Please help...8 Weeks and Still Haven't Got New Tenant...Bulleen VIC

[noisuf]

Hi all,

In a bit of a stressful situation where the previous contract finished on 15 nov...ex tenant advised back in mid sep they weren't renewing...property on realestate website since oct 1.

So the property has been nearly available for 8 weeks and just over one week out of pocket.

The current PM has been good to us...but I'm still nervous that not only is there no new tenant...i haven't even been approached with any applications for the whole eight week period. With two young kids and 1 income...it's harder.

I've been told the rental market is slow and had melb cup day. I'm just worried that with xmas approaching...that's going to be another reason.

I've been the person chasing the PM...had no calls to reassure me or talk about options. Should i consider another PM? Anyone have good PM recommendation around Bulleen area?

Cheers, Michael.

 

[Propertunity]

Michael,

Can you please post the link to your rental property advert?

There may be some other things you can do or that may have been overlooked.

 

[roberto]

Hi noisuf,

I was in a situation similar at yours last year. My IP was vacant, and after two weeks on re.com.au and domain.com.au, I had not received a single application. So I asked the PM to reduce the rent by $10 and change the ad to indicate pets were allowed.

We received two applications the following weeks and accepted one of those.
My IP is a 4B 2B house, so the market is families with 2+ children, who usually have a dog or cat.

If the market in your area is soft you might need to reduce the rent or offer some sort of incentive, allow pets, gift cards, truck rental for the move, dinner, etc.

Just some idea. Hope you get a tenant soon

Cheers,
Roberto.

 

[NBS]

Just a quick look on realestate.com shows over 200 properties for rent in Bulleen, seems a lot to me. Try and contact other agents and see what they have to say about properties for rent in your area.

What are the income streams for Bulleen has one or more of the majors employers moved on causing people to move as well?

What stands your place out more that would want someone to rent? Do you think the rent you are asking is high? Why did the tenant not renew the lease?

What about reducing the rent a little get a tenant at least you will get some cash flow happening, while not the best option leaving it vacant is not that flash either.

How many places are advertised in the paper for rent? Maybe you have to be more active and put signs up in windows. Have you asked the agent what can you do to get a tenant in? May just need a little face lift.

If your agent is not that proactive check your break agreement and move on.

Brian

 

[K_Raheja]

Can you post the link ?

couple of suggestions
Post an free ad in gumtree yourself.
reduce the rent.
or maybe allow shorter terms ?

 

[noisuf]

Thanks so much for the replies already!!!

Below is more info. I have been happy with the PM until the need to find a new tenant. He was able to take an issue from the first tenant to VCAT and won without my involvement. Great guy...I just need to see results.

Michael,

Can you please post the link to your rental property advert?

There may be some other things you can do or that may have been overlooked.

The link is the following.

http://www.realestate.com.au/property-house-vic-bulleen-404805903

You will notice the PM uses rental ranges instead of specifics. I enquired more about this over the weekend and they said it's worked for the past 12 years.

Also, the photos and commentary is from the advert that I bought the house over a year ago. You will see for example that the first photo doesn't do the view justice. We have magnificent city views but it looks so small in the background. I've asked the PM about this also and he believes the photos aren't the problem.

Hi noisuf,

So I asked the PM to reduce the rent by $10 and change the ad to indicate pets were allowed.

If the market in your area is soft you might need to reduce the rent or offer some sort of incentive, allow pets, gift cards, truck rental for the move, dinner, etc.

Just some idea. Hope you get a tenant soon

Cheers,
Roberto.

Thanks for the advice and suggestions! The property was rented to a Chinese migrant at a higher than expected price of $450 pw. He broke contract after 6 months as he bought a place in N Balwyn and got his fried to take over the balance. The 2nd tenant also bought a property hence no release. We were only really expecting $400 pw for the past year. You will see the range is now $350 to $430. The range has been reduced twice already as I was being realistic that getting $450 again was not achievable. I was happy with $400 but it seems that having a $350 to $430 range is not getting any action. I'm getting to the point where I'm tempted to just say $380 just for the next year so it's not empty for too long.

Just a quick look on realestate.com shows over 200 properties for rent in Bulleen, seems a lot to me. Try and contact other agents and see what they have to say about properties for rent in your area.

