two parties.

To assist real estate agents, National Property Group offers a comprehensive rental Automated Valuation Models & Comparable Market Analysis tool to help agents provide market rental conditions in a concise format. This helps to build trust with owners while providing transparency and fairness in the rental market.

An article in News.com.au mentions that a woman's rent was increased by $12,000 overnight, causing outrage among tenants and advocates and indicating the challenges facing Australia's rental market. Unfortunately, real estate agents have faced negative media attention for their role in setting rents that do not align with the market rate or tenants' financial abilities. In a further article, Meriton bosses faced complaints from renters when a leaked email revealed the company's plan to increase rents in some buildings by up to 20%, despite many renters already struggling to pay their current rent. This highlights the importance of communicating market conditions, which can ensure long-term tenant satisfaction and retention, as well as maintain the integrity of the real estate industry.

The main goal of the real estate agent is to help owners make the most of their assets while servicing tenant needs. Real estate agents who are responsible for such rent hikes may receive negative media attention, potentially harming their reputation and creating an increased workload and interaction with tenancy tribunals. Rental data can facilitate fairness and transparency in the rental market, and real estate agents can use rental AVM & CMA tools. Data platforms and CMA tools provide agents with objective assessments of rental property values to justify their rent pricing decisions, building trust with both tenants and property owners.

NPG’s Rental CMA, AVM (with Estimated Yield), and Rental Statistics features will provide you with the data you need to make informed decisions when assessing rental increases.

Reference:
https://www.news.com.au/finance/business/leaked-email-from-meriton-bosses-is-ferociously-lashed-by-renters/news-story/ad8e4fa256ddfe7533a23f65b81e5758
January 18th 2023, Brooke Rolfe

https://www.news.com.au/finance/real-estate/renting/womans-rent-increases-12000-overnight/news-story/2e822ca71b7273429e423c0403bd7dff
January 23rd 2023, Brooke Rolfe