Still no tenant - life looking real dim. Pretty miserable

P

Peta

Hi all,

Some of you may remember my previous posts, the last one called "Advice, suggestions or help on other ways I can tear my hair out".

This was regarding my IP in Bathurst which was originally setup like a boarding house (all fully equipped and furnished) with 6 bedrooms. UPDATE = is there is no good news. I still have no tenant and about to pay the 5th mortgage payment with no incoming.

I have now approached the agent again to lower the price for the 3rd time to $300 as a 4 bedroom empty with 2 ba and 2 living areas and 2 outdoor entertaining areas or from $400 as a 4 bedroom fully furnished with 2 living areas and 2 bathrooms. $550 for the lot (6 bedrooms and 3 living areas) which is reasonable considering its a walk in with ur undies and ur set job! Even at the lower price - no interest and all the agent can say is they are in the middle of a quiet time - well that doesnt help me! :confused:

There were some enquiries about the house made by builders and dentists wanting furnished properties but the builders have been delayed by about 4 weeks if not longer and the dentists have disappeared off the radar.

I contacted another agent as a friend said they were advertisiing for houses. I was told that they had a few ppl on a waiting list - but nothing back from them either.

To aviod the property becomming stale in the marketplace, I had the agents change the ads, pics and price. But still no luck.

I have large, coloured A3, glossy fliers up at 3 large public areas at the local uni and on the uni website (both have been utilised for months too)!

I just dont know what else I can do...I have run out of money so now my mum is paying the mortgage and thats not fair either!

A first and last IP....:(

Help apreciated - I feel like I am beginning to sound like a broken record becasue its still the same problem and I have exhausted all avenues offered by the ppl on this forum...
 
Ouch..

Not sure what else I can recommend that you try, but I would be

- contacting ALL REA's in area and let them know it is available,

- asking the REA's what is wrong with the place. Is it location, do they not want furnished? etc. What do they recommend you do to get it rented.

- asking the REA's for help. Pleading can sometimes be good;)

I am familiar with the area can you pm me with names of the PM's you have tried and also the address of the IP.

Sunshine
 
Peta,

I just did a search of rentals in Bathurst.

Of the 197 properties available, yours is towards the more (most?) expensive end.... that's a heck of a lot of vacant properties for a given area....and to be at the top end of that isn't good news.

I think it's time to go to emergency measures.

I think the tactic of advertising the three "options" is confusing at best.

So how about simply advertising as $325 pw unfurnished 6br?

Sell up the furniture (or use it for yourself?)

This will squarely put you up against unfurnished 3/2 and 4/1

Of course, there is the other option of calling it an experience and sell up.....

The Y-man
 
Advertise at the lowest price you can deal with, include all agents in town, and the carrot- 2 weeks rent free. Then increase the rent in smallish jumps allowing for the 60 day clause.
Good luck!
 
Giving this some more thought, and following up from YM's post. I also checked RE.com and to be honest, I am blown away with what is available for rent and for sale. You really have a hard task in front of you no matter which carrott or bullet you chose.

There is a furnished property for 550pw, and a 6 bedder for $500 pw. I think I noticed yours for $400 pw. I notice the other 2 will not allow pets, will you?

In tough times and with tougher competition, you need a sweetener as suggested by Skye.

Perhaps try short term/ holiday/weekend accommodation. Tourist publications/booklets or the tourist info may have more info on that. I knew somebody who tried this not far (1/2 hr) from Bathurst and went well.

Also any relocation services around that may need some short term/temporary accommodation.

Good luck

Sunshine
 
Make sure any lease expires into the next High rent period .
Dont sign a 12 month lease unless it takes you into the next high rental period,
 
Hi all,

Thanks for your replies.

Re: pleading with the agents - I have and like I said feel like I am a broken record.

Re: other agents....I will plan to give it back to the agents who do the by room basis simply because its better timing now - last time I tried, I was only in time for new students who dont have groups of friends yet and I didnt want to rent a 6 bedroom house with only one or two ppl or it makes it impossible to then rent as a whole - it will have to be a min of 4 ppl if by the room which I think is more possible considering I will actually own it at the end of this uni year and not start of a new one.

Re: rental expiry periods = after this experience, that will be on the top of my list!

Re: Pets....I am deperate and would consider it but my mum who has had IPS says its something to be really cautious about and that it could end up full of hair and smell and stained carpets. I have 2 cats, both are indoors (since I bought them) and trained to use human toilet (except flush) and pretty clean so that considered I dont have issues but its the what ifs that concern me and my ability to rent in future...

Re: Short term / holiday accomodation etc....I am hoping to rent it for race week for executive race teams who can rent up to 2 weeks before the race in October. They apparently rent houses on a home hire basis for a min 5 days (if with the person who deals with exectuive teams only) or for a min 3 nights with the tourist info (who supplies housing for anyone and their dog! - not exclusively executives). For the executives and a min 5 days I will get 2 mortgage payments which will alleviate pressures but I cant book it in for that until I find out what the dentist and builders are doing because if their leases run into race week Ive either got to turf them out or cancel a group who has booked it for the race. I dont want to do either!

