Claims extracted
21
sentences that state something as happening or true
Uncertain
24%
5 of 21 hedged
("reportedly", "may", "according to")
Leaning
Leans left
of the writing, not the subject · beta estimate
Publisher signals
61/100
The Sydney Morning Herald's corrections and
hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
1
Economy/Business
Same framing elsewhere
1
articles that frame the event the way this one does
About a third of Australia’s 2.2 million residential rentals are now being leased out without a real estate agent, according to property platform RentBetter, in a trend that it says is accelerating as the market tightens in the wake of the federal budget.
uncertain
market → lease → budget
The platform has raised $5 million from venture capital firm EVP as landlords attempt to cut back on costs, including the 5 per cent to 9 per cent of rent that real estate site LocalAgentFinder says is typically charged by agents to manage a property.
RentBetter founder and chief executive Jeremy Goldschmidt, whose platform lets investors find tenants, manage expenses and organise repairs online, said investors had found real estate agents were not delivering value for money.
asserted
agents → raise → money
Real estate agents are consistently ranked among the least trusted professions in the country, including by a 2023 survey from research company Roy Morgan.
asserted
agents → rank → Morgan
Goldschmidt, who founded the company in 2018 after concluding the agent managing his own investment property was not worth the cost, said property owners were more likely to have an incentive to care about their asset, resulting in it being managed better than if an agent was in charge.
asserted
agent → found → charge
Rentals were an “unloved part of the industry” for real estate agents, he said.
asserted
he → say → agents
“I think if you spoke to real estate agents, a lot of them would say that the value of the rental book is often to produce leads for the sale.
asserted
value → think → sale
But there are no guarantees that the cost savings from cutting out agents will result in lower rent for occupiers of those units.
asserted
savings → be → units
“The landlord will certainly be able to save on a chunk of fees that they’re paying out, particularly in a tighter environment,” he said.
asserted
he → save → environment
“I think where the relationship is strong with the tenant, it means that they can have more sensible discussions about what’s going on in the tenancy, and naturally, one would believe that that’s a better outcome for everyone.”
asserted
that → think → everyone
Despite falling property sale prices this year, housing and unit rental prices have continued to rise, according to a report issued by property portal Domain, which has commercial agreements with this masthead, for the June quarter.
uncertain
which → fall → quarter
Median house prices have fallen following the changes to negative gearing and capital gains tax unveiled by the federal government in May, dropping 5.3 per cent in Sydney since January and 5.1 per cent in Melbourne since November.
But the Domain report recorded rent prices almost 8 per cent higher in Sydney year on year in the three months ending June 30, in part as landlords upped rents to counteract lower than expected capital gains.
uncertain
landlords → fall → gains
Cutting out agents and property managers can save a landlord on average $2400 to $5000 in annual costs per property, RentBetter says.
asserted
RentBetter → cut → property
Real Estate Institute of NSW chief executive Tim McKibbin said it was important to have an agent select the right tenant.
asserted
agent → say → tenant
He said there was no evidence of owners passing on savings from cutting out agents to their tenants.
asserted
owners → say → tenants
“I can’t see why a landlord would say, ‘well, I’m saving on the agents’ commissions, I’ll share it with the renter’.
asserted
I → see → renter
I may be wrong, maybe some people will do that, but I think they would be in the minority
uncertain
they → do → minority
,” McKibbin said.
asserted
McKibbin → say → ?
Tenants’ Union of NSW chief executive Leo Patterson Ross said “some landlords may feel less pressure to increase rents where they don’t have an agent encouraging them to increase it”.
uncertain
they → say → it
But he said that in general, new rents were set not by costs but by what a renter was able to pay.
asserted
renter → say → what
“We would be pleasantly surprised to see owners passing on savings, but we will believe it when we see it,” Patterson Ross said.
asserted
Ross → see → it
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asserted
newsletter → deliver → stories
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