Hi forum members,
I have just recently finished renovating a property on Rockhampton and am going through prime properties to try to get it rented out. I added a bedroom and put a new kitchen in and gave the place a good paint and it looks quite neat now. It is on the south side (for those of you who know the place) and quite close to the CBD in a nice quiet street. It has now been vacant for about 6 weeks and I’m trying everything to get it rented (I have already dropped the price twice). Since it is my first property, it is getting a little frustrating not being able to get tenants. Is anybody else having problems up there? Or does anybody know of any other good agents that I could try up there?Hi BJ,
I am surprised that your having trouble in Rocky. I have had no trouble at all. My property is on the North side. However, I know that there are some good areas on the south side as well.Maybe you could offer a rent free period of 1 week. Maybe even advertise in the local paper yourself and then if you get the tenant you should not have to pay for the first week to the agent. Could I ask what you asking for rent?
MarkyMark
I have several properties in Rocky, none have been vacant for more than a week in over 12 months.
How many bedrooms is it, and how much a week are you charging?
Cheers
rps baxters are good for renting places on the south side.
Hi BJ,
I also use Prime Properties and have never had a property vacant for more than 4 days.
How much rent are you looking for? My properties are in the lower rent bracket.
If you think the rent is right, switch agents. do it sooner that later. I can’t tell you the number of times I have held on and then finaly swap agents as a last resort and get it rented next day.
Slum Lord
Here’s a double offer which should get a PM’s attention and funnel the next good tenant your way (provided they have any enquiries that is)
1. Offer the PM / REA $100 bonus to sign up a good tenant at your rent figure in the next 10 days and
2. after 10 days, it goes to another REA.good luck
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
I think thats a great idea by “thecrest”. Your really getting some leverage by this suggestion.
Have you used this idea before thecrest?
MarkyMark
Hi Markymark
It works. I was a PM. PM’s can influence outcomes. In a reasonably busy REA, the range of tenancy applicants in any given week is from wonderful tenants to tenants from hell. The PM can steer the good ones your way, sooner rather than later, and most PMs and licencees would be swayed by such an incentive. If there are no enquiries from good tenants in 10 days, then you are with the wrong agency anyway.
good luck.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi TheCrest
Do you think there is the potential for the PM to just put any old tenant in the property using this strategy?In your experience as a PM, what steps can an investor take to sway the PM into working to get the best tenant that they come across into your property?
Thanks,
MarkyMarkOK thanks everyone for your advice. The agent has actually offered to list with other agents to try to get the place rented out so I might do this. I think the problem with the property at the moment is that the front is not fenced and it is a little exposed. I now have a few quotes to put a picket fence out the front so hopefully somebody will then rent it out.
I am asking $155 per week and two agents have both said that it should go for around $160 per week. What agent are you going through Marky Mark? I know the North side is a lot easier to rent at the moment due to the meat works starting up. Its only an extra 5 minutes to my place though!Hi B.J
I spent my schooling years in Rockhampton and my parents had two houses up there before we relocated to Brisbane. Our homes were on the market for 3 months with an agent who shall remain nameless and sold within 2 weeks of being with Pat O’Driscoll.
I’m not sure if they deal in rentals but they were extremely professional to deal with. Alternatively Brian Gaeney of L.J. Hooker Rockhampton has a strong rent roll and you have the added bonus of using the L.J Hooker referral system (acsess to more tennants).
These two agents I have both dealt with personally, I hope this helps…
Cheers,
e xOriginally posted by MarkyMark:Hi TheCrest
Do you think there is the potential for the PM to just put any old tenant in the property using this strategy?In your experience as a PM, what steps can an investor take to sway the PM into working to get the best tenant that they come across into your property?
Thanks,
MarkyMarkVery good questions MarkyMark.
1. It is a given with me that the tenant is a quality one. There is incentive for PMs to put borderline or unstable tenants into a property, remembering that tenant turnover pays more fees to the PM than just rent. Also, if the PM is paid for Tribunal hearings, poor tenants will get the PM there, like every Thursday, at the PO’s expense.
2. Reward the PM for stability and regular rent.
This requires restructuring the Managing Agency Agreement by mutual consent. Include PM fee of one week’s rent for annual(not earlier) lease renewal of same tenant, reduce or remove fee for re-let/condition report/periodic inspection/ads etc. Change lease to require 4 weeks notice from tenant. This has several positive effects. It gives the PM more time to locate a good replacement tenant, and reduce vacancy between tenants. It discourages impulsive actions by the tenant. It provides prospective tenants with a week to see the ad for your property, and still be able to give the usual 3 weeks notice, and move into your property without paying extra rent.
Insist on tenants who are employed, have good reasons for moving to your property’s area, have shown stability in previous tenancy, have good rent record near same rent level, have good history with property inspections and condition reports, have previous rent record with Real Estate Agent, not private. I could go on & on, but they’re the basics.
hope it helps
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
You must be logged in to reply to this topic. If you don't have an account, you can register here.
