I have a IP in Turramurra. The PM is not being able to find a tenants since the last 7 weeks after the last tenant left. The rent has been brought down to $670 (from $700). Upon asking, the PM gives one of the two reasons: (i) there were no enquiries (before the open house), or (ii) People came to open house, showed interest but then there were no applications. In the last week, the PM said that he contacted the people who came for the open house but one of them said No, and the other one was uncontactable.
Is it the PM, the house, or the market ? Another PM (not mine) I spoke to, said that in most cases its the price that it not right leads to tenant not being found. He thought that by reducing the price, a tenant should be found as long as the house is livable. The price is now what this other PM suggested.
Its an old house bought last year only. But it is a tidy house. Single story, three br and a nice backyard. I did some improvements when I bought it (paint, fix fixtures), but not too much because down the track, I intend the knock down and rebuild. It is very much livable. All the plumbing, appliances in the house are in good order.
Any suggestions anyone ?
Is it the PM, the house, or the market ? Another PM (not mine) I spoke to, said that in most cases its the price that it not right leads to tenant not being found. He thought that by reducing the price, a tenant should be found as long as the house is livable. The price is now what this other PM suggested.
Its an old house bought last year only. But it is a tidy house. Single story, three br and a nice backyard. I did some improvements when I bought it (paint, fix fixtures), but not too much because down the track, I intend the knock down and rebuild. It is very much livable. All the plumbing, appliances in the house are in good order.
Any suggestions anyone ?