How long do I need to wait?

[kai41314]

Hi everyone,

I am a first time investor and my property is on the market for about 2.5 weeks now. The PM only arranges inspections for people who register. So far we had only one person inspected our house. I asked my PM if we should reduce the rent or schedule open inspections to get more people to come but she seems to reckon we should wait longer. How long do I need to wait? Do I need to consider about finding a new PM?


Thanks for any help you can give.


Cheers,
Kai

 

[mumbai]

which suburb is your property in?
I would recommend having a open house inspections.

 

[jwp]

Hi Kai
Be patient, Do open home inspections and be prepared to lower your rent to meet the market,but only to a point. it gives your PM something to work with. But make sure theyre doing thier job as well, dont be shy to offer them suggestions. Took me 9 weeks to get a 3br renovated unit tennentad in the upper North Shore
cheers JWP

 

[wylie]

Why not ask for open house inspections. The tenant can make things tricky (we are going through this right now).

If you are having trouble, and need to sell in a hurry, I'd wait until you can get rid of the tenant so that the agent can hold open houses. If the agent will not do so, maybe find one who will.

 

[kai41314]

Thanks for all the replies. I really appreciate the input of all of you. The property is in Sunbury and its just been leased after we reduced the rent. I discovered the only local agency in Sunbury does open inspection for rental properties is Barry Plant. The agency we are dealing with seems to just keep ignoring our open inspection requests. I really don't know why...

Best Regards,
Kai

 

[Tony3008]

I'm in the same boat. My Melton house came vacant mid-Dec (bad timing for me but they were on month to month) and despite a number of opens it still is vacant. I wonder if I made a mistake pushing the rent to $300 (was $295) although it's comparable with other 4-beds and the location is excellent - couple of minutes walk to High Street. I bought it tenanted, and when it came empty last time it let within a week.

http://www.domain.com.au/Property/For-Rent/House/VIC/Melton/?adid=8060914

 

[tang]

Hi everyone,

I am a first time investor and my property is on the market for about 2.5 weeks now. The PM only arranges inspections for people who register. So far we had only one person inspected our house. I asked my PM if we should reduce the rent or schedule open inspections to get more people to come but she seems to reckon we should wait longer. How long do I need to wait? Do I need to consider about finding a new PM?


Thanks for any help you can give.


Cheers,
Kai

Ask ur pm for to create and maintain a register of everyone who has queried your proeprty. If x number of ppl query but only 1 person registers to inspect- u have to question if ur pm is even following up on possible leads.
If the proeprty can let out itself - u might as well do everything urself

 

[MIW]

I'm in the same boat. My Melton house came vacant mid-Dec (bad timing for me but they were on month to month) and despite a number of opens it still is vacant. I wonder if I made a mistake pushing the rent to $300 (was $295) although it's comparable with other 4-beds and the location is excellent - couple of minutes walk to High Street. I bought it tenanted, and when it came empty last time it let within a week.

http://www.domain.com.au/Property/For-Rent/House/VIC/Melton/?adid=8060914

The mistake was not having a lease rather than a periodic monthly lease. Lease terms can be specified by you for any time, 6 or 9 or 12 months, etc... All my agents know I only want leases and that they are never to expire for renewal during Christmas or school holiday times. But remember, researching your area and knowledge is the key and sometimes managing the agent too.