Waiting to lease out

[vmmg1992]

Hi guys,

What is the average amount of time to allow for a property to be leased out after it is initially advertised?

It's a Girrawheen property, been advertised for nearly a month.. or getting to a month. The inspections are private so prospective tenants have to book rather than inspections being open to everyone at a certain time. Not get many inquiries at all.

Is there any tips to advertise a property more extensively or is it simply the case of the rent being too high (currently at $380).

 

[Ed Barton]

Hi guys,

What is the average amount of time to allow for a property to be leased out after it is initially advertised?

It's a Girrawheen property, been advertised for nearly a month.. or getting to a month. The inspections are private so prospective tenants have to book rather than inspections being open to everyone at a certain time. Not get many inquiries at all.

Is there any tips to advertise a property more extensively or is it simply the case of the rent being too high (currently at $380).

Average varies by area and I don't know Girrawheen. But why aren't there open inspections, and by appointment? - do you/your PM like reducing your potential pool of tenants?

You should post the ad here. We can all tell you whether the ad is good or bad. Locals can tell you if they think the asking price is too high.

 

[thatbum]

Yes I'm also wondering why there aren't any home opens.

Also, have you done your own research as to whether its priced appropriately?

 

[vmmg1992]

http://www.realestate.com.au/property-house-wa-girrawheen-412641031

Being reduced to $375. They basically have inspections according to how many inquiries are received. There isn't a time/ day set in which it is open to everyone.

 

[vmmg1992]

do you/your PM like reducing your potential pool of tenants?

I certainly do not haha

 

[Kinnon Bell]

The photos aren't very flattering. Makes the place look dark and dingy. Why are all the blinds closed?

Is this normal for the area?

"*** REGISTER FOR AN INSPECTION HERE ***

Should you wish to inspect this property, to avoid disappointment YOU MUST go directly to www.rwbm.com.au and click on the ?Register for a Rental Inspection? button on the main page, to register your interest for a viewing.
If a time is not displayed, as soon as one is set you will be contacted when one becomes available"

Looks like it's over complicated to me.

 

[neK]

1. Photos suck. Get some professional ones.

2. Is the place actually tidy? Im guessing there's over grown grass... not exactly appealing. Agent should be reminding you to cut the grass, or organise for someone to do it if you're not available. Also, edging the grass is key. It doesn't matter if the grass is long, if its been edged, it still looks good.

3. Go to xyz.com.au, click this to register here, then do this then that... Unless the property is stunning and underpriced I would not be bothered to follow all those steps. Im sure its an easy process once you've done it 2 or 3 times... but at first glance my thoughts would be stuff that.

No inspection time is fine, but keep it simple - call agent to organise an appointment.

If the agent cannot do (or doesn't want to do) all of the above points, its time to get a new agent.

 

[vmmg1992]

Those were exactly my thoughts ! Thanks guys! If I've signed all the contracts is there much I can do?

 

[neK]

This is based in NSW... so not sure if the rules in WA are different.

1. You can engage multiple agents. The winner is the one that finds you a tenant first. (But be careful doing this, I've done this twice and both times I ended up with a dud tenant - mainly because the agent will sign up the first person who wants it).

2. You can dismiss the agent at any time prior to them finding you a tenant. However some fees might apply such as a "photography" and advertising charges.

3. If the agent finds a tenant and you accept, you can still change agency, however nearly all will have a 90 day termination agreement. Meaning you either pay 90 days worth of management fee, or wait 90 days before moving (from when you advise them you are terminating).

 

[vmmg1992]

1. You can engage multiple agents. The winner is the one that finds you a tenant first. (But be careful doing this, I've done this twice and both times I ended up with a dud tenant - mainly because the agent will sign up the first person who wants it).

2. You can dismiss the agent at any time prior to them finding you a tenant. However some fees might apply such as a "photography" and advertising charges.

3. If the agent finds a tenant and you accept, you can still change agency, however nearly all will have a 90 day termination agreement. Meaning you either pay 90 days worth of management fee, or wait 90 days before moving (from when you advise them you are terminating
.

Interesting thought, would like to know if this applies to WA. Not happy with the agency so far. Also is it okay to randomly have a prospective tenant come visit the property without advising me first?

 

[vmmg1992]

Also, have you done your own research as to whether its priced appropriately?

According to RPdata its worth $382 per week. Market is very slow at the moment however..

 

[thatbum]

According to RPdata its worth $382 per week. Market is very slow at the moment however..

A RPdata CMA would be somewhat historical in its data.

Probably the best way is to search the suburb for comparable properties available for rent right now and see how yours compares.

 

[neK]

Interesting thought, would like to know if this applies to WA. Not happy with the agency so far. Also is it okay to randomly have a prospective tenant come visit the property without advising me first?

Why do you need to be advised at all?
If thats the case you might as well be showing the property yourself.

My PM shows people thru, then only tells me the ones he's considering and lets me pick. Sometimes they've already picked one and running it past me for final approval. Otherwise I would be looking at more applications than i need to.

 

[Joe D]

Your PM Agency is lazy in its marketing.

If I were you, I would change them out now while it is vacant and have a new PM take over. (Minimal cost as you don't pay PM %age fees on nil rent).

If I was me (which I am) I would be marketing this myself on a multiple of websites and be reasonably flexible in showing people through.

A prospective tenant doesn't want to fill a form and wait to be contacted, they want to look at a bunch of properties asap and then make a decision.

 

[perthguy]

I just let a property through RW using the booking system.

At the start, I overpriced the property for a couple of weeks to test the market. There was not a lot of response.

I dropped the price back to market levels and got a decent amount of inspections. People seemed to not mind the online booking system.

However, my RE agent took great photos.

The house leased out in a couple of weeks at a great price in a falling market.

For me, number 1 is price, number 2 is presentation/photos, number 3 is write up. Scheduled home opens were not necessary for me.

 

[vmmg1992]

Why do you need to be advised at all?
If thats the case you might as well be showing the property yourself.

I don't know. That is why I'm asking.

Sounds like the photos are definitely letting me down, I will follow through with the suggestions and see if the PR is happy to accept my requests. If not... I guess it is time to search for a new PR

 

[luckyone]

The link isn't working for me. Have they taken your place off the website?

 

[vmmg1992]

The link isn't working for me. Have they taken your place off the website?

After I made some complaints about what has been mentioned in this thread, I believe the PR must be editing the advertisement

 

[neK]

My PM charges me $125 for professional photos.

That said, when selling properties, the agents decide to jack up the price to $900 for the exact same thing!

For me as long as the photos are less than the rent, i dont mind.

 

[HD_ACE]

This may sound harsh but

SS is a great community and I would trust anyone's recommendations on here over anyone else for quality, service and professionalism.

I draw your attention to this thread of yours

http://somersoft.com/forums/showthread.php?t=94479

which has plenty of help and good quality pms (from everyones experience) in there as well as another thread in that thread covering the same topic.

but you chose the pm from this thread of yours

http://somersoft.com/forums/showthread.php?t=95130

with no recommendations because they were cheaper ( I am assuming by the thread) .

Now already a month vacant and you are well behind the small amount you saved on a cheaper management fee.

Sure the markets slow etc etc but a decent agent will always work around this to come up with a result.

But good luck i hope this agent pulls through and you get a decent tenant locked in soon .

cheers