Oct 23, 2011

The House Rental Industry Sucks

A multitude of property management companies carve up the rental space into countless little overlapping fiefdoms making it difficult to rent a house and wasting home owners money. This is generally bad for everyone involved and needs to stop.

Every town/suburb I've looked for housing in, has multitudes of rental/property management agencies. So if you want to rent a particular house you have to deal with one group of incompetent twits. If you instead want to rent the house across the street you get to deal with a completely different set of inept knuckle draggers.

Most property management offices will require you to fill out an application with all kinds of basic information and pay for a credit check. Not that difficult, but each and every place you look at will have a different application an yet another $35 credit check. To add insult to injury they will probably require that you fax them your application if you cannot make it to their office durring business hours.

This is ridiculous! For one thing, "office hours" are probably the standard 9-5, which doesn't make a lick of sense. If I have a steady job to pay rent, you might suppose I would be busy from 9-5, probably.  So I can't make it in durring office hours, I'll just fax that application in. Oh wait, the fax didn't go through, the line was busy, the machine at Kinkos was labeled wrong and I fed my application through upside down so your machine just spit out 3 blank pages, the application came through but my signature was cut off, what else could go wrong. Fax machines are and have always been a terrible idea.

This whole conundrum could be solved by a secure web form, and a centralized credit check. I would do one credit check and it would be good for say 3 months, durring which time I could just send my results electronically with my on-line application to any agency. Wouldn't that be nice?

Earlier I say this whole pile of last weeks dinner wastes home owners money, let me justify that claim. When a home owner wants to rent out her house but doesn't want all the hassle of actually being a landlord, she can turn to a property management company to do the dirty work for her.  Property management agencies typically get paid monthy  for maintenance and get a finders feed based of the first months rent when a new tenant moves in.

This means the motivation is all wrong, the property management company is motivated not to get a new tenant as soon as possible but instead with as little work on their part as possible. Which ads up to the property staying vacant longer and the potential renter gets lousy service. The owner is out months of rent and the renter if frustrated to the point of accepting whatever they can find, instead of exactly what they want.

If we could change the industry so that the agencies would be financially motivated by helping the renter find a place rather than doing as little work as possible, houses would rent faster and renters would be happier.

This has been a rant by The Angry Hippy thanks fore reading.

1 comment:

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