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  1. #11
    Join Date
    Jan 2012
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    1,021

    Default

    Quote Originally Posted by Rosco View Post
    I would only be prepared to pay if the tenancy was for a fixed term, of say at least 1 year.
    And if the proposed ban on fixed terms is also passed?

  2. #12
    Join Date
    Mar 2015
    Location
    Brisbane Wellington Auckland
    Posts
    793

    Default

    Quote Originally Posted by Rosco View Post
    I would only be prepared to pay if the tenancy was for a fixed term, of say at least 1 year. Similar to commercial where you pay an agent a fee to find you a good and suitable tenant.

    Ross
    And most commercial real estate do not expect a leasing fee on short term month by month leasing (as their normal fee is two months rental)
    The coment re leases as Rosco explained is correct a commercial landlord would need a minimum one year and probably two years plus

  3. #13
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,592

    Default

    Quote Originally Posted by Learning View Post
    And if the proposed ban on fixed terms is also passed?
    Part of my submission was that no letting fee and no fixed terms didn't work! Or would force landlords to increase rent to cover extra costs, which wasn't good for tenants long term (i tried to write everything in a tenant friendly manner as that is clearly what the government is looking for)

    Ross
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  4. #14
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,833

    Default Letting Fees Banned

    Parliament bans letting fees on rentals
    01 Nov 2018

    Quote Originally Posted by Stuff
    Tenants will no longer have to pay letting fees to agents and landlords, after Parliament voted to ban the practice. Housing and Urban Development Minister Phil Twyford estimated the change could prevent the handover of up to $47 million in a payments he said were "unfair" and had "no economic rationale".

    But while the law change will now come as no surprise to the industry, it's unlikely to be welcomed. The Real Estate Institute of New Zealand (REINZ) said in August, it would like to see tighter regulation in the market but had concerns about how the costs of letting fees would be covered if they were abolished.

    "Letting fees covered property inspections, advertising, viewings, background checks on tenants, liaison with landlords and processing the tenancy agreement," Bindi Norwell, REINZ chief executive, said.

    "So actually, they do quite a lot of work. So someone has got to pay for that."
    But, but, but, Bindi. Dhil said that letting fees had no economic rationale.
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  5. #15
    Join Date
    Jan 2012
    Posts
    1,021

    Default

    Sorry but why are LL's complaining? Letting fee was a $450 one off so up rent by $10/wk to cover and take the win. Sorry tenants but someone has to pay for Labour's generosity and it's not going to be the people who decide who gets to rent the property.

  6. #16

    Default

    Well said.

    in effect the PM will get to double dip. They will put up their fee (%) to compensate this fee removal effectively recovering the fee from current rent. The LL will put up the rent to recover the fee - of which the PM will get a cut. The LL is unaffected at best, the PM will be better off. The tenant... we’ll ones that move regularly could be better off but long term stable tenants will pay more.

  7. #17
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,833

    Default

    Dhil Twitford has some gall, claiming "no economic rationale."

    The same could be said for almost all his RTA policies.

    Candidly, I can't see any economic rationale is paying him, either.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  8. #18

    Default

    I was at the Porirua redevelopment announcement yesterday. He didn’t get up to speak. That was probably the best result for him.

  9. #19
    Join Date
    Nov 2006
    Location
    Cyberspace
    Posts
    5,754

    Default

    Phil Twyford estimated the change could prevent the handover of up to $47 million in a payments
    Silly bugger will miss out on a little over $7 mil in GST as a result.

  10. #20

    Default

    All rents will increase by 3-4% and values over the next year as that all filters through because rents impact values. But this stuff is gradual. Nobody's rent will go up next week.

    I think Phil just added a large NW increase for many investors in a bizarre way.
    Last edited by Nick G; 02-11-2018 at 05:45 PM.
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