All Topics / Help Needed! / rental difficulty

Viewing 13 posts - 1 through 13 (of 13 total)
  • Profile photo of fjficmfjficm
    Member
    @fjficm
    Join Date: 2003
    Post Count: 88

    i have a house purchased recently in wyndham vale
    and have been trying to let out for 170/week for more than 2 months. a lot of people going thru but only 2 applications which were rejected.
    agent say no real negative comments, even whn pressed, and it is the 2nd cheapest on the net for the burub
    it is good and i would live in it and there are many features like new bathroom, pergola, new carpets and curtains etc
    the agent has a good rep and she has good credentials even among other estste aegnts in that area. any ideas
    btw i already decreased the rent and reducing it anymore is really below market
    any ideas

    thx

    Profile photo of neo25x5neo25x5
    Member
    @neo25x5
    Join Date: 2005
    Post Count: 166

    I just did a search on realestate.com.au for rental properties. there appears to be quite a few up for lease. not sure of the condition of your place (new/old?) but from what I can see yours is below the average market value. Again I dont know the precise condition of your place. Alot of places I see appear to be new. Why were the 2 applications rejected??

    Profile photo of micahmicah
    Member
    @micah
    Join Date: 2005
    Post Count: 17

    Here is what I normally do: If you had not signed an exclusive agreement with the agent (and I hope you have not), list the property with 2 other agents. This is not unfair to your agent, it encourages working for their money. Make the management subject to finding a tenant. This way, they have an incentive to get a tenant in your peoperty first and you have 3 agents work8ing for you. If you do have an exclusive agreement, after 2 months it should be close to expiration.

    Do well!

    Erik Reurts
    Micah Finance Solutions
    http://www.micah.com.au

    Profile photo of Oxygen FundingOxygen Funding
    Member
    @oxygen-funding
    Join Date: 2005
    Post Count: 41

    We did a make over on our rental property in Sydney’s western suburbs, over a week of evenings over Christmas one year. We spent $2000 and made about $8,000 in difference. Went to bunnings and got a paint chart and gave the whole place a new colour scheme instead of cream/white, replaced kitchen blind with bamboo, put some black & white lino in the laundry, etc. and had it rented within 2 weeks to a tenant who is just about to renew his 12 month lease. I agree that you should try other agents as well. Obviously the one you are with isn’t working. If you try other agents, maybe try a little higher rent?

    Get your money working for you instead of a bank! You could earn up to 3% PER MONTH on your money. Ask me how!

    Profile photo of lifeXlifeX
    Member
    @lifex
    Join Date: 2004
    Post Count: 651

    i’m feeling the pain of a few vacancies at the moment too so i know that helpless feeling.

    Have faith, two steps backwards 6 steps forwards.

    No tenant is better than a bad tenant.

    I am taking the opportunity to get in and make some improvements, carpet, paint, clean again!, pray to voodoo property gods, yada.

    I am trying multiple agent listings, private ad in newspaper, throwing in the gardening (at a fee), I am holding in an area with a low rental demand so I am trying to meet the market.

    Keep trying something new. I might start door knocking neighbourhood and see if I can’t poach someone elses tenant.

    Best of luck to you[:D]


    Live, Learn and Grow

    Lifexperience

    Profile photo of fjficmfjficm
    Member
    @fjficm
    Join Date: 2003
    Post Count: 88

    so lifeX
    wheres your IPs
    i agree no tennant is better than bad cos i rejected 2 when they were on black list
    so i wish you the best also
    PM me with stuff and maybe we can chat

    thx
    max

    Profile photo of XeniaXenia
    Member
    @xenia
    Join Date: 2002
    Post Count: 1,231

    The only time I have ever had long vacancies and under market rents was when I tried to use an agent!!!

    We now manage our own properties and our vacancy rates are consistently less than a week!

    I have no faith in agents, have you tried taking it off their hands?

    We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
    [email protected]
    phone 0412 437 582

    Profile photo of grossrealisationgrossrealisation
    Member
    @grossrealisation
    Join Date: 2005
    Post Count: 1,031

    hi lifeX
    Some time you make me laugh and the one knock on doors and poach tennents thats great. a man after my own heart like your style.

    here to help

    Profile photo of annemlanneml
    Participant
    @anneml
    Join Date: 2003
    Post Count: 54

    The agent you’re with must be investigating prospective tenants which is what you want i.e. no tenant rather than bad tenant. I’m with lifeX and Oxygen Funding. It also doesn’t hurt to try other agents although you want to make sure that they are also selective about tenants they’ll let to.

    Profile photo of lifeXlifeX
    Member
    @lifex
    Join Date: 2004
    Post Count: 651

    Hey guys,
    I don’t like managing my properties because I have found that the monetary return is not worth the time it CAN consume…….enter the 10% of “bad tenant” client stage left that sneaks through the radar. As a private landlord you can’t access the National Tenancy Database to check Blacklists. Plus I’m 200km away from these particular properties.

