When do we start to worry?

If this inspection doesn't fetch you much attention, defintely drop the rent by $10/ week
Any more details you'd want to discolse about the IP ?

has Garage / Shed ?
gas cooking / elec. ?
ducted heating / air conditioning ?
front/ rear unit ?
in a small/ big block of units ?
lots of units on the street ?
how many units advertised in similar price range in that area ?

considering it's competing with other top-end 2br units it should have some features to advertise above others

Hope you get my point

Good Luck
 
Ooh, I don't know that it's competing with top-end units as such. It's a tidy place, but it's in the inner west - Footscray area - and we know how nasty that can be.:rolleyes:
However, it is in a group of 11, all but two are single-storey, has a split-air, all elec (no gas unfortunately), lock-up and attached carport, security entrance (if those in the block wish to use it, which they don't seem to - it's permanently open), nice little leafy decked area out the back. The whole block had one of those shonky builders' makeovers about eight years ago, so it looks the goods - granite kitchen bench, polished floorboards, stainless steel appliances. Has a European laundry off the kitchen (rather than a laundry in the bathroom) and some good security - mesh doors front and rear with those extra bolts at top and bottom so they lock properly.
Train's probably about a 10-minute walk, so that's not totally ideal, but there are buses at both end of the street, park next door and across the road, and the local ''Little Delhi'' shopping centre about five mins away.
 
Hi Tuppence, just wondering how it's all going... I just had a squiz on realestate.com.au and wanted to say that one of the ads just came up with a big black square over where the description should be.

Also, is it is listed on realestate.com.au you can click on the 'Show visit's' thingy to get an idea of people looking.

Did you drop the rent?
 
Looks nice !

I would be really careful letting pets into that unit !
Definately make sure you keep a close watch on them.
I wouldnt drop the rent ,you may need the extra to repaint etc.
(Note-i am not aware of prices for yr area though personally )
 
Hi,
When we bought our IP in Langford WA in Dec 09, the rent was only $225 for a 3 bdr. The average rent in the suburb was $290. Our PM lives and works in a top suburb so she just listed our property for $350 per week. First week open home and no one visited the property. I asked her to check on RE web sites and compare the rent in that area. I asked her to drop the rent. She dropped to $330. Open for inspection again and we had 3 applicants. A working couple with good reference is moving today. We spent @$5600 and rent gone up from $225 to $330 per week.
Leason learnt: Local RE agents have more knowledge, RE web site are very useful to compare the rent and check the number os properties in vicinity. Drop the rent if you do not get response in first/second open home.
Thanks.
 
vsdabhi said:
Drop the rent if you do not get response in first/second open home.
Click to expand...

Thanks all. I spoke to the PM today and we agreed to drop the rent to $300 (from $320), just to get someone in. It can always go up later.
Also, I suggested the pet thing, following on another thread here ... search function evades me, but the one about actually encouraging pets. We'll see what happens - and I intend to reject anyone who wants to house their 4 rottweilers:D.
We've had two applicants - one came for a second look and withdrew his application; another couple wanted it but not till Feb 25. So, hopefully this will work and we'll get someone in in the next week or two.
We've only had a place a fortnight today, so don't have to make any payments until Feb 14, which gives us a bit of room. I'd like someone in for the peace-of-mind factor though.
thanks again for all the support.
 
Your house looks very nice.
It's nice to see you are pet friendly.Gives you more applicants.
I'd take a dog over a child anyday. Never had a dog mark the walls up with crayons yet.We have permitted many animals without any issues.(other than a few animals have been abandoned, and we have found homes for)
 
It looks lovely Tuppence! And what a good spot in West Footscray, near some nice parks but still close to the trains. Well done.

As for the renting part, it is a funny time of year. I think next week ppl will have to actually get round to going back to work and starting 2010 properly IYKWIM.

I do like that you are allowing pets but I don't know that the main description should be "Pet Friendly!". Just my opinion ofcourse but if I were looking (and i didn't have a pet) I might skip over it thinking it's not really for me. I'd still mention it later in the blurb, but maybe make the heading "Modern, Refurbished and Secure" or something... as that's what I'd be looking for in a unit in West Footscray.

Look this is all my opinion ofcourse and I"m sure your REA knows what she is doing :eek:

Also you are probably just about to post to say you've got a tenant and popping the champers!
 
Casserole Dish said:
I do like that you are allowing pets but I don't know that the main description should be "Pet Friendly!". Just my opinion ofcourse but if I were looking (and i didn't have a pet) I might skip over it thinking it's not really for me. I'd still mention it later in the blurb, but maybe make the heading "Modern, Refurbished and Secure" or something... as that's what I'd be looking for in a unit in West Footscray.
Click to expand...

Agree. It looks like the ad is trying to say that the place has pets as the first priority, which to me says "big secure yard" I personally prefer the phrase "small pets welcome". (Soooo not original! :p)
 
wobbycarly said:
Agree. It looks like the ad is trying to say that the place has pets as the first priority, which to me says "big secure yard" I personally prefer the phrase "small pets welcome". (Soooo not original! :p)
Click to expand...

I like the big dogs as well.
They are usually calm, compared the sometimes hyper small breeds.
We will just not permit pitbulls.
 
Tuppence said:
Thanks all. I spoke to the PM today and we agreed to drop the rent to $300 (from $320), just to get someone in. It can always go up later.

I'd like someone in for the peace-of-mind factor though.
thanks again for all the support.
Click to expand...

Great. Good idea to drop it by $20, thats what i did, and it did the trick.

:)
 
I had a similar problem with one of our properties, was rented at $500 a week, tenant moved out at an awkward rental time of March and we couldn't find anyone until May, and this was a house in Brisbane CBD. The agent claimed the asking rent was fine and that there was just no one looking. After the 1 month mark i demanded he lowered the rent to $450 and we found someone the next open house. They turned out to be nightmare tenants, that's another story, but it just goes to show that when your desperate you'll accepts anybody who offer's a contract.
Another reason i suspect why it took so long is that we only had the agents find us a tenant so we could self manage, maybe they didn't push our property as much as the ones they manage them selves? I don't mean to blame the agent but i cant help but think that could have been the case. This time around we've given the property to an agent full time and they found someone in 2 weeks at $460.
 
Woo-hoo, we got there in the end. We have some tenants moving in tomorrow. :D
No pets, so that turned not to be necessary. Very pleased indeed.:D
 
Tuppence said:
Woo-hoo, we got there in the end. We have some tenants moving in tomorrow. :D
No pets, so that turned not to be necessary. Very pleased indeed.:D
Click to expand...

That's great news, Tuppence.

It didn't take too long then - well done. Just means that we investors need to allow for some down time in our properties.... It's all part of the game...

Regards Jason.
 
Yes, I suppose it took about three weeks in all. We settled on the place on January 14 - and make our first mortgage payment this coming Monday (Sunday being the 14th). You're right, Kathryn, it will be nice to have someone paying the mortgage (or almost), especially since we still have our own to worry about:).
We're new at this, as you know, so, while we were prepared in theory to have a few weeks vacancy, the reality was a bit worrying. Hopefully they'll move in tomorrow and be fabulous non-complaining, rent-paying tenants. A person can dream, after all.:D Thanks again all, for the advice.
 
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