Re: lowest rent I can set....well I have just about reached that, in fact, the price for it empty and 4 beds is well below what other properties with similar features are available for.

Re: advertising 3 different ways confusing...I have had the agents draw up 2 different ads so that those looking for furniture will see that and those looking for empty will see that but at a cheaper rent. The furnished ad however, still hasnt been changed after I have requested that.

Re: Selling furniture...I think I will have more luck renting it as a 4 bed empty then as a 6 bed furnished so its easier for me to store all furniture in the new rooms downstairs and lock up. That way, there is still a house to rent and still furniture for me use for race week or short term accomodation.

Re: selling....in the down period that currently exists and the fact that I have not made anything on it since I bought it means selling perhaps isnt wise as it hasnt proved itself as an investment and I havnt recooped any of the renovation $$$. I would be trying to sell it for months - it was on market for 6 months when I bought it...she had a ridiculous $ on it and was a bit stubborn.

Re: whats wrong with place?...I have asked agents (3 now have seen it) and all say how nice it is. Two have said its too good for uni students. Another said nice area and tidy neighbours. Some people I have spoken to say its in a good area and Id have to agree as it seems family orientated and ppl seem to be very house proud.

I hope you manage to read this reply and offer any further suggestions...

Thanks in advance
 
Yeah that map is crap....its in South Bathurst on bus route overlooking Mt Panorama - in fact you can see pit strait...
 
Peta said:
Yeah that map is crap....its in South Bathurst on bus route overlooking Mt Panorama - in fact you can see pit strait...
Click to expand...

Could that be the issue?

I looked at it and thought why would I even call the agent , its in the middle of no where.

Dave
 
If I were you I would rewrite the ad myself giving them all the good info and TELL the agent to change it immediately and as Boat Boy suggested either change the map or get them to take it out altogether.

Also I would TELL the agent to make the ad as new again. I see you have had 428 "show visits" on this ad.

The same thing happened to a property we were renting out. It took longer than it should because the landscaping wasn't finished and by the time the lanscaping was done we had about 350 hits and in my view if I was a potential renter I would wonder what was wrong with this place.

When we did start again, suddenly we were getting more viewing as the ad was back up to the top of the list with new photos and now finally it is rented.

I think it is better to start afresh.
 
I have just sent them an email about it...I noticed that at the beginning but didnt want to pick them up on things too much. The walk in enquiries and fliers still havnt generated any interest and if they had, the agents would have told them the address.

Its not very attrractive from the outside and so I have been hesitant to have the address actually listed on the ads - I have reuqested the agents just try to get inspections becasue its a case of inspect to appreciate. It also looks very small from the outside - so deceptive.
 
Hi Petal,

Thanks for the advice. I have reworded the ads but the second one catering for the house furnished still hasnt been changed to my wording and I think what they have written is very confusing.

Can they regenerate them so they are at the top of the list?
 
Peta said:
Its not very attrractive from the outside and so I have been hesitant to have the address actually listed on the ads - I have reuqested the agents just try to get inspections becasue its a case of inspect to appreciate. It also looks very small from the outside - so deceptive.
Click to expand...

As a renter, I would hate having to deal with the agent to get address etc. If the address wasn't listed, I would automatically take it off my shortlist.

Cheers,

The Y-man
 
Peta said:
Hi Petal,

Can they regenerate them so they are at the top of the list?
Click to expand...

Yes they can as they did it for me a couple of weeks ago. They just delete that ad and do up a brand new one (with your copy). They can still use the photos they already have.

I also agree (again:D) with BoatBoy. You should advertise the address. With that dodgy map no-one will be interested as they will think the property is waaayyy out of town.

As long as your photos on you ad are good enough people will be able to appreciate the property I am sure.
 
Peta said:
$550 for the lot (6 bedrooms and 3 living areas) which is reasonable
Click to expand...

At $ 13.10 per room per night, I'd say that's more than reasonable.

Perhaps you need to go back and have a good rethink about the asset you purchased and what type of person you're going to be going into business with who thinks this rate is still too high !!
 
We have a 11 unit furnished bachelor suite property.It has 98 % occupancy.
How far do you live from this property?
Are you able to self manage?
We advertise online only. We had a nice sign made and erected with our website and phone number on the front side lawn.
We reduced our rents initially because we missed the start of the college year (by 3 weeks), we have sinced raised the rents A LOT.We allow dogs, and charge extra, and people are grateful they have somewhere to go with their pet.
We advertise as a place for students, first time renting, moving to a new area, and for that new chapter in their life....separation/divorce.
We allow from a week to a year, as many people just want time to figure out what their next move will be.

Until you get established, you may need to take control. No one is going to look after your place better than you.
 
You must log in or register to reply here.

Similar threads

M
Request to lower price quote on authority by RE agent
Replies
6
Views
3K
NPB
N
S
still no tenant after 1 month...what to do
Replies
19
Views
3K
Big Will
B
D
To have 3 bedroom or 4 bedroom?
Replies
19
Views
3K
dboy_tomato
D
R377
4 Bedroom House - Idalia, Townsville.
Replies
1
Views
2K
R377
R377
P
Strategy
Replies
4
Views
1K
ellejay
E
Back
Top