Monday, April 14, 2014

Rental bidding wars? Has Tampa bay rentals gone mad?

Renters beware! Is the Tampa rental market out of control?
I just had a bad experience and thought I would share my experience in hopes that you gain some knowledge of dishonest landlords.
On TV, the Realtor® gets a verbal agreement from the potential buyer or tenant, then walks out of the room to call to negotiate on your behalf. Like on TV, it's verbal first, than written. 
I and a client successfully agreed on a rental home in Tampa. We accepted the listing price and terms as stated on the MLS. The potential landlord accepted our application fee from my client and she left to go home and start making all the moving arrangements. 
The following afternoon, I called the landlord to check the status of our application. The landlord said they accepted another offer. Shocked, I asked if my client was declined, which they said no. They just chose another offer. I asked if the other offer was different, in any way, since we agreed to accept the property with no contingencies on price, condition or terms. They replied no. 
Knowing my client would be upset, I asked the potential landlord if the other agreement was written, which they said no. 
I called my client and advised that she did not get the home and that they are not dealing with us honestly. My client really wanted the home and pushed the rent up another $1800 per year! I strongly discouraged the re-offer since it was above market and the landlord was already dealing dishonestly. However, it is my fiduciary duty to represent my client and so I did as requested. At 9pm I spoke with the landlord asking to reconsider our offer and that my client was willing to raise the rent by $150 per month but only if it were signed the next morning. The potential landlord agreed. 
The following day, I was notified by the potential landlord that the other party matched the price and was willing to sign a two year lease. 
I convinced my client to walk. A crook is a crook. If they agree to something, then disagree without any conscience, what will be the protocol in the night, when there is an emergency?
Had this landlord stated they were entertaining other offers from the beginning, this would have had a different outcome. 
The Tampa bay rental market is tight, but never is dishonesty a solution to adjusting rental rates to meet demand.
Keep it legal and honest. Hire a Realtor®! 
Buying, selling or renting? Give me a call!

Curtis Rudolph Realtor®
813.240.6054 cell/text
Realty Direct Tampa
http://www.CurtisRudolphRealtor.com/
http://www.facebook.com/SouthTampaLuxuryProperties
http://twitter.com/Curtis_Realtor