How long does it take to lease a property?

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In similar situation. Property's been on the market for almost 8 weeks now. It was advertised for 450(waste of time and bad advise from agent) and now down to 410. Not much attendance at open houses. Have had a single application so far. Vacancy rate is less than 2%. It's in popular primary/secondary school zones in Vermont Victoria. i don't think asking rental price is high at all. I am wondering if we need to look at changing our property manager.

 

Hmm, vacancy rate is pretty low.
Has the PM given you any feedback from the people going through at the open homes?
Has their been open homes?

 

That is a very long time on the market. If you think that another property manager can do a better job then it would be worth switching. However, they have an open house coming up and the price seems quite competitive now.

The only thing that could be changed with the advertisement is the description to make it easier for prospective tenants to read.
Either create some separation with paragraphs or utilise dot points of key features underneath the main body.

 

Yes. Quite a few open homes so far. I'll get them to change the description.