What is Rent Bidding?

Rent bidding with Exclusively Managed is a no go zone.

A rental property must be advertised at a fixed price - failing to do so is an offence. The property manager/owner does not have to display the price on a ‘for rent’ sign at the property, but any other advertisement must include a fixed price. 

A property manager/owner must also not: 

• advertise a property with a rent range (e.g. between $500-$600 a week) 
• put a property up for rent auction 
• proactively tell rental applicants to offer over the advertised rental price and encourage them to outbid each other.  

A prospective tenant can proactively offer more than the advertised rental amount and the property manager/owner may accept their offer.  

A prospective tenant can also offer to pay rent in advance and the property manager/owner can accept this. The maximum rent in advance a property manager/owner can ask for from a tenant is two weeks for a periodic agreement, or one month for a fixed-term agreement.  

If you have any questions or scenarios you would like us to discuss on an upcoming episode, please email samantha.eason@exclusivelymanaged.com.au or visit https://www.exclusivelymanaged.com.au/