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?