10 months on the market, 15 viewings, unhappy tenants

We are renting while we save for our next PPoR. The owner has had the house on the market for 10 months now with little interest. It started quite overpriced and the price has slowly dropped, but it's still at least 5% overpriced (I watch the local market closely).

Anyway, we've had about 15 private viewings and home opens during that time, and the agent just keeps wanting to run more home opens. We present the house very well, as we'd want our own tenants to, and we also have a young baby, so the viewings are a big inconvenience. I've let the agent know our growing frustration and I'm sure he's sick of showing the house too.

Well last night I put my foot down and told the agent no, no more home opens, it's become unreasonable. We'll let him show people through by appointment but no more weekend home opens unless they price the property realistically so that it has a reasonable prospect of selling. Otherwise It's just a waste of our time. I know the owner will now be selling at a loss, and I feel for him and agent, but it's become a nightmare.

What does PC think, am I being unreasonable? I would not expect my own tenants to be this patient and cooperative.

 

We have 5 months left on a 6 month lease. Have thought about offering to break it, but we're in no hurry to move plus the owner seems dead keen to keep us and our rental income (I think he's a bit financially squeezed).

 

Did you want to buy it? Make a realistic offer

 

I dont know of the legalites of inspections from a tenant perspective, but how would you react if the roles were reversed?

 

I think you are being perfectly reasonable after all this time. Dictating that all inspections from now on need to be by appointment with appropriate notice makes sense.

 

Well justified - sounds like an unrealistic owner.

 

Oh that's the kicker. We like the house, not our dream home but we could live in it for a few years, renovate and/or eventually make it another IP. We offered him market value when it was first listed (10% under his unrealistic asking price at the time). Of course, the owner rejected it, but the market has softened even more since then, and the asking price is now only a whisker above our initial offer. It will certainly sell for less now.
The agent came crawling back last month to see if we wanted to resubmit our offer, which we declined. There is better stuff on the market now for our budget, not really interested.

 

Another slow moving vendor.....these price falls are putting pressure on decision making, for better or worse..

 

You are well within your rights to refuse more open houses.

I would only allow them in return for a substantial rent reduction.

Any house that fails to sell in 10 months is overpriced. Sadly, some vendors are too slow to realise this, and even though they do reduce the price in dribs and drabs they fail to keep up with a falling market, and remain overpriced despite reductions.
Marg