Property for rent over 2 months - prime location - 0 applications

Discussion in 'Investor Stories & Showcase' started by SaraMoosh, 28th Jul, 2021.

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  1. SaraMoosh

    SaraMoosh Well-Known Member

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    I'm getting really frustrated

    Can someone explain, is it the market by this point? I've reduced rent by $50, had 9 inspections and a bunch of people come, the property is clean, received one application but agency dismissed it quickly, main feedback is no carpark, but I mean what to do?

    I had it advertised on my social media, had another agency inbox me that they'd rent it out 'within 2 days'.......my agency holds inspections a lot, now they've decided to increase almost everyday/every other day

    What would the other agency do differently?
    Can someone explain, I'm new to this, I'm fed up with it by this point. I hate this property with my guts and want to get the hell out of here. WHAT DO?!
    Im reducing by $1 increments by this point this turning into a joke, can anyone recommend a good agency in Essendon Vic? I'm happy to switch if it really makes a difference?!
    Im just so done, any advice would be appreciated please, I'm already making so much loss but I'm happy to just be able to move and ANYONE by this point rent this place out and get me out of this misery
    note: absolutely nothing wrong with property, i personally hate it and hate living here i need a big house

    Thanks............
     
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  2. Traveller99

    Traveller99 Well-Known Member

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    Any details on the property for us to evaluate?
     
  3. MB18

    MB18 Well-Known Member

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    Do you have a link to it?
    No landlord thinks there is anything wrong with their property.

    If people are at least showing up it could be a pricing issue despite the reduction.
    If the property is presented as advertised then the most common reason Ill walk straight out of a rental viewing is when a '2 bedroom unit' is anything but' ... and thats more common than not.
     
    Last edited: 28th Jul, 2021
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  4. SaraMoosh

    SaraMoosh Well-Known Member

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    can i delete the link after posting it? dont want it permanently here or can i message you?
     
  5. Trainee

    Trainee Well-Known Member

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    Lots of one bedders in essendon for rent. Some new buildings too.

    so, off the plan, a year old, whats the body corp?
     
  6. SaraMoosh

    SaraMoosh Well-Known Member

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    i honestly just want to get rid of it due to personal taste preferences etc but a lot of ppl in this building absolutely love it, i mean judging by price and etc objectively i say nothing wrong with it

    but if you ask me, personally - ultra fussy and 'crazy' person in terms of where i prefer to live, id say its a nightmare lol but anyone whos dropped by loves it so i meant objectively, but subjectively this place is rubbish to me bc its a 1bed 1 bath and i need a 3bedroom house, i just hate apartments thats all
     
  7. MB18

    MB18 Well-Known Member

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    Sure, but its probably on domain/realestate or elsewhere online and always will be anyway.
     
  8. SaraMoosh

    SaraMoosh Well-Known Member

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    het mate its not for sale, its for rent, renters usually dont care for body corp, id pay for it, its about 1-2 yrs old, very clean, id have it professionally cleaned anyway, close to PT and literally everything one would need
     
  9. SaraMoosh

    SaraMoosh Well-Known Member

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    yeah i know mate just dont wanna give this place a bad reputation, bc im literally the only person who hates this building to this degree
     
  10. Trainee

    Trainee Well-Known Member

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    just wondering how much youd be losing even if renting it out. Should you keep it? Why did you buy it in the first place and what was the plan?
     
  11. SaraMoosh

    SaraMoosh Well-Known Member

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    wanted to live in it but i hate apartments, cant do it, i need a big house out in an ultra quiet place out in the outer suburbs (its just me), i dont think i thought it through thoroughly, i dont know how much id lose i dont care i dont wanna live here tbh ive reduced rent from 350 to 300 and now going by $1 increments down each inspection bc im so done, i just cant believe its been2 months getting really really frustrated LIKE REALLY FRUSTRATED
     
  12. SaraMoosh

    SaraMoosh Well-Known Member

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    i just want an opinion from experienced people

    does it REALLY matter what agency you go through? do tenants really look at agency and house and go oh i dont like this agency so i wont rent this house?!

    what difference does it really make if u go one agency or another trying to rent a place out?

    some ppl say it does