Hi all, i’ve had a property in gore for nearly a yr, and i’ve had a few issues with it. First as part of the loan aggreement i had to have some things fixed, just some pipes(leaks) and lining in a back room, and i couldn’t get the builder to do it for about 5months, and because of this the tennants decided to move out. And since then i’ve had the place all cleaned up, gardens down, all little issues fixed but can’t seem to get it tennated. It’s been vacant for about 3months now.
What should i do ?
The propery is with Hardcourts, should i get a new PM ?
Regards Jarred.
The address is 3 Nelson st, rent is at $135
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http://www.tranzfers.com/refer.asp?r=jarred_spriggs%5Burl%5D%5B/url%5DHi Jarred, sorry I can’t be of much help, but I am wondering, is this a reasonable market rent in this town for a property like yours? Did the property manager suggest this amount?
Have you had a chat to your property manager and did s/he have any suggestions?
Assuming that there is nothing wrong with the house, perhaps the reason would be that there is a lot of competition in the area?
If you drop the rent, you might find a tenant quickly.
I know that nobody likes to drop their rent, but it may be a bettr option than having no income at all from this property.Let us know when there are any changes, I’m interested!
Celivia
Hi jspri,
The rental market has changed a little in some areas of nz. When the rental market is tight in a certain area I use incentives to attract potential tenants and make the property look more attractive. I will often cover the first weeks rent as an example, or cover the letting fee if I’m using a letting agent. It may well be worth looking for an alternative property manager which may also solve your problem.
Good look with your search for a new tenant.
Regards
Ruby.
Even Christchurch (one of the largest cities in NZ) has been weird for vacancies in certain types of properties, or at least it was for a few weeks during winter, when it was cold and rainy (funny that, nobody wants to move!) So Gore eh. What tenants there are in Gore just aren’t picking your house. Why? Nothing wrong with the house, it’s just ‘the house for the price’. I.e. as others have said, the rent is too high. Drop it! Drop it $10 a week until you get a tenant. Too costly to have it vacant. What I mean is, much better to have it rented for even half the price, than have it half vacant at the full price. Do you get what I mean? For example do the numbers on missing out on $130 a week for 3 months (how much you ‘lost’) versus having it fully occupied for $100 a week for 3 months (how much you ‘lost’) and you will see how it is much better to get rid of vacancy and get someone in there pronto paying ‘something’!
You can always put the rent up again in 6 months, anyway.Call your rental manager and tell her/him what you want them to do. GET YOU A TENANT and fast.!
Also think about selling the property.
if it ain’t performing, and you can’t solve it so it can, get rid of it.
Sell it to another investor on a ‘rental assessment’!cheers-
Barb
Hi Jarred
make sure your home is well presented and take it to First National to Manage. there are lots of poorly presented properties vacant in Gore at the moment.
regards westan
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Hi Jarred
I had to drop my rent on one of my houses in Invercargill. It was rented for $140 but when the old tennant moved out I could not get anyone. I dropped the rent to $100 a week and had no problems getting someone.
It is not much of a house but at least it is just paying for its self at the moment.
Kerwyn.Hey,
If you are still having a proplem…..
You could try running a few adds in the local paper:1 Advertising with a twist….. 2-3 weeks free rent… this way you can keep the rent price up there.
2. Perhaps advertising to rent to own…… so they can rent it and build deposit up until they have enough to finance it (Increases your return by 15-30%)
3. Advertise with FREE meal tickets to a nice resturant or event….
**What are you losing now in income? … if you spend a little in tryuing a new teqnique… you may have the phone ringing off the hook. and be able to sort through the chaff to find the gem Tennant.Or.
Ring all the RE’s in the area and fake hunting a property to rent… ask them what is about and how quiclky they go.. or what the waiting list is like. Also whathe rent is for them…. this way you can get a sense of what the rental demand is like.
Cheers
Kiwi
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