Unit in Same complex Asking $240 pw

Just saw an ad for unit # 10 in my complex and was surprised to see they are asking $240 pw.

Originally before seeing this ad I was planning on advertising mine for $220 pw and my ip will have reverse cyle air con. The # 10 unit doesnt have air con!

Anyway I rang up the pm of # 10 pretended to be interested in renting it. I asked her when I could come and view the property. She got my name and number and told me when the viewing time would be.

My ip will be advertised at the end of next week. I'm thinking i'll advertise mine for $240 to begin with and keep a close eye on how the other property goes. How long it takes to get leased. Surely mine will have the advantage with the air con, the kitchen is also renovated. I'll check out what condition the other one is in.

I'm hoping that a tenant snaps up # 10 for $240 pw. This will most likely make it easier for me to get the same amount as the bar has been raised now. Their ad has been online for about 3 or 4 days.

When I speak to the other pm of #10 what shall I say to her? "How much interest has there been in the property?" How can I extract the info out of her so as to know if it looks like someone is going to rent it at the $240?

I'td be great news for me if I could sign someone up for $240 a week. It'd mean I'd only be paying $27 a week rather than $47 a week to hold the ip that I'd planned for.

I think its a good thing this one was advertised before mine. I will be able to see how the market takes to that amount and price mine accordingly.
 
You'll need to get a few more comps to know exactly where the rental market puts your IP. Who's to say #10 is correctly priced?

If $240 pw is the market rate, then why wouldn't you put yours at $245 or even $250 given it has a/c. If some one bargains you down, you don't lose anything. Of course it will also depend on how keen you are to minimise the vacancy period.
 
You'll need to get a few more comps to know exactly where the rental market puts your IP. Who's to say #10 is correctly priced?

If $240 pw is the market rate, then why wouldn't you put yours at $245 or even $250 given it has a/c. If some one bargains you down, you don't lose anything. Of course it will also depend on how keen you are to minimise the vacancy period.

When I first saw the ad i thought *your kidding me, they wont get $240*. $220 or $230 maybe but $240 is too high. Based on what I have seen online.

Hmmm but maybe this unit is nicely renovated. I dunno. It doesnt mention it in the ad.

The other important thing is like you mention I want someone in ASAP. I dont want it to be vacant for too long. So i'll see what happens with this other one first I guess and take it from there.

I need to start advertising sooner rather than later though. So I could start with $240 like the other unit and if no-one is interested after 2 weeks I could drop it down to $230. Do people here think that could be the way to go about it?
 
I've noticed some places for rent are going up a bit. I wouldn't be surprised if it has gone up $20 in past week. There is suddenly less properties for rent also. Things can change really quickly with RE. Apparently now is a peak time for rentals also in Perth.
 
It will be available from December 15th.

I think I'll organise it on Monday to get it advertised

The earlier you advertise the better because most people would already be making their moves now before the end of the year, given that you need to give 4 weeks notice etc. And once you get to a week before Christmas, you will probably need to wait at least another 2 weeks before you realistically will get a tenant. Good luck with it.
 
I've noticed some places for rent are going up a bit. I wouldn't be surprised if it has gone up $20 in past week. There is suddenly less properties for rent also. Things can change really quickly with RE. Apparently now is a peak time for rentals also in Perth.

REIWA (via the radio) were saying tht vacancy rates, as a whole were still around the 4'% across the metro area
 
It stated 4.8% in September quarter for REIWA in West Australian yesterday. Old stat's.

I've been keeping my eye on rentals in 6054 postcode (exc Lockridge).

It depends what and how many properties are avail in your particular suburb.

Some pm's are listing properties for more than others, properties seem to be going a bit quicker.
 
I just got the nicest surprise. :) My unit is online.

The only thing is I'll have to ring the pm tomorrow cos in the ad they failed to mention that there is an air con!

I'm sooooo excited :D


1 BEDROOM UNFURNISHED 1ST FLOOR UNIT WITH ALARM, LOUNGE/KITCHEN/DINE, BATHROOM, COMMUNAL LAUNDRY, SORRY NO PETS.


Here are some snaps








 
Only internal shots are 3 photos of the kitchen?
Maybe living area and bathroom and the kitchen photo that shows the whole area.
Marg
 
Rest of house ?

Mmm, no photos of rest of house would make me think there is something wrong with it...

ie CBD apartments that do not advertise their size, tells you immediately that its too small / smaller than average and not to bother looking at it.
 
ok, i rang the pm and she is using the shots of the living/lounge room and the bedroom. I dont think its a good idea to take a shot of the bathroom as atm it doesnt look its best. It needs sanding and a coat of paint.


She is editing the ad to mention that it will have a new reverse cycle air con
 
Mmm, no photos of rest of house would make me think there is something wrong with it...

ie CBD apartments that do not advertise their size, tells you immediately that its too small / smaller than average and not to bother looking at it.

# 10 unit only has the 1 photo and that is of the complex. lol but the photo isnt even from the correct complex


I will be viewing unit 10 tomorrow.
 
December 1st :)

For future reference you may like to include this clause in your offers that I use. It good for if you are taking vacant possession of the property at settlement as it allows you a mechanism in place to find a tenant ASAP and possibly ready for them to go in on settlement or as close to there after. Its a good tool for minimising vacancies.

"The purchaser's property manager to have access to the property prior to settlement for the purposes of showing prospective tenants through."

I hope this helps.
 
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