Can't rent out ip

Have an ip in Latrobe valley

It's been vacant for about 3 months.
Agents reckon they have tried everything.
Admittedly. This time they haven't done the usual blame the owner blame the market blame everyone else. And simply said we don't know. We asked all pms and directors.

I've got second opinion and they said it doesn't present very well. Which is sort of true. But I'm working on that.
There is actually no one going through it so presenting not well isnt the issue


What would you guys do?

I'm going to try Gumtree which obviously has a success rate of about. 0.0000005%

 

Is it because the La Trobe valley is in economic strife and getting worse?

 

I was under the impression that it's just the same as usual

 

If it doesn't present well punters will give it the flick without any further thought.

Improve the presentation then rephotograph to capture interest.

 

Not familiar with that area at all , however at the stage you're at (no enquiries?) :

- does the property look well maintained?
- does it have good photos?
- is it well priced?
- look at not only the price of comparable but also the duration they've been online. If they've had same / different result, why?

The software we use tracks stats on people who enquire about a property vs how many come and see it vs how many apply.

These ratios soon tell you whether price is high, some feature is missing, market sucks, etc

 

Maybe first have a read of your landlord insurance policy and see after 12 weeks vacant you are still covered,or a least give them a ring just to cover that part,and what about rental loss through the insurance..

 

pics?

 

Insurance doesn't cover vacancies

 

I should have been a bit clearer.
It apparently doesn't present that we'll on the inside. Eg a few missing handles and blinds a bit damaged.
However what they do in the area is check applications for references before they see it. So they don't get to see the inside first before an app.
They don't have any apps.
So no one has gone through and said it's no good.
Also the agenciy that said it doesn't present well is the competitor agency.

 

Just be care-full with gumtree,the last tenant i got off that sites everything went well for the first month,then the next five were real problems,plus the insurance will not pay for the loss of rent because even with the lease bond all in place i never gave the proper forms in the timeframe so the insurance told me this morning it's my fault and will not pay the loss of rent,can't wait too tell the "Wife"..

 

by this do you mean they have continually dropped the price?
Offer 1 week free rent? just thinking out loud. I don't know the area

 

Well they’re closing Hazelwood so that’s not the same as usual. Big employer shutting down.

 

I've tried but not succeeded before but to get applications from Gumtree and get the agency to scan it. I might have to be a bit more flexible on my criteria as well.

But I'm not expecting anythibg
At least IL give it a try and do the agents job

 

Yes dropped the rent
Now offered free week
Refresh ad
Delete and up ad

 

curious, must be something to do with oversupply, economy etc in the area, do you know what it is?

Is there also an option to fully furnish it? Just throwing out stuff. We have an oversupply of apartments in Perth so my g/friend fully furnished it, and its always rented never a problem and at a higher rate. This may not work in this area of course. Short term accommodation?

 

If they check applications first, I would think they are cognisant of the value of their own time and that of their potential clients, which could mean that they won't promote a property to valued and vetted clients if it's not up to scratch.
Pics?

 

After just moving house (again ) I'm starting to see this as an attractive option myself - as long as furniture is new and/or quality and clean.

 

LOL, be the first one to rent with totally new future and all good

 

So they dont advertise it with pics of the interior at all?

 

Perhaps change PMs.
I'd definitely use this down time to fix everything if you got the cash.
Compare it on realestate.com.au in the renting section against other similar priced places in the area. If the other places look better, you will have to fix it. I think you should do that anyway.

One of my places was vacated with only the mandatory 2 week notice. The renter had been in it for 4 years and the place wasn't in great condition, but he was paying decent rent. I had to repaint, re-carpet and get new photos listed (luckily he was happy to let us have all the bond). I had a fair few enquiries as the location was decent and the place quite big, but as soon as they saw inside and the ink stained carpet and dirty walls, they opted out. Once I refreshed the place though and dropped the price it went quickly. I've now got a fantastic renter in place who I've been told loves it, so I put in some ceiling fans at their request due to the heat wave in Brisbane/Gold Coast.