About 3 mths ago I purchased a 3 bedroom unit in Orange NSW. I have a local Real Estate agency managing the property (highly recommended one)but so far they have been unable to find a tennant to lease the prperty. Any sugestions?
Regards
Dhendejej
In one word:
ADVERTISE
Good luck,
Jo
Hi dhen,
Talk to the PM and find out why they have been unsuccessful and how many iinspections have they done.
Being winter there tends to be fewer tenants looking and as such you may need to consider reducing your rent.
Also ring other PMs and see what they are saying about the Orange market – compare the rent with other agents, see what is preferred by tenants in the area, how are their rentals moving and so on.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
um lower the rent?[confused2]
Three months of vacancy- what a worry![ohno2]
I agree with Derek about reducing the rent. I would!
Are you sure the rent you are asking is the market rent for a unit like yours?If you’d reduce the rent say $10 per week on a year’s lease, yes you will lose out on $520 for the year, but how much will you lose out on if the unit is going to be vacant for another 2 or 3 months?
Is the unit desirable enough?
Are there things that you could do to make it more desirable? Compared to other 3 bedroom units in the same area, is your unit up to standard?I would certainly talk to my PM and ask for their advice about the rent and about what they think you could do to attract tenants.
Have they done their job properly e.g. advertising, showing people through etc?I hope all goes well, dejej!
Celivia
Dear dhen,
I do empathise, I’ve been there myself. We bought a house near Byron Bay a year ago, and it sat empty for 5 months. We dropped the rent until we started getting inquiries, but no actual takers. Then we eventually found a tenant through a friend of our local friend – Property Manager had no success. We also took a risk on young tenants with no rental history, but they have paid rent and looked after the property faithfully.
So we got tenants by taking a risk.Cheers
does it have a good heater? having lived there this is quite important. also, does the property cater for the student population?
I listen to Orange popular radio every day, because I’m in their radio radius. ( if you can’t listen to the Lawsie show every weekday morning, then try and have a nice morning anyway.)
. Raine & Horne Orange advertise heavily as being very active agents. But, the REA who has the highest enquiry rate will always win.
Demand the following :
copies of the ads they ran for your property.
copies of their properties to let sheets for the last 3 months to show you were listed.
copies of every application they had on your unit and refused.
faxed copy every day to you of their available properties to let.
add a bonus onto yours – extra $100 to rent it this week. fax this offer to the licensee with your complaint and cc the PM.
Bet it rents by Saturday.
This all assumes there’s not a bikie gang living next door or down the hall.
good luck
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
I had a similar experience with my property manager.
In my area all the agents have listings at the front desk. Therefore I dont believe in paying for advertising. Renters will go to agents and get their listings NOT look in the local paper as local paper only really has some of the available properties in area anyway.
I got a copy of the agents listing. I re wrote the description of my place and within a few days I had a tenant. Previously with the poor description by the property manager it was on the market for 4 weeks with only a few inquiries.
My advice – get a copy of the listing and re-word it to sound better than the others on the list. Emphasise the good points about the property and use words like better than average, large, private surrounds, pleasant outlook, around corner from public transport etc.
It sounds like a few of us have had similar problems. I had an IP vacant for 3 months, it was the neighbours who scared everyone away. Silly me, I never noticed them when I purchased the IP.
Finally had to reduce the rent and fortunately neighbours shifted and have managed to crawl back with rent.
I notice some adds here in WA where landlords offering 1-2 weeks free rent….oouch..[eh]
Thank you all,
I must say I am encouraged by your replys. I think the idea of adding an incentive to the deal is a good one. Also the heater needs to be looked at. It has an electric one at the moment, I might explore the possibility of getting a gas heater installed.
Thanks all.Dhen
dejej
Dhen and others, air conditioners are the cheapest way to heat/col a home year round and for $1000 bucks you can have a 2.5 split system shipped where you need it. Installed locally for warranty reasons all these come with a 5 year compressor warranty.
Adds $5000.00 to the next val too. Usually makes it easier to rent as it is clean fuel and if already rented adds $10.00/wk which you claim the air con on tax depreciation and tenant pays for it in 2 years. Its a no loose situation.
DD
PM me if you are interested.
Don’t sweat the small stuff,and it’s all small stuff!!
Elec heater ?? In Orange ?!! It’s a wonder the last tenant didn’t die last winter – Orange is legendary for cold weather, it snowed near there yesterday on Mt Canobolas. Put the heater in for humanitarian reasons and the other reasons mentioned by DD are a bonus for all concerned.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
in all my properties , i allow pets, all properties never one week vacant, i get $20 more per week – one tenant even has a python in a glass cage
i will never live in my rental propertyManoj
Manoj, if I had that last tenant, I would never ENTER that investment property[biggrin]
Cheers
Mel
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