What stands your place out more that would want someone to rent? Do you think the rent you are asking is high? Why did the tenant not renew the lease?

What about reducing the rent a little get a tenant at least you will get some cash flow happening, while not the best option leaving it vacant is not that flash either.

How many places are advertised in the paper for rent? Maybe you have to be more active and put signs up in windows. Have you asked the agent what can you do to get a tenant in? May just need a little face lift.

If your agent is not that proactive check your break agreement and move on.

Brian

The property is a 3 bedroom place so when putting that into the filter and not including surrounding suburbs, I'm currently getting 17 results...which is still highish.

Both tenants over past year bought properties. Reduced rental range already.

Haven't checked the paper... I've asked the PM what the feedback has been and is there anything constructive. I get answers that the feedback is all positive and no constructive advice. Of course, we do have an old kitchen and bathroom and ensuite.

I do need to check the contract. I would have thought being outside the year, I could break anytime if they can't find anyone. Sounds like I shouldn't assume.......

Can you post the link ?

Post an free ad in gumtree yourself.

What happens when it comes to the rental management if I found my own tenant?

 

[Luv2Travel]

To be honest, I don't think I've ever seen a "Rental Enquiry Range" on a rental property before! I notice when you do a search of Bulleen rentals, this agent's listings all come up with those words in the price field while other's have an actual price. So if I was a tenant, I'd probably scan over those properties (you have to actually click on each one to get the price) if there are a lot available. Have a look at the recent thread on what people do if a price isn't listed on a house for sale...

If range is the way to go in that area, I think it's too big of a range for a start. Most are probably assuming the upper end of that, so if it's only worth high $300's, maybe $400 a week as you say, then it's probably being disregarded thinking you want $420-$430 a week.

I don't know the Bulleen market, nor what is normal practice over there, but I definately don't like their way of advertising.

 

[Propertunity]

You will notice the PM uses rental ranges instead of specifics. I enquired more about this over the weekend and they said it's worked for the past 12 years.

I personally have a real problem with this. The range is from $350pw and you have no intention of renting for this amount. This is just off-putting to many people. I know I can negotiate the rent as a tenant. Just tell me what you really want for it, whether that is $390pw or $400pw....just put a number.

Also, the photos and commentary is from the advert that I bought the house over a year ago. You will see for example that the first photo doesn't do the view justice. We have magnificent city views but it looks so small in the background. I've asked the PM about this also and he believes the photos aren't the problem.

Then photos make the place look dated. If it is dated - then fine. But really, consider getting some better photos.

The property is a 3 bedroom place so when putting that into the filter and not including surrounding suburbs, I'm currently getting 17 results...which is still highish.

You are competing with a lot of others. You need to improve yours a bit or drop the rent or both.

I've asked the PM what the feedback has been and is there anything constructive. I get answers that the feedback is all positive and no constructive advice. Of course, we do have an old kitchen and bathroom and ensuite.

Your PM sounds a bit mamby pamby. You really want to hear the truth about what the feedback is from each inspection (if people are looking at it).

One final thing (from me). If I was a prospective tenant and I saw a rental listing with over 1,200 hits on it, I think one of 2 things:
1. It has already been rented and there is no point calling about it (lazy agent does not take the advert down)
2. There is something wrong with it because 1,199 people before me, looked at it and they did not take it.

For goodness sakes, get your PM to take the advert down, rewrite the text and relaunch the advert, if for no other reason than to reset the hits counter.

 

[K_Raheja]

gumtree will create inquiries, forward them to your prop manager.
Also...I think your photos could be better and hit counter like Propertunity mentioned.

good luck
K

 

[mary&mat]

Hi noisuf,

Perhaps try putting the floorplan on there?

Noticed the agent hasn't put dishwasher in the text...you can see it in the pic, but some may skip over?

Looked at the competition in your area & they seem around the $350 - 380 mark (lower ones have 1 bath)...

I think the buyer 'range' thing would put me off as I'd be expecting, like house sales, that the owner would want the higher range & wouldn't even consider a lower range offer. I'd suggest just putting one price on there (maybe 380 & see how much interest you get?)

Maybe also highlight that you're close to parklands or the nearest shopping centre.

Inside is really nice, perhaps another pic of the other bedrooms may help?