    I don’t really like Agents managing properties either, but I choose them as the lesser of two evils.

    I’ve managed over a dozen tenants in the last year and I am over it!

    I did advertise privately in the paper (with the intention of handing applicants to agent) but still had no response.
    I will keep these particular vacant properties even if the vacancy is extended. I am aware that this particular area has a cyclical rent demand. So I am waiting to get into the high demand period and keep the leases cycling over so that they end in this period again. The town is also getting a major boost in the way of infrastructure soon too which will give it a good kick.

    G.R. Hi, I hope my “style”, helps lead me down a similar path to some big deals like I know that you play with.

    Here is a quick story that might get a giggle from y’all.

    Yesterday I got the phonecall I’d been waiting for all my life…that I had won some easy money.
    ……I had the opportunity to pick up as many palm trees as I wanted from a friend who was working at one of the big corporate companies in the city. For Nothing!
    …..I quickly checked the value of palm trees (slow growing and highly desirable) and the second hand market had them trading in the thousands each!!! I figured a big corporation wouldn’t be skimping on the type of palm they were using as the image for corporate HQ.
    …..I spent the next day co-ordinating a big trailer and to pick the money makers up with my friend. I planned to sell them on the drip over the next few months.
    …….I got down to the offices early the next day (I only squeezed in 3 hours sleep as I was on Night Shift) and picked up 4 10 foot trees with heaps of foliage. Treating them like delicate babies and loaded them in to trailer. Nearly breaking my back….They were v.heavy.
    …….I drove them to a property that I had vacant and bought the best fertiliser and nutrient liquids and mulch to ease their transfer of home.
    I was gloating to myself as I cruised down the highway ., the sheer weight of them was bouncing the car on the bounce stops and near ripping the back half of the car off. The front wheels were almost in the air as I half-aqua-planed the 1 hour drive to the property.
    ……I had contacted a lot of people who were eager to see what type of palm it was. These were going to go like hotcakes.
    ……Anyway after a full mornings work of HARD YAKKA , I dropped them off and took some photos. A plant guy at work said he would ID them for me.
    …..OOOOOOOOO, I couldn’t wait.
    ……They were cordyline australis. OK, Great!, Now what were they worth in $$$$ ?
    …..
    ….
    …..
    ….
    …. I checked the nursery price lists and full grown specimens like these were worth…..
    …….
    ……
    …..ONLY $100 bucks each!
    …..They were goddamn NZ Cabbage Trees. Messy, common crappy weeds on sticks.

    ………Oh man, I guess I’ll have to keep waiting for that call….But You can’t say I would have missed the opportunity

    Maybe it will be from an agent with a good tenant!

    Off topic I know fijfcm, but the solution to this problem is the same as for a property with no tenants.

    Burn it to the ground. (and claim insurance)…..

    .((ps – only kiddin’.))


    Live, Learn and Grow

    Lifexperience

    Profile photo of fjficmfjficm
    Member
    @fjficm
    Join Date: 2003
    Post Count: 88

    lol lifeX

    i will burn it down

    and thx, i believe no tennant better than a bad one cos i rejectd 2 already cos they were dodgy

    Profile photo of Misty1Misty1
    Member
    @misty1
    Join Date: 2004
    Post Count: 348

    Another option you may want to consider then,if you are desperate to get the place rented,is to advertise it as a “share rental” & rent out per room?? As you may find you could get the same rent as renting the whole place out. Just a thought…trying to think laterally.Good luck.

    Profile photo of Jobee62Jobee62
    Member
    @jobee62
    Join Date: 2003
    Post Count: 10

    Hi all, just thought I would jump in and add that we also have a townhouse that rented easily since we had it (approx 4 years) but now that the tenant has moved out, all of a sudden the agent has said that no-one has put in an application in yet, lots of people have gone through but no takers. The rent is below what other attached townhouses are renting for, the agent is at a loss as to why no-one is taking it up. Its really hard though, because iam here in Sydney and the property is in WA, and I am worried about squatters moving in. Its been vacant for a few weeks now.

    But being the paranoid person that I am, I’m thinking could this be a sneaky ploy to force people to sell their properties cheap because the agent knows that were struggling etc. and no takers on the rental side = hardship this end, well at least thats what they could be thinking. We’ve had numerous offers to purchase our property through an investment mob that dont use agencies etc, so I mean how do you know that in this day of shonky real estates that these two entities haven’t gotten together to buy my property.

    TOld you I was paranoid!

    I hope what I just wrote doesn’t happen but Iam sooo tired right now, Iam off to bed, I will probably read this tomorrow and freak out at what I typed but I had to say what I felt. I just dont trust anyone, been biten by a real estate agent a number of times before and well its hard to forget!

    Night all

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