I have an IP in St Albans Vic that has been vacant for more than 2 months. I was just wondering how long i should stay with the same property manager before i find another one. I don't even know why we can't find any tenants. There's nothing wrong with the house and the rent is reasonable as well. The house is in walking distance to the train station and also walking distance to a university. This is my first IP, and i am a little stressed as to why i still haven't got any tenants.
That sounds like a long time.
Is the property manager showing people through the property, and they are deciding not to rent it? If so, does the PM have an idea as to why it isn't renting?
I'd talk to the property manager first, and see what he / she has to say, as a first step.
SQM suggests vacancy rates in St Albans are around 1.6%
http://www.sqmresearch.com.au/graph_vacancy.php?mode=p&postcode=3021&t=1
Can you put the link up for the ad on the net?
2 mths is a long time considering the walk to uni. Maybe have a chat to some other PM's in the area and see what they think. Try dropping the rent to even by $5 or $10 better to have some money coming in than none.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHere is the property. http://www.realestateview.com.au/Real-Estate/Property-Details-rent-residential-2100461_L.html
Well initially i wanted to rent it out for $300 per week, but the PM says the house was too small and suggested that we drop it to $280. So it's now for rent at $280.
PM says that there are heaps of IP up for rent around that area so it's going to take sometime. I'm not too sure what to do.Looks OK
but why not advertise with domain.com.au
or realestate.com.auIs the property fully fenced? It is hard to tell from the photos? – but would be an issue for tenants with children. Also there are no details on inspection details are they by appointment. Are you open to pets?
The ad also still says $300 pw.
I would get them to do an open as well as by appointment.
You should also call them maybe twice a week or more to ask how they are going with it. They will eventually find you someone just to keep you quiet.
You need to build a relationship with the pm so that when you call they know you, they know what you expect, they know you mean business.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeRing up the Real Estate agent and tell him you are looking for a place to rent around $300 and in the area of your place.
Or ring specifically about your place. THAT may give you the answer. Maybe they're too busy to show people.
BTW,
"keys in office"
I don't see pro-active agent in that…..
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email Megod_of_money wrote:Looks OK
but why not advertise with domain.com.au
or realestate.com.auEveryone knows that these cost money! BUT if the agency has a subscription to these, and which ones don’t, Then a standard advert should be free if not at a minimal cost.
I had not even heard of Realestateview until a couple of weeks ago. It generally is a wofmat unless people know the site exists & this is not a major website by any account. I would class this as a very poor cousin of the other two.
Btw, how much are they charging to be on that website?
uhh scuse dumb question here…
what's a wofmat?
The agent should be giving you an overall ad pack with the 3 websites and their own site for cheap or free depending on your agreement.
Personally I pretty much only use realestate.com.au I dislike domains setup and the realestateview thing is not as well known. However realestateview does have the listing up way before the others so people must use it.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeWaste Of F* Money And Time.
Both domain.com.au & Realestate.com.au charge extra for ‘premium’ or ‘prestige’ & ‘feature’ listings which are denoted by being the first listings under the suburb & highlighted in blue or yellow. Of course you get charged for these.
Realestate is agent-exclusive, domain.com.au will take anyone’s money. It depends upon the property location as to which site is most effective.
This is why I like to manage my own property. I only had one week inbetween tenants.You can be in control. Some PMs dont care how much time elapses.
Brilliant.
Good on you realdream. I have no time to do self management and have had so little vacancy it is fantastic. Good property manager is worth their weight in gold.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHey D,
As far as I’m concerned, there are really only two reasons why it’s been on the market for so long;
1. You’d like more rent than the market is prepared to pay, or
2. The property manager isn’t doing a great job getting tenants.It’s just not worth having your property empty for long periods of time. Consider that two month’s vacancy means approximately $2400 in rent lost. Could it be worth dropping the rent by $10-$20 per week to avoid this kind of loss?
You could also call a few property managers in the area to find out if they have potential renters looking for your type of property. Don’t be afraid to terminate the agreement you have with the existing manager if they’re not performing (but check the fine print first)…
You’re absolutely right when you say that good property managers are worth their weight in gold – but they can be very hard to find!
Good luck!
DenThanks for all your suggestions.
I don't think there's much i can do in terms of terminating the agreement with the PM. I had a closer look at the agreement last night and it says Exclusive Authority Period for Leasing = 365 days and Continuing Authority Period for leasing = 30 days. I don't know what the consequences will be if i did terminate early, plus who knows if the next PM can guarantee a tenant. Nevertheless, i appreciate all your responses.
cheers
god_of_money wrote:Looks OK
but why not advertise with domain.com.au
or realestate.com.auLooks like it is on both:
http://www.realestate.com.au/property-house-vic-st+albans-404831736
http://www.domain.com.au/Property/For-Rent/House/VIC/St-Albans/?adid=6773976
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