I need a tenant urgently for unit in Kedron

[Nth Brisbanite]

I've got a great 2 bedroom unit in Kedron, Brisbane. It is a few minutes walk to the old Farmers Joe which will be where the northern busway will end when it is completed in June 2012.

New carpet will be put in today, it is air conditioned, in great condition, in a small complex. I've put the price down from $375 to $340 since it was listed 5weeks ago but still no takers. It is in the hands of 2 agents who have had very few enquiries.

I'm thinking of putting it in the hands of 2 more agents with the management rights going to the agent who gets me a tenant.

Anyone know of a proactive agent in the area who could get me a tenant? Any other suggestions on what I can do?

 

[Ed Barton]

I've got a great 2 bedroom unit in Kedron, Brisbane. It is a few minutes walk to the old Farmers Joe which will be where the northern busway will end when it is completed in June 2012.

New carpet will be put in today, it is air conditioned, in great condition, in a small complex. I've put the price down from $375 to $340 since it was listed 5weeks ago but still no takers. It is in the hands of 2 agents who have had very few enquiries.

I'm thinking of putting it in the hands of 2 more agents with the management rights going to the agent who gets me a tenant.

Anyone know of a proactive agent in the area who could get me a tenant? Any other suggestions on what I can do?

perhaps address available on request and no opens is turning people off? there's only one listing on re.com as well.

 

[scottandjoy]

I think you're thinking about the location from the point of view of an investor or owner occupier. Whilst I agree with your comments about being near the busway being a positive aspect of the property (when its completed) - its actually a fairly large negative right now while construction is under way. I don't think many tenants would think..."I'll live in a noisy, dusty construction zone for 12 months so that I'm close to a busway when it opens". I think you'll have to drop the rent now and jack the rent up when the busway completes.

 

[wylie]

I just took a look at Kedron two bedroom units and the only ones over $350 pw are two bed two bath. There is only one two bed one bath at $350 and the rest are around $330 or less.

I'm wondering who suggested $375 to start. I'm assuming yours is two bed one bath, but if it is two bath, that makes a price difference, all other things being equal.

If it is so much higher than comparable units, you should get a better response with the lower rent. But even at $340 it is at the high end if it is indeed two bed one bath.

 

[wylie]

Just read another reply and realise now yours is two bed two bath. So ignore my comments about price .

I still think there is a point about people not wanting to live near all the earthworks and dust. Depending on "how" close to the works being done, you may just have to get someone in for a lower rent, and wait for things to settle down before increasing the rent (as scottandjoy has said).

When we were helping our son find a unit, we inspected a few units in "the avenues" at Kedron. I was amazed at how busy the road was with major traffic bottlenecks and hold-ups. It was messy, noise and dusty and it was a real turn off, even though we knew it would all be back to normal within a certain time.

I have lowered rent a few times over the years because $10 less than we want is way better than "zilch" per week. It takes a long time to catch up five weeks empty.

Good luck.

 

[Nth Brisbanite]

.

I still think there is a point about people not wanting to live near all the earthworks and dust. Depending on "how" close to the works being done, you may just have to get someone in for a lower rent, and wait for things to settle down before increasing the rent (as scottandjoy has said).

When we were helping our son find a unit, we inspected a few units in "the avenues" at Kedron. I was amazed at how busy the road was with major traffic bottlenecks and hold-ups. It was messy, noise and dusty and it was a real turn off, even though we knew it would all be back to normal within a certain time.

I have lowered rent a few times over the years because $10 less than we want is way better than "zilch" per week. It takes a long time to catch up five weeks empty.

Good luck.

My unit is fairly close to the roadworks but isn't that close to be off putting. All the other units are rented so my agents have concluded that "it's just that time of the year" which I don't accept.

An agent I contacted yesterday said he was willing to take on the units at no management costs for 6 to 12 months. In that way he could lower the rent to $320 which is what I would have got anyway with a 7.5% management fees.

I feel as though I am doing the work of the agents when I have to keep on suggesting to them to lower the rent by $10 a week until someone takes the unit.

 

[wylie]

My unit is fairly close to the roadworks but isn't that close to be off putting. All the other units are rented so my agents have concluded that "it's just that time of the year" which I don't accept.

An agent I contacted yesterday said he was willing to take on the units at no management costs for 6 to 12 months. In that way he could lower the rent to $320 which is what I would have got anyway with a 7.5% management fees.

I feel as though I am doing the work of the agents when I have to keep on suggesting to them to lower the rent by $10 a week until someone takes the unit.

Even being far enough away not be be bothered by noise and dust, anybody looking to rent there still has all the traffic issues, which ain't pretty.

I'd grab the deal offered, and ask for 12 months free management. That way you can increase the rent after six or twelve months and not really be losing anything.

 

[Nth Brisbanite]

Investing around busways and infrastructure.

Good news!! Unit is rented for $330 which is $30 less than what I was previously getting. It appears that the busway road works were an issue with other units in the area taking longer to rent than normal.

I threw in a week's free rent and have agreed to put in a remote control for the garage (extra $10 charged to tenant). I've been told that in a year's time that the busway is going to make a big difference to my rent so have to be patient.

One upside is that units in my complex are selling at good prices as soon as they come onto the market. There are some savvy investors out there who know that once the busway is finished that prices are going to go up quite a bit.