We purchased a double story, largish house in a prime position at safety beach, walk to the beach and marina.
It's on 1000 sq m land, we plan to subdivide and build at the rear and eventually renovate the front house.
We've had it available for rent for some 8 weeks now with no takers.
The rent has been dropped from 310 to 290 per week.
It is very presentable,although a little "retro".
I thought we had a tight rental market, so I am quite surprised by the lack of demand, is it the area, being on the Mornington peninsula?
Any idea as to what to do next?Where do you have it advertised?
realestate.com.au is a must, we get 99% of enquires from there.
Try a signboard if you have to but as a second option to the internet.Advertise open inspections in newspaper and on the internet.
It should only take 3 to 4 weeks at most!!!It's been with the local real estate agent and is certainly on the internet and she holds open for inspections.
What is the attendance at the inspections like? How many enquireis per week is she getting from the internet? We have had situations like these before where it just did not make sense to us why a perfectly good house is not renting.
Sitting and waiting is the worst thing you can do as properties go "stale" tenants think there is something wrong with them and they do not bother!
You need to find out what the problem is, ask the agent to follow up on all enquires and ask why they were not interested! Price too high? Bad location? Something they didn't like? Agent's application process too difficult? Enquiries are a great source of information, use them! You need to find out why so that you can do something about it.
The price may NOT be the reason so reducing the price without knowing is probably not a good move.In one of our difficult to rent properties, we found that the location was too far for the target market we were advertising to (it was a house on the beach set up as a student accomodation), we changed the wording of the ad to say that there is life beyond the university campus. Lifestyle by the beach to get away from uni work etc… It worked!
But we would not have known that if we did not ask!Hello Regina
Have you asked your agent what she thinks the problem is? Is it possible that there is not much demand in the area for such a large house?
I don't know the market there at all but if it's the one I think it may be on realestate.com it looks like it would be quite easy to make ino 2 rentals. A 3 bedroom and a 1 bedroom. Just a thought that crossed my mind.
I hope it works out for you.
ElkaGet a new agent that is more enthusiastic…I found that when I had a property that took a long time to rent found a new agent and what do you know had a good tenant in a week!
Thanks for all the good replies.
Just spent five weeks overseas and so couldn't control the situation.
She reports no negative feedback from those inspecting it.
We went there today to cut the grass and tidy up and she hasn't even got a board up, I've asked her to do that.
It can't really be split into two because of the layout.
Since it's vacant, we will do some minor renovations, eg re claim the garage that's been converted to a bedroom down stairs
and open up the down stairs living area to the backyard, by adding french doors.
this should be at fairly minimal cost.
It will also prepare the property for subdivision later, since we have to remove the large aluminum garage in the back yard.
It's possible that the Mornington peninsula rental situation is a little slow due to it being perceived as a summer holiday area?regina wrote:She reports no negative feedback from those inspecting it.So why are they NOT renting it? Most tenants going through open inspections will not be rude and say that there is something wrong with the property. If they are followed up with a phone call later, they will tell you what the reasons were, if you want to get to the bottom of the problem, you need to know the reason and not speculate what it may be!
my advice was going to be get a new RE Agent…. I think everyone else has it covered, wow I cant believe it has been vacant for that long, it sounds like the perfect place!! take it into your own hands and see how you go and kiss that RE good bye. good luck with it all and keep us posted!!
I had a property not rent because the colour scheme was ghastly purple and hot pink. May be you could get some friends to look at the property from a different set of eyes than yours to get a different perpective.It was the boyfriend of my real estate agent that mentioned when he saw my property that the colour scheme was hideous.
Also built in ward robes are a must and blinds / curtains
I planned to add a built in wardrobe before renting out a property and had to add it in to the lease agreement that the wardrobe was being installed.
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