“The Real Estate Institute of NSW does not condone auctions for residential leases and we will not encourage the practice,” Mrs Castle said.
“Tenants would give you a dozen very good reasons why they should not be subject to such a confronting and lengthy process just to rent a family home.”
Apart from offending tenants Mrs Castle said leasing properties in this way would also be a costly administrative and logistical nightmare for landlords and agents.
“Tenants deserve choice and investors need confidence in the property management process,” Mrs Castle said.
“Good tenants are like gold and professional property managers are specialists at matching good tenants with good landlords at market rents under the current system.”