Still waiting for tenants?

H

Happycats

Hi, I am hoping someone can help me, I bought an investment property in Kallangur, QLD in August which settled on the 3rd of October, our property manager started advertising at the start of September to try to get someone in close to settlement and I am still waiting for a tenant three weeks after settlement. I don't know if I have a lazy property manager or I need to adjust my rent.

I would love some advice on this.

Here is the link to the ad http://www.realestate.com.au/property-house-qld-kallangur-413853183

Thank you in advance :)
 
according to SQM, the vacancy of 4503 is 3% which is pretty standard,

3 weeks isnt all that long, but id be more judging on the number of applicants or groups turning up or feedback
 
"Address available on request" - is there a reason you have it like that? There's a few threads here (but from a buyer's perspective) how annoying it is not having the actual address of the property.

The photos are fairly average, apart from them being low res they place looks a bit dark and uninviting.

Have you had any open for inspections of a weekday evening and weekend? There are none currently scheduled.

Try mystery shopping the PM. Either you or someone else give them a call pretending to show interest in the property and see how they deal with the enquiry.
 
There seem to be a lot of properties for rent in the area, and the rent seems at least $20 per week too high (just on the basis of my detached scanning of the listings as a prospective renter).

Have you asked the agent what they're doing to promote the property, how many inspections they've had, what feedback they got at inspections, etc.?
 
Hi Kesse, I think they put address available on request so they don't have anyone turn up to damage the property. I have had no open for inspections, maybe that is my problem and I think she needs to jazz the ad up a bit more too.

Hi Perp, The only feedback I keep getting is that it's too small or they have changed their minds, maybe I do need to drop the rent.

Thank you for your comments everyone I really appreciate it. :)
 
Hi Happycats,

What does your property manager say? Has there been any interest or feedback from potential tenants?

I don't know much about listings but when I take a look at the photos -- they don't jump out at me. They look narrow (might not be the right way to describe it) and maybe a bit dark...
 
It is generally taking longer to get tenants than it was this time a year ago in the greater Brisbane area, however it does appear there is more that can be done.

1. Advertise the address - Why make it harder for a tenant to determine if your property is suitable for them?
2. Conduct open homes - Once again, make everything as easy for the potential tenant as possible.
 
Happycats said:
Hi Kesse, I think they put address available on request so they don't have anyone turn up to damage the property. I have had no open for inspections, maybe that is my problem and I think she needs to jazz the ad up a bit more too.
Click to expand...

That might be 10% of the reason. The other 90% is because agents seem to believe a hidden address:

a) makes it harder for other agents to "sign jump" (contact you to get the listing)
b) It will encourage tenants to make a phone call or send an email

b) being not true, no address results in less enquiry - REA.com.au have the data on these facts they send to office's.

The photo's are horrible and do not "sell" the house. All photos should be landscape to make use of the entire "white" box, portrait also make your rooms look smaller.

If your PM is saying tenants feedback is too small and price? At what price are they interested? A smaller house is perfectly liveable for most if the price is right.

I think your PM isn't asking the right questions when collecting feedback, he or she should be at the very least asking for an offer. "At what price would this property be of value to you" comes to mind.
 
Last edited:
have you tried advertising it yourself on Gumtree and put your contact details? I would do this to see what sort of response you get.
 
1) Insurance handles anyone breaking in, put the address up there. Nothing irks tenants more than not actually knowing where the property is.

2) You're not getting many hits, only 400 or so views is pretty lousy. Your price might be too high?

3) Get some open for inspections happening, this is what you pay agents to do when they manage your property. I'm less inclined to look at a property if there are no open for inspections listed - usually means the property advert is 'stale'.
 
simtr said:
1) Insurance handles anyone breaking in, put the address up there. Nothing irks tenants more than not actually knowing where the property is.

2) You're not getting many hits, only 400 or so views is pretty lousy. Your price might be too high?

3) Get some open for inspections happening, this is what you pay agents to do when they manage your property. I'm less inclined to look at a property if there are no open for inspections listed - usually means the property advert is 'stale'.
Click to expand...

Following on from old mate's point 2) above - Be mindful of how the REA.com.au search price bands work and how tenants are refining their searches - It works in $50pw search ranges.

$250 - $300pw, $300pw - $350pw, $350pw - $400pw

Your demographic/target market is possibly only searching:

Suburbs > House's > $300pw - $350pw.

$15pw over the mark is putting it in a search bracket with larger homes
 
Price isnt too bad but there are a lot of new housing estates in Kallangur, Griffin, Dakabin, Mango Hill, North lakes etc. People would rather rent a comparable house in North Lakes for the same rent. Lots of townhouse complexes in Kallangur that may just advertise with a board out the front instead of on Re.com. I think the lack of address is hurting your property because people might think its near the new train line construction area. Cheers, nat
 
The address. The photos aren't that bad (I've seen worse) and the price appears to be a bit high.

When a tenant is looking for a new property location is usually at the top of the list of requirements. If they found the perfect house in the wrong location, many people wouldn't apply for it!

People need to judge for themselves if it is close to transport schools and shops because what is considered close for you and I may not be close for a family who has one car and does a lot of walking etc.

When a tenant looks at a property they have normally decided whether or not they are going to apply BEFORE they go to the inspection, they think they like the house, the area, the street and go to the inspection as a confirmation before applying.

Also, if people are stating the space is too small then your price is a tad too high too :). You don't need to bring it down too much but bring it down. It's better to reduce the rent by $20 per week and get a new tenant quickly than leave it at it's current price and then have it empty for an extra 3 weeks.

With the price, remember people search for homes on re.com within price brackets that increase by $50 increments. Anyone searching for a home for $350 or under won't even get to look at your property, if you reduce the rent to $350 or under you are suddenly getting this property out to people who haven't seen it before :).
 
Add the address.

Drop the price to just under$350 to show up in the lower band.

Consider having a floor plan done which can be included in future advertising. Make sure you "own" the plan and not the RE agency.

If feasible, add a garden shed.
Marg
 
Happycat, a few listings below in the forum, Ramblin is having the same issue in the same suburb. Look at his replies as well for advice, but under $350 in the poor climate of this suburb maybe better for you.
 
Hi Happycat

I had to search the web to find Adobe Estate as I have never heard of it. Olsen Crt is a long way from the Kallangur business district (Anzac Ave). It is also right next to the big motorway. Where are the local shops and schools near this estate? There is a new bridge currently being built across the motorway but I am not certain which road it is for, whether the Dakabin Link road or another one.
 
Josh_G said:
That might be 10% of the reason. The other 90% is because agents seem to believe a hidden address:

a) makes it harder for other agents to "sign jump" (contact you to get the listing)
b) It will encourage tenants to make a phone call or send an email

b) being not true, no address results in less enquiry - REA.com.au have the data on these facts they send to office's.

The photo's are horrible and do not "sell" the house. All photos should be landscape to make use of the entire "white" box, portrait also make your rooms look smaller.

If your PM is saying tenants feedback is too small and price? At what price are they interested? A smaller house is perfectly liveable for most if the price is right.

I think your PM isn't asking the right questions when collecting feedback, he or she should be at the very least asking for an offer. "At what price would this property be of value to you" comes to mind.
Click to expand...

Hi Josh, I never thought of it like that, I will get them to put the address up today, and I will reduce the price thank you
 
Thank you everyone for your comments, I think I need to add the address, fix the photos, drop the price and cross my fingers. Hopefully I should get a tenant in soon :)
 
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