What is it with some real estate agents in Melbourne at the moment...they're auctioning off rental properties.
No, they're not selling them but they don't set a rent for them. No, potential tenants have to do that!!
Some friends have moved back to Melbourne and are staying with in-laws while they find a place to rent for the next year while they get settled and eventually buy a home...
Last weekend, they started the hunt for somewhere to rent and looked at more than a dozen properties.....and were told they'd have to "make an offer".
Needless to say my friends missed out on quite a few potential homes because they "got out-bid"
What's going on? Why are some Real Estate agents not doing their job and setting rents? Are they trying to cash in on the limited number of rentals compared with the number of potential tenants?
Is this normal?
Is this legal?
....or am I way out of touch with the way things are done now?