How to find the rented properties on realestate.com?

Discussion in 'Property Management' started by Mcube, 11th Aug, 2017.

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  1. Mcube

    Mcube Well-Known Member

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    Just wondering where can I find the properties that have been rented out on realestate.com or any other site? It has the tab for "sold" properties.
     
  2. Steven_S

    Steven_S Well-Known Member

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    house.ksou.cn has rent information in it. I just tried the site a moment ago but cannot get it to work tho. Not sure if its just me?

    Other options, an RPData/CoreLogic subscription (or other similar paid service) will give you this. There is an RPData subscription thread in the forum that you can search for and follow-up on pricing if need be.
     
  3. D.T.

    D.T. Specialist Property Manager Business Member

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    Yea I wish it did, it does for commercial ones :(

    Otherwise as Steven said, use ksou or oldlistings or paid subscriptions for more info.
     
  4. Tom Rivera

    Tom Rivera Property Manager Business Member

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    Realestate.com.au are actually working on that now- it's expected to be coming quite soon.
     
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  5. Mcube

    Mcube Well-Known Member

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    Thanks all. Yes, it will be handy to see it on realestate.com for free. I just wanted to see what houses have been rented in the last month in Heathwood Qld and how much they were rented for.
    I have been struggling to get my IP rented there though the asking rent has been decreased quite a bit.
     
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  6. Tom Rivera

    Tom Rivera Property Manager Business Member

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    Hi @Mon, Heathwood's a lovely area. I'm surprised you're having problems renting it unless something else isn't right.

    I've attached a PDS report of all the recorded rentals from the past six months in Heathwood, this should be exactly what you're looking for.
     

    Attached Files:

    Last edited: 12th Aug, 2017
  7. Mcube

    Mcube Well-Known Member

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    Hi @Tom Rivera, Thanks so much for the data. It is quite useful. It is a break lease because the previous tenant bought a house and she has started struggling to pay the rent and the mortgage. So, I have asked the property manager to dramatically reduce the rent to attract the tenant but still no one has applied. The vacancy rate is apparently going up to 3% now in Heathwood.
     
  8. Anthony Brew

    Anthony Brew Well-Known Member

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    Where can I find vacancy rate info?
     
  9. Tom Rivera

    Tom Rivera Property Manager Business Member

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    Real vacancy in Heathwood specifically shouldn't be going up. The supply of new homes and land just dried up completely for the first time in about three years of new development. Some of the very last homes should be coming online now, but I only recognise two Ausbuild homes out of the 29 available. There isn't anything comparable in the nearby area that would be leeching enquiry either.
    The rental market in general is a bit soft at the moment throughout SEQ so that might have something to do with it.

    You're definitely doing the right thing by reducing the rent, it's very important to be seen to be taking action when struggling to find a tenant in a break lease situation. Just in case you haven't been advised- the tenant is responsible to "pay out" the remainder of any rent you reduce. For example, if there are fifteen weeks left on the lease and you reduce it by $20wk, she needs to pay $300 once you agree to the reduction. You're obviously welcome to waive the cost if you like, but you are entitled to it.

    Also, assuming all other aspects being adequate (good photos, writing, prompt viewings, etc.)- enquiry drops off heavily after two weeks. It's almost non-existent after a month. If you've make a dramatic change to the marketing (e.g. significant rent drop) I'd strongly recommend a new Ad to go with it, highlight or premiere if possible.
     
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  10. TadhgMor

    TadhgMor Well-Known Member

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  11. Mcube

    Mcube Well-Known Member

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    Yes, I use sqm research to find vacancy rate
     
  12. Mcube

    Mcube Well-Known Member

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    Hi @Tom Rivera, Thanks so much for the suggestions. Yeah, I think I need to ask the PM to put a new advertisement as I have reduced it by $45 per week so far. The previous tenant has agreed to pay $20 difference and she has requested to release her from the rental agreement and take the bond instead. She has been paying the weekly rent till now.
    Mine is one of the H&L packages from Ausbuild but it was my first investment and I didn't do enough research before I bought it through a sales agent. I only discovered this site early this year to ask for suggestions. So, I haven't got any growth on it as the price was inflated when I bought it last year I think.
     
  13. Pumpkin

    Pumpkin Well-Known Member

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    In case you're looking for new PM, I know someone in that area and can recommend if you PM me.
     
  14. SeafordSunshine

    SeafordSunshine Well-Known Member

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    Dear Mon,
    a few thoughts
    what is your competition like?
    how 'good' are your photos?
    Has your property got what the good tenants are looking for?
    or that little bit extra?
    I hope this helps,
    cheers
     
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  15. Tom Rivera

    Tom Rivera Property Manager Business Member

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    I'm a bit sad to hear you're disappointed with your Ausbuild investment so far @Mon. Their build costs are a little high but that's more than offset by very competitive land prices and good inclusions. Ausbuild also don't pay obscene commissions to external agents like most investment builders do, and they don't inflate the price for any commissions that they do pay. You're always going to pay something of a premium to build a brand new home, but rest assured in choosing Ausbuild that you haven't paid for anything you shouldn't have.

    In extension to @SeafordSunshine's thoughts, Are you happy with the marketing?; Professional photos, premium ads, multiple online platforms, social media, viewings by appointment, marketing reports, etc?
     
  16. Mcube

    Mcube Well-Known Member

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    Hi @Tom Rivera , thank you. I was disappointed because the valuation came back 25k lower last year for settlement. However, I did the valuation again in May and it came back 5k lower than I paid for still. I guess as long as I hold it for 10 years, it is probably fine.

    I will pm you the ad. I guess the agent hasn't done that great with photos and the ad.

    Thanks!
     
  17. Tom Rivera

    Tom Rivera Property Manager Business Member

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    Definitely do your own research for valuations- bank figures are absolute rubbish. It's also very common for new homes to 'undervalue', in a lot of cases they undervalue by a lot more than yours. Whenever we put a new house and land package together, it's like rolling a dice as to where it will come up, and we're very competitive.

    Banks control their lending practices by encouraging valuations to be conservative, optimistic or somewhere in the middle. The valuers tend to pick and choose their comparable's to suit what they want to justify, instead of letting the comparable's dictate true market value.

    That being said, your valuations sound about right. In a steady market you won't be able to resell immediately for what you purchased for when you buy new. Instead you get to enjoy quality tenants, premium rents, zero maintenance (+warranty) and top depreciation characteristics for your holding period.
     
  18. Mcube

    Mcube Well-Known Member

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    Hi @Tom Rivera, yup, not planning to resell for sure as it is a long term game. Just thought the valuation would come up to the purchase price.
    Anyhow, I can't seem to PM you the ad. It keeps giving the error. weird.
     
  19. Tom Rivera

    Tom Rivera Property Manager Business Member

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    Hey @Mon it seems to work when I PM you.

    @Simon Hampel is there something we're doing wrong here with PM's? I'm not sure if anyone else has tried, but at the moment the only other private conversation I have going is the one you initiated?
     
  20. Brooke Colledge

    Brooke Colledge Member

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    Agree with Tom the marketing is a high priority along with the photography. If the photos are not appealing then tenants may continue to scroll past and look at other available properties online, Heathwood is a sought after area for tenants and as much as the market is a bit slow in the area the property with a $45 per week reduction should receive some interest/applications.