VIC Cant find a tenant... Victoria

Hey guys

I might be a little paranoid here. I just finished building 4 bedroom 2 bath 2 garage single story home
in Wyndhamvale Vic

The house has been advertised since 17th of July ( 2 weeks) Not sure if thats a long time to not have any interest or not but it could be..

The area median rent is $350-370 per week

MInes are $390. I see most 4 bed 2 car 2 bath single story homes going for $400-$420

Not sure if there is anything else I can do here or just be a bit more patient?

The driveway is completed I just have to do the front and back landscaping. But its ready to move in

 

Basic checklist:
1. professional photos
2. well written ad content
3. priced to where you want to meet the market
4. listed on all the major real estate portals
5. gun property manager who could rent ice to eskimos

 

Can you share the link so we can see and comment?

 

I'm experiencing same thing here in Sydney. Had rented a 2 bed room townhouse for $570 for 2 years. Tenants vacated and it's being on market for 6 weeks. Rent is now at $500, still haven't landed a good tenant. Lots of choices around now for renters.

 

37 Stream Road Wyndham Vale Vic 3024 - House for Rent #427003210 - realestate.com.au

The driveway and porch is now complete. Just need to complete the garden. But its ok for a tenant to move in now

I have booked professional photos to be done

 

I did a quick search for Wyndham vale 4br and majority of the houses are below $395 therefore your asking price is in the higher end of the market in the area. Just by looking at first impression there are better looking houses for cheaper than your. Best bet is to complete the front and driveway and get some new photos to create a first look appeal.

 

Thanks. I actually did have a tenant lined up. Was ready to move in, but my builder took so bloody long to hand over to fix stuff she was forced to find another place unfortunately. Really annoyed

But anyway. Driveway is done, the photo is out of date. Garden is next. The house only got handed over 2 weeks ago. Give me time:

 

For rental $340/week
70 Hammersmith Road Wyndham Vale Vic 3024 70 Hammersmith Road Wyndham Vale Vic 3024 - House for Rent #426225998 - realestate.com.au

There are at least 30 (4 bedroom) new/near new houses available below your price range. So lots of choices for anyone before considering an under construction house.
Next action:
1. Complete the work and revise photos
2. Revise your price bracket may be around $350 PW range .

 

In my opinion you are going to have to update those photos regularly as the place and the surrounds starts looking better. It looks like a lot of construction is ongoing, I cant see any window covering, fencing looks incomplete etc. The photos alone would stop me applying. Best of luck.

 

Whilst it still looks like a building site you could play on the angle of 'brand new property, nearly finished' and build anticipation/expectation etc. I think from a renters perspective, the idea of renting a brand new house is quite an attractive prospect, so capitalise on it.

 

yep, get rid of this above picture, especially since its the first one,

A lot of people build and have a figure of expected rent,
a lot dont know or ignore the reality of, when the property is complete, its usually in the middle of estate with 100 other properties also trying to rent out, competition is high

combined with the fact that if your house is surrounded by half finished houses, chances are the roads are going to be messy, dirty, trucks going in and out, and loud

best to be prepared to drop the rent and not fly off the shelf unless you get lucky

 

@Drekko
If you are looking for rental in a market flooded with lot of choices would you pay top rent for what looks like construction site(from photo of your ad)?

Before deciding rent for my IPs, I always investigate whats the ongoing rent and their condition and then put it for 5-10% less then then ongoing market rate, I like to rent it asap then to wait for higher rent and loose on many weeks waiting.

 

Just get that first photo off the listing ... asap.

 

This will have an impact for sure. I would remove those aerial photos showing the vacant blocks next door and behind. It just highlights unnecessarily that they (tenants) will have building noise around them for the next 6-12 months.

- Luke

 

And get photos with curtains or blinds installed.
None shown, and no mention of them being added would be a turn-off for me.
Marg

 

I'd pull the entire listing down and put a new one up when you have photo's. No one wants to rent a construction site. Plus you've lost your immediate new listing impact now.

 

Agree with most comments already made
No one wants to rent a building site !
Just because the "house" might be finished DOESN'T MAKE IT READY TO RENT
If you are worried about the 2 weeks vacancy already (when the place still requires work before it is truely "ready") you might need to ensure you have a decent buffer ready for when your first ever tenant moves out
1-6 weeks vacancy between tenants, several weeks rent to leasing fee's, add in advertising = 4 weeks rent min

You could have engaged an agent to find a tenant in advance, but there is no way I would have advertised it until finished

Any person considering renting this would want a substantial discount due to not knowing when or if it might be finished, let alone what it may actually end up looking like
(Imagine all that clay being walked throughout your NEW investment )

 

Thanks I agree with all of you the first photo is ugly
I have had people come visit and check it out. One guy loved it but wanted all inducted air con in every room? lol

I figured, I have nothing to loose if I dont put the add up while I do the driveway and garden. I mean if I dont put the add up while I finish the front landscaping I dont get any interest. if I do put it up and its an ugly picture I may or may not get interest

so I figured I had nothing to loose anyway.
The listing will be put back up the top when I do better and more updated photos

 

Hi Drekko, it will be a good area because the location is great, but you'll find that there are a lot of investments in this particularly new estate as there were a lot of international investors that just bought up. Some of those are managed by non local agents who don't take particularly good care of them and there have also been a few break ins (one of mine on Stream had the back door kicked in, tenant had all his electronics stolen)

Until the construction is complete, it's hard to attract good tenants unless the price is right to compensate the good tenants willing to put up with the mud, trucks, construction...

Good luck.