Hi,
I recently read Steve’s book ‘0 to 130…’ and took the plunge and bought a cute little house in Kalgoorlie WA. We settled at the end of Jan and the house is still empty. I’ve just changed my agent but I’m still finding it impossible to get someone in. I’ve been assured the rent I’m asking is a fair price and I have compared it to other houses in the area. People are renting, just not my house, so I don’t know what to do.
What started out as exciting and inspiring is starting to get me and my bank balance down.
Any idea’s?
ThanksKosmic*
GKD
You amy have to drop the rent by $10 to attract potential tenants. $10 less a week is better than having to service your mortgage all by yourself
I personally don’t know the Kalgoorlie area, however, I have always found it easier to find tennants at either the end of the year (Dec-Jan)or the middle of the year (June-July), so maybe things will change soon.
I would be finding out why prospects where choosing other houses over yours. It could be something easily fixed like putting up a fence, carport, a bit of landscaping or maybe changing the colour of the front.
Is it an area where there is high rental demand? Have you done research on the rental market in the area?
I think if you ask the right questions of the right people in Kalgoorlie, you will most likely find your answer.
Good luck
ClayPerhaps it is due to something with your gouse that deters people from renting it – only you can find that out.
Is there a lot of rental properties on the market in the Kalgoorlie area?
What is your new agent doing differently in terms of advertising and promotion than your previous agent?
Perhaps you could also advertise the property. Place an add in the local paper. What industries are operating in the area? Do they have staff news letters? See what can be done about putting an add in there. Try something different!
Learn, Love, Strive. Make a difference!
Check with the two agents u have used to get feedback on why renters have not chosen your property. you say the rent is OK then perhaps the lack of undercover parking, storage, safe play area for thr kids, colour of the walls, heating airconditioning, etc.could solve the problem.
I recently experienced a long delay in getting a tennant so I asked the agent to put up a board. A week later I had a tennant.
There are many good ideas in the previous responces.
A way could be to offer something different, say free rent, free microwave oven, clothes dryer, free pizza . Dont be desperate and accept any tennant be patient.[buz2]
hrm
Kalgoorlie is a town of declining population isn’t it from memory?
And it’s a bit like Las Vegas it’s in the middle of nowhere, there are many properties for sale in the area, i’d presume many others for rent also, as advised by the others on the Forum you need to do something- and now.
Reducing the rent and getting a tenant into a lease is certainly worth it. Look at the Latest API mag and browse this site for tips.
Consult other REA in the area, a lot of single people are not after houses so you may have to make the IP more appealing.
What are you charging for rent (there are a few otherinvestors on this forum who own in Kal and may be able to help)?
Is it your PM or the RE Agency not putting in much effort?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI don’t know the area either, but on top of what others have said:
You could start promoting your house yourself (in addition to the agent)
– drop flyers in mail boxes in the area,
– post on community/tafe/uni notice boards,
– email all your contacts letting them know that you have a house for rent if they (or someone they know) is looking,
– contact a large employer and find out how they house people on transfer to Kalgoorlie (maybe they can pass you details on to any new employees).Thanks hmacay your idea about the sign at the front of the house is bloody great
I will be calling the RE tomorrow morning about that one we,v had a vacancy for 6 weeks boy does it hurt but it only makes you more creative i guess good luck fellow investor[biggrin]Re your untenanted property in Kalgoolie.–With the continuation of the resources boom there are more mining companies starting up or expanding operations around the area who will require accommodation for staff. You could have a trawl round the ASX site for recent announcements of companies doing projects in the area .then you could send details of your property to rent to them. From memory there used to be relocation companies that specialised in finding staff accommodation for mining companies. (that was in the last mining boom) You could register your details with such organisations. Of course this is the sort of thing any half way efficient P.M should be doing. Good luck
Magellan..some companies cant even get their mines going due to lack of skilled labour.
Sons of Gwalia crashed to earth..it will be interesting if St Barbara now *kicks* production up a notch again now they have bought SOGIES… lets hope they do.
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
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