4 years ago
**BE AWARE if you are an owner planning on using D...
**BE AWARE if you are an owner planning on using Del Rentals to list your investment**.... I've owned my condo for 2yrs now and had spoken to Laurie a number of times in the past about renting my suite at some point down the road..
I recently purchased a 2nd property and contacted Laurie again. I met with her at my condo and signed the lease agreement with 8 weeks before closing, I stressed that I needed to find a tenant to provide the bank with a lease agreement or else I wouldn't be approved for my 2nd mortgage. She told me the price she would list it at, which was the same she had quoted me in the past so I had no reason to think otherwise. She left at 2pm and said she was heading back to the office to work on it and that it would be listed on their site the next day. I was relieved.
5 days went by until it was finally listed on their site. I spoke to Laurie once it had been listed and she reassured me that she would keep me informed when there were potential tenants...
1 month went by without any contact from Laurie or anyone else from Del Rentals so I took it upon myself and sent an email for an update. Laurie replied that there had been a lot of showings but no offers, as it was priced too high, she suggested lowering it by $50-100 and that they were thinking of putting it on MLS the following week.. I couldn't believe it. I told Laurie I wanted it on MLS the next day (Thursday) and explained that I couldn't lower the price by $100 since it would put me over the monthly deficit stipulated by the bank for my 2nd mortgage..
Laurie copied another rep by the name of Cristina and from there Cristina was the one responding to my emails; she 'strongly advised me' that I should lower it by 100 in order to find a tenant...
So to recap, they believed my condo was listed too high but didn't bother to update me. So 1 month wasted, at my expense. Plus it still wasn't put on MLS yet. Their goal is to keep it off MLS and find their own tenant because they want to pocket the full month's rent rather than splitting it with the tenant's agent.. Greedy. Lowering the rent by $100 to find a quick tenant is idiotic to me, it's 100 less out of my pocket each month and I didn't believe it was listed too high. Comparable units in the building that were listed on MLS were being rented for the same price, or close to the one Laurie originally listed it at and were rented within 10-14 days of being listed.
Cristina said typically they need 90 days to cancel the agreement but we could discuss it. I replied that I would call her the following morning, which was Monday. I called and left a message in the morning but did not receive a call back and 5pm was approaching. So at this point, it's end of the day on Monday, I told Laurie and Cristina I wanted it on MLS 5 days prior, and it STILL wasn't on MLS.. I called their office and spoke to Kevin McFadden and told him my situation.
The best experience I had using Del Rentals was speaking to Kevin and cancelling my agreement asap. He was very understanding and informed me that the team should've given me weekly updates, and that it should've been on MLS sooner. Also, that their goal is to find the client a tenant, not to avoid losing half of the months rent. I signed the cancellation agreement and scanned it back to Kevin immediately.
My agent sent the MLS request to his office the following morning and within 2 hours it was listed and had multiple showings and offers that evening. It's now been 2 days since he listed it on MLS and I already have a good tenant and a lease agreement to provide to the bank. TWO DAYS!!!! Oh, and it's been rented for $20 less than Laurie originally priced it.
I've heard the slogan 'peace of mind' used somewhere within the Tridel companies, but I had ZERO with Del Rentals. If you have money and time to waste, go with Del Rentals. 5/5 for that.