Hi everyone,
I have been reading the forums but only just joined up today and am hoping to get some advice from some experienced investors!
I recently purchased an IP in Ballarat and it has been on the Internet for approximately 4 weeks. In that time I have had less than 5 views and only 1 application which fell through. I am becoming quite worried and don’t know if it’s the agent not doing a great job or the rent is too high.
I am hoping someone may take a look at the ad and give me some tips/ideas as to what the problem may be. I understand the rental market is a little slow in Ballarat at the moment, but surely this is crazy!
Here is the link:
http://realestate.com.au/416037557
Any advice would be gratefully received.
Regards, Mandy
Hi Mandy
Sorry to hear about your trouble!
Just a couple of observations:
– The suburb is noted incorrectly on the listing.
– There is no picture of the garage. While it is mentioned in the text, a picture tells a thousand words, and people like to see where the car is parked in relation to the front door. It is always a good idea to have a pic showing garage entry and front door in the one pic.
– I notice there are several open for inspections listed, each of which conflict with the standard work day, and Saturday morning soccer practice. I wonder whether your agent is being accommodating of people wishing to view outside of these hours. I would consider having a mystery shopper ring up and enquire about your property and explore whether requests for such inspections are being accommodated.
At the end of the day if the pics are appropriate and the ad is appropriate and the agent is performing then the thing to look at is the price.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Thankyou for taking the time to respond. I will take your suggestions on board. I did also notice that the suburb was listed incorrectly, this is now the second time – not off to a good start!
Overall the service from the agent has been pretty poor, I think I will have to check the terms of the contract and start shopping around. Anyone know of a good agent in Ballarat?
Thanks again Jacqui.
Mandy
This makes me nervous, I’m looking for an IP in Ballarat ATM, I’m actually inspecting one in Soldiers Hill on Monday.
I also think the inspection times are a problem, seems odd to not have evening times. I’m also thinking that a picture of the bathroom might be a good idea to have in the gallery. I would call your property manager and express your concerns.
The vacancy rate in Soldiers Hill is just over 4%, and from conversations I’ve had with agents in the area, getting tenants in winter is hard work. Jan-March period is much easier. If you’re desperate it might be a consideration to drop the rent a little. Good luck, I hope you get tenants soon!
Thanks for your input Emma.
I have heard the the market in Ballarat is slow at the moment, and maybe I’m being optimistic but I still think that if it’s a good property in a good location at the right price it will rent. The agent tells me spring is the busiest time for renters, so fingers crossed.
I do think Ballarat will be a good investment if you are looking at this as long term thing. I am going to have the agent drop the rent by $10 a week and see if it picks up. It appears you have done your research, but I guess there are always risks involved.
Good luck in your search, I’d love to hear how you get on!
Mandy
Anyone know of a good agent in Ballarat?
Ballarat Property Group.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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