Can't remember if there was a pic of the backyard, but perhaps highlight the size of the yard if it's a good size. Also like others' suggestions about 'pet friendly' options.

Best of luck, it's horrid when something is just sitting there with no bites. Hope yopu get loads of calls this week

 

[noisuf]

Great advice...thanks to all...keep them coming...I'm busy taking notes.

 

[Sheryn]

Why is there no picture of the front of the house? I like to see front of house if no picture then it makes me think there is something wrong.


Regards
Sheryn

 

[cmason]

I also don't like the range and think people will by pass it because of this same as with ranges for buying a house.

Also I prefer to see a picture of the front of the house as people will suspect there is something wrong with it. Again if there are not sufficient photo's or no photo's showing things like front of house or in some cases the inside of the house then I by pass it

 

[bradcon]

I too have never seen a rental range advertised. I know as a tenant i wouldnt even bother to enquire if i saw that in an ad. I know my range and that rather lengthy range would not help in my opinion. It's a decent size range and alot of people might fit into the bottom end of the range but be scared off thinkiing that it will be in the upper section of the range.

I am less fussed about the lack of photo of the front of teh house but i would think that something might be amiss as others have mentioned. However i would still at least do a drive by if i knew how much it would be costing me.

Just my opinion as a renter.

Good luck

 

[noisuf]

Still taking notes of advice.

Ok, when I called up the rental office to make an appointment on Thursday to speak to PM (he's on leave)...the person I spoke to said there was an application sent in yesterday. Surprise surprise!

It's for two girls who are sisters...but they initially only wanted to pay $360...and they said they have two dogs.

I was iffy about the price and the two dogs, especially if they were inside.

I wanted to speak to the mrs about it but the person at the real estate wanted to test $390pw after I mentioned that was my target.

Before I could even speak to the mrs, she said they would pay max $370pw and they only have 1 dog...jack russell, and it's outside only and they are happy to state clause that if there is any damage, eg. scratches, smells, they would fix.

I don't know...you all have given me great advice..........and was ready to go into their office on Thursday........but on the other hand...xmas is just around the corner!!!???

 

[VCDenton]

I personally live in Bullen (just looking after the house when hes overseas for 3months) and I think this suburb is handy to get to any amenties surprising that its hard to find tenant.......

just my naive thought, maybe u try to have a shorter lease like half yr so that u r not bound to that lower rent for long period? then u finish the lease in a better month so it may be easier to get the rent u want as u r not pushed by any incoming holiday etc?

 

[VCDenton]

I personally live in Bullen (just looking after the house when hes overseas for 3months) and I think this suburb is handy to get to any amenties surprising that its hard to find tenant.......

just my naive thought, maybe u try to have a shorter lease like half yr so that u r not bound to that lower rent for long period? then u finish the lease in a better month so it may be easier to get the rent u want as u r not pushed by any incoming holiday etc?

 

[alplant]

You didn't mention references, do they have any? The changing story would bother me a little (two dogs and then one) but that could be the PM not getting it right in the first place rather than the girls changing their story. I would probably be tempted to accept purely because there has been no interest at all til now. If they don't have references I would put them on a three month trial lease.

$370 is getting pretty close to your target amount of $390. That's $1040 over a year and if the place sits empty for another eight weeks you will be losing a lot more than that.

I agree the ad doesn't do it justice and starting over with a new one might make all the difference but at the end of the day you said yourself that you think $430 is unrealistic so all you are hoping to gain is an extra $20. I guess you have to ask yourself if it's worth holding out for that extra $20.

 

[skater]

Like Alplant, I would be tempted to take the tenants on offer, but at a reduced lease term of six months. I would then increase the rent at the six month mark.

As far as the advertisement for the property goes, I would definately steer clear of price ranges, especially such a large one, for all the reasons mentioned. It also gives tenants the power to 'think' they can dictate the rent they will pay for your property. Bite the bullet, pick a price and see what happens next time.

 

[noisuf]

Thanks for all the replies and support!!! So many learnings...

The person I'm dealing today at the Rental Management is someone I haven't dealt with before. She's pushing hard for me to accept $370 but I'm adamant that it's $380 or we look at advertising this Thursday.

I will need to look at a 6 month option if it doesn't work out with these sisters...as with each passing year, I'm getting closer to Xmas.

Any ideas when it's a busy time for rental market usually?