Leasing property for first time- help pls

Hi there,

I am new to the investment property game and am hoping to get some feedback as my property is now up for lease.

Here is the ad- http://www.realestate.com.au/property-house-nsw-blacktown-415341819

I have a qouple questions-
1. The house is located next door to a beautiful park yet the agent has not photographed or mentioned. They haven't even put an address. Is there a standard approach they take to advertising or sahould I push for something with a little more thought?

2. I plan to build a granny flat in the near future, this is mentioned in the ad. Is it better to not mention in ad but mention to those who inspect, and in turn maximise inspections?

3. My agent has been poor in communicating with me, I have asked to be informed but have not, I asked to review the ad but wasn't even told it went up, and have asked for a call but haven't been contacted. Agent is Raine and Horne St Marys. Is this standard practice or should I rightly expect more?

Thank you for your advice
 
Hi there,

I am new to the investment property game and am hoping to get some feedback as my property is now up for lease.

Here is the ad- http://www.realestate.com.au/property-house-nsw-blacktown-415341819

I have a qouple questions-
1. The house is located next door to a beautiful park yet the agent has not photographed or mentioned. They haven't even put an address. Is there a standard approach they take to advertising or sahould I push for something with a little more thought?

2. I plan to build a granny flat in the near future, this is mentioned in the ad. Is it better to not mention in ad but mention to those who inspect, and in turn maximise inspections?

3. My agent has been poor in communicating with me, I have asked to be informed but have not, I asked to review the ad but wasn't even told it went up, and have asked for a call but haven't been contacted. Agent is Raine and Horne St Marys. Is this standard practice or should I rightly expect more?

Thank you for your advice

Hey david,

1.Generally if i see an add with no address i usually think its on a main rd also with only one picture i also assume inside to be in really ordinary condition.

2.How did you pick your p.m? I've recently just changed p.m because the communication was terrible things can turn pretty bad very quickly.
Most of the big real-estate chains your just a number to them so service can be pretty poor , so i would suggest reaching out to a fellow somersoftian who has a decent pm in Blacktown or try and get some references of people who have used the same agent you have.
Generally you have to go with your gut feeling tho.

3. If you plan on building while tenants are in the front id be dropping the rent your is $10 above median according to real-estate.com , would you want to pay more then average to have construction going on in the yard? without seeing any photos I'm just assuming your place is average condition id either leave the g.f out completely of the add or drop the rent to help lure more people in
 
The communication you receive today from your agent will be an indication to the communication you will have in the future. They have already shown to you they don't listen and don't call back!! Therefore it is good to find out now how poor they are so you can find a new agent.
1 photo is a poor effort especially since it mentions in the advert it has been renovated inside. Normally 1 photo indicates poor quality inside or agent is just to lazy. More photos required.
No address is not uncommon if the agent is worried of other agents approaching you. Listing the address is important as many new tenants go to google and have a look at the area these days.
 
Sorry I forgot to mention take the granny flat mention out BUT ensure when showing the property the agent mentions you are looking to put a granny flat in the backyard if the council approves (I would also have it added to the lease of your plans) This is how I would market the property and it works better.
 
Take some control, tell your PM how you want the add to look and what you want it to say.

1) Ask for better pictures.
2) I would be fencing off the area that the granny flat would be built, depending on how soon you are doing it.
3) Get them to put the darn address in the advert, nothing frustrates people more when looking for a rental than not having the street address.
 
Take some control, tell your PM how you want the add to look and what you want it to say.

1) Ask for better pictures.
2) I would be fencing off the area that the granny flat would be built, depending on how soon you are doing it.
3) Get them to put the darn address in the advert, nothing frustrates people more when looking for a rental than not having the street address.

+2

Also, consider what the PM will be like with tenancy issues, repairs and communication in general during the tenancy if this is what they're like with a new client...
 
I would give notice to PM now, they don't care whether you stay or not, get a referral from SS and move.

You have probably already signed an agreement so you may have to stay until the notice is served, in this case I would lower my rent because of GF, get tenant then give notice.

When GF is finished raise rent on this one and get tenant for GF and then relax :)
 
2. I plan to build a granny flat in the near future, this is mentioned in the ad. Is it better to not mention in ad but mention to those who inspect, and in turn maximise inspections?

3. My agent has been poor in communicating with me, I have asked to be informed but have not, I asked to review the ad but wasn't even told i

Maybe not, with the granny flat,but have you ever thought about self management yourself,you will learn new people street smart skills and you control who rents your property, big difference from someone who maybe has a lot of rental vacant listings,and that would also give you a idea on the rental price for your area,imho..
 
Thank you everyone for your advice. I have spoken to the agent who had some reasonable responses to my concerns-

1. No address published- this apparently creates a better list of leads for them as those interested clink on a link to get the address. Through this they have 35 contacts. Once property is vacated they also plan to republish the ad with more photos and the address. I don't quite buy this as it also feels like the agent then has the benefit of talking to an enquiry about other options.....

2. Granny flat mention- there experience tells them that it's best to tell people ufront to avoid all those who will waste their time attending the property without knowing about the granny flat.

3. When I did finally call the guy he was good at explaining things to me and did appear to have had logic and experience behind his chosen approach. He also expressed confidence that interest was high and didn't have any concerns that the property would rent quickly.

While inexperienced my gut is telling me to stick with it for now and have some trust in the agent, he did sound confident and like he had it well covered. He also discussed the challenges of the tenant who doesn't like giving access. HE anticipates running an inspection early next week and once vacated a refreshed strategy with more pohots etc will be in place.

Let me know your thoughts
 
Great
I would be more aggressive in demanding early access to minimise vacancies but each pm have their own approach that they are comfortable with.

If he sounded confident then maybe he's got prequalified leads ready to go anyway and vacancies will not be a problem.

Yes keep us posted.
 
Update on proceedings

Hi everyone,

So things have continued to go poorly and the place has now been vacant for four weeks. Across this period the ad has been refreshed twice, rent dropped once, and a sign placed outside the property. The whole process of "improving" the ad overtime has been frustrating as I expect the property to be advertised in the best way possible from day one.

I have had two strong leads fall through, both reached the stage of all ref checks being approved but then the teants pulled out.

Property is now being reduced to $400/wk and finally the granny flat text removed from the ad. Believe it or not, the agent insisted up to this point that is was far better to have the text upfront in the ad.
 
Hi everyone,

So things have continued to go poorly and the place has now been vacant for four weeks. Across this period the ad has been refreshed twice, rent dropped once, and a sign placed outside the property. The whole process of "improving" the ad overtime has been frustrating as I expect the property to be advertised in the best way possible from day one.

I have had two strong leads fall through, both reached the stage of all ref checks being approved but then the teants pulled out.

Property is now being reduced to $400/wk and finally the granny flat text removed from the ad. Believe it or not, the agent insisted up to this point that is was far better to have the text upfront in the ad.

Why are you still using the same PM for?
 
Still says a "garden flat" to be constructed.

Photos still aren't great either. An agent doesn't need to get professional photos done; but at least they should invest in a decent SLR camera, turn on lights and open the curtains.

Do you know why the tenants pulled out?

Also, it's now Friday and there's no open for inspection advertised for tomorrow?
 
Agree with Lil Skater. It looks like the pictures were taken with a phone. Good lighting and a nice camera makes a big difference to the overall appeal of the property.

Consider shopping around and taking your business to another agent. Use one that has a big market share in the area to maximise exposure.

http://house.ksou.cn/profile.php?q=Blacktown,+NSW

Call up a few and inform them about your situation and see if they're willing to do a fresh new ad for you (re-take pictures!)
 
OK well I can see your issue. You are using R&H St Marys.

Change agents to a better one and watch it lease.
 
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