(Sydney - Quakers Hill) Only 2 applicants after 3 open home with 15 groups inspection

Hi,

I know this forum has many big names who know about Quakers Hill very well.

Appreciate your advice on what I encountered on leasing my property out.

It's a two bed room town house at Pye Road, about 12 minutes walking distance to the station, with flooring downstairs, auto garage door and shed at back yard. Rent is $395 pw.

The agent has opened home 3 times so far in last 2 weeks, 4 Apr, 7 Apr and 11 Apr. About 15 groups inspected and about 10~12 of them took application form however only 2 applicants are passed to me by yesterday. Both start quite late, one is at the end of April and the other is on early May.

Is this normal in Quakers Hill rental market?

Appreciate any advice and comments.
 
Rental market is quiet. Pye road is also not that desirable as its a bit busier than others and gets some M7 noise.

I just did a search and found what I believe is your place... it may also be priced too high, given other similar properties for 20-30pw less
 
Thank you for your comments, DaveM.

Probably just my view but M7 noise should not be a problem as there is a reserve between the complex and M7. My property is in middle of the complex so that Pye Road traffic noise is not a problem either. We had not been troubled by any noise in the 4 years we lived there.

Rent is a good point. I put it at that figure as a similar 2 bed room townhouse in the same complex was leased at $380 per week in first half of 2014, where there is no side door to backyard, flooring or auto garage door.. Would these features count up to $15 increase in the market?
 
For $10-15pw more ppl can get into a 3 br house. So its probably too expensive for people after a 2br townhouse.

Drop it down to 380pw then u can always increase rent by $10pw after 6 months. Every week that goes by you are losing far more money than a $15 decrease.
 
Rentals are softer. Had one at the start of the year that I had to drop $30 & another renewal where there's not much of an option for increase.

Leading indicator of future sale prices???
 
End of April's only 2 weeks away, that's not so bad.
Not everybody is ready to move instantly.

We were concerned about sustainability of the applicant's income. The applicant is over 60yr working as fulltime insurance agent. My agent confirmed it's a permanent position and has been held for about 1 and a half years.

I am thinking of going with this one given the applicant is still available.
 
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With decent numbers like that then it's within market price. There are some cheaper ones on the market so people will be comparing it with those. which could be a reason there isn't much follow through on the applications.

Assuming the potential tenant has previous history of owning or renting a property then he is a decent applicant. As a precautionary measure, he should have savings, and if the property manager hasn't already done so, make sure employment is thoroughly checked to ensure that he is performing well which will give you a good idea of continued employment. (Many property managers confirm the fact and don't really get a reference from the employer.)

Just a note, the disclaimer your managing agency has at the bottom of the listing is useless because they are legally responsible for the content of the listing. If a tenant signs the lease and later claims that the ad was misleading, maybe the time listed to walk to station etc. they can ask for a rent reduction or go to the tribunal for early lease exit.
You do pay them so you should expect proper and professional service all round. They also listed the property under house and not townhouse.
 
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Just a note, the disclaimer your managing agency has at the bottom of the listing is useless because they are legally responsible for the content of the listing. If a tenant signs the lease and later claims that the ad was misleading, maybe the time listed to walk to station etc. they can ask for a rent reduction or go to the tribunal for early lease exit

I don't understand why agents try to pass on the responsibility of their listing to the landlord.
Is it not their job to make sure the listing has the correct information?
 
4future
So are you happy with the tenant?

Hi BV,

The tenant I mentioned above turned out no longer interested in the property and probably had leased somewhere else.

I reduced the rent to $380 pw then got another tenant available from 24 Apr, who should have moved in. So far so good....
 
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