Forums / Property Investing / General Property / Having problems renting out?

Viewing 20 posts - 1 through 20 (of 22 total)
  • Profile photo of eliseyelisey
    Participant
    @elisey
    Join Date: 2009
    Post Count: 40

    Hi,

    Have anyone heard of Sunbury in Melbourne?

    I have one property there and has been vacant for about 4-5 weeks now. Couldn't find anyone to rent. Im getting worried!

    There are also many rental properties available in the area on the market at the moment.

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,850

    The main issue is price – the closer you are to the market the sooner you will lease the property. Even if you drop below market to rent it out quicker you will more than make up for the drop by having leased the house out sooner rather than losing $200 per week waiting for the extra $25 which may take another month.

    Profile photo of luke86luke86
    Participant
    @luke86
    Join Date: 2010
    Post Count: 470

    Yep agree with SNM. The only reason would be that it is too expensive. Every house in Australias capital cities will rent quickly if the price is right.

    Cheers,
    Luke

    Profile photo of eliseyelisey
    Participant
    @elisey
    Join Date: 2009
    Post Count: 40

    The property is currently at $10 below market rate, but still not many people go to inspect the property:(

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Elisey

    Where is it advertised? Is it being professionally managed? If so, what feedback have you received from the PM?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of BluegrassBluegrass
    Participant
    @bluegrass
    Join Date: 2009
    Post Count: 73

    Elisey
    Just remember that if you have to go $50.00 under market value at least you have stop the flow of cash out of your pocket and a percentage of the drop can be claimed on your tax.
    Also make sure you are using the ITWV form so you get your depreciation back weekly if on PAYG.

    Profile photo of eliseyelisey
    Participant
    @elisey
    Join Date: 2009
    Post Count: 40

    The prop. is managed by a real estate agent and also advertised on the realestate.com.au website. Was told that not many people inspect the prop. and there are also many prop. available in the market. And those who are interested are not a good tenant (based on their reference).

    Profile photo of BluegrassBluegrass
    Participant
    @bluegrass
    Join Date: 2009
    Post Count: 73

    Elisey
    That can happen.
    Consider a new agent or go get them of there date and do something.
    They are the ones getting all the money for no risk!
    Bluegrass

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    What are the description and images like on realestate.com? Also, there should be a little box that tracks the number of visitors to the link as well – that will give you an idea of how much interest the advertisement is attracting.

    Perhaps call some other PMs in the area and ask them what their current demand is like.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674

    What features does it have ?.  What makes it stand out from all the other properties on the market !
    Does it have a nice garden
    Does it have central heating
    Does it have evaporation cooling
    Does it have cooling
    Does it have neutral colour schemes.
    Does it have a carport
    Does it have carpets as some tentants prefer polished floor boards.
    Does it have a water tank
    Does it have nice light fittings
    Does it have curtains
    Does it have the option to rent a BBQ or does it have a deck under a pergola.
    My all time favorite and most important for Tenants DO you have built in wardrobes ?
    Do you have a toilet roll holder in the toilet
    Do you have towel rails in the bathroom
    Do you have a vanity mirror in the bathroom
    Do you have broadband wired up in the house !

    Do you allow pets in the property good rent marketing point maybe you let dogs in back yard

    My tenant has a dog and I do not think they will be moving too soon as they know I know about the dog in the backyard as I found out about the dog when I got the fences replaced. They also know I do not mind the dog in the backyard .

    You sometimes have to think like a tenant

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    duckster wrote:
    Do you allow pets in the property good rent marketing point maybe you let dogs in back yard

    My tenant has a dog and I do not think they will be moving too soon as they know I know about the dog in the backyard as I found out about the dog when I got the fences replaced. They also know I do not mind the dog in the backyard .

    You sometimes have to think like a tenant

    Good point. Allowing pets may increase the demand. Properties that allow pets are few and far between – if you’re agreeable to this approach, it could help you fill the property. You might also land longer-term tenants.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of wisepearlwisepearl
    Member
    @wisepearl
    Join Date: 2009
    Post Count: 264

    you could always try putting an ad up on gumtree too? loads of people there looking for accommodation. depends on your target market for tenants, as gumtree does tend to attract more younger couples, single parent families, student groups and some single mature age tenants. well in perth it does at least!

    Could you make your ad stand out with some marketing, perhaps offer tenants one week free rent for a minimum 6 month lease signed before 5th July? Do this without dropping your rent again, otherwise you’d be struggling to recoup costs.

    Profile photo of eliseyelisey
    Participant
    @elisey
    Join Date: 2009
    Post Count: 40

    The ad is very simple, in point form. Pictures are good. There are about 500+ "web – visitors" and yet, after being on the market for 5 weeks, still couldnt rent out. I am getting depressed.

    Anyway, I just rang another real estate agent. Was told that the demand is good in the area. And it could rent out for ard $425-450 and can rent out within a couple of weeks. That is about $100 more from what it is advertised now. I have a look at the realestate.com.au website, most houses are ard $350 mark. Rarely go to $400!

    I'm in doubt to change to this agent.

    With the gumtree website, can I advertise or the agent can do it?

    Thanks guys for the feedback

    Profile photo of SezSez
    Member
    @sez
    Join Date: 2011
    Post Count: 26

    If you are having issues leasing it but getting pleanty of people through who are just bad applicants, could be price. People who are desperate for a house but know they probably won't get anything due to a bad history will pay any price you ask!

    If you aren't getting through then it is either the price, advertising OR presentation of the property once you get inside (which could come back around to price). Re-jig the advertising, go through the property, how is it looking? Does it need a paint? Are the carpets worn? What are other properties in the same area looking like compared to yours. They are your competition and where people will be going over your property – there is a reason for that!

    Profile photo of dbwine4fundbwine4fun
    Member
    @dbwine4fun
    Join Date: 2011
    Post Count: 1

    Suggest trying more advertising where renters can find you. Gumtree attracts lots of backpackers etc, well know in UK, Have a look at other sites like rent.com.au and domain as well.

    Make sure you load photos to your ads so people can see what the property looks like, saves getting time wasters calling you.

    If its a tough market think about offering a week's rent free as an incentive.

    Profile photo of emptyvesselemptyvessel
    Member
    @emptyvessel
    Join Date: 2008
    Post Count: 170

    No, I am having no problems renting. Just finished putting rents up.

    Profile photo of MikeLewisMikeLewis
    Member
    @mikelewis
    Join Date: 2011
    Post Count: 19

    Just find a private landlord. I have never come across a private landlord who did a credit check. They will want a reference from your previous landlord or several personal references if you have just moved back to the country. Other than finding a private landlord and explaining the situation and offering perhaps to pay a couple of months rent up front, I think you are going to find it difficult.

    Profile photo of DWolfeDWolfe
    Participant
    @dwolfe
    Join Date: 2009
    Post Count: 1,253

    Hi Elisey,

    Can you put the link up? Plenty of perfectly good houses have been ruined by a poor description or really bad photos.

    What's your target market? What do they want? Does your property have these things? Is your agent proactively speaking to people when they phone up, or come in?

    Good luck

    D

    DWolfe | www.homestagers.com.au
    http://www.homestagers.com.au
    Email Me

    Profile photo of fWordfWord
    Participant
    @fword
    Join Date: 2009
    Post Count: 471

    Consider also the season. It is likely there are less people looking to move considering its in the dead of winter at the moment.

    Profile photo of RenoTeamRenoTeam
    Member
    @renoteam
    Join Date: 2011
    Post Count: 92

    How long were the previous tenants in your property? Is it requiring a a quick paint or new carpets to bring it up to the standard in the area? Agree with the pet option mentioned above too :)

    Holly

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