All Topics / Help Needed! / No tenants

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  • Profile photo of ohiyooohiyoo
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    @ohiyoo
    Join Date: 2010
    Post Count: 3

    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.

    Profile photo of Dan42Dan42
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    @dan42
    Join Date: 2008
    Post Count: 619

    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.

    Profile photo of cmasoncmason
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    @cmason
    Join Date: 2009
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    Profile photo of DWolfeDWolfe
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    @dwolfe
    Join Date: 2009
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    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
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    Profile photo of ohiyooohiyoo
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    @ohiyoo
    Join Date: 2010
    Post Count: 3

    Here 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.

    Profile photo of god_of_moneygod_of_money
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    @god_of_money
    Join Date: 2008
    Post Count: 970

    Looks OK
    but why not advertise with domain.com.au
    or realestate.com.au

    Profile photo of maree_bradrossmaree_bradross
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    @maree_bradross
    Join Date: 2007
    Post Count: 401

    Is 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?

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

    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
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    Profile photo of CatalystCatalyst
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    @catalyst
    Join Date: 2008
    Post Count: 1,404

    Ring 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.

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

    BTW,

    "keys in office"

    I don't see pro-active agent in that…..

    D

    DWolfe | www.homestagers.com.au
    http://www.homestagers.com.au
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    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    god_of_money wrote:
    Looks OK
    but why not advertise with domain.com.au
    or realestate.com.au

    Everyone 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?

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

    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
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    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    Waste 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.

    Profile photo of realdreamrealdream
    Member
    @realdream
    Join Date: 2010
    Post Count: 7

    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.

    Profile photo of DWolfeDWolfe
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    @dwolfe
    Join Date: 2009
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    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
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    Profile photo of EPI_DenEPI_Den
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    @epi_den
    Join Date: 2010
    Post Count: 71

    Hey 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!
    Den

    Profile photo of ohiyooohiyoo
    Participant
    @ohiyoo
    Join Date: 2010
    Post Count: 3

    Thanks 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


    Profile photo of cmasoncmason
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    @cmason
    Join Date: 2009
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    god_of_money wrote:
    Looks OK
    but why not advertise with domain.com.au
    or realestate.com.au

    Looks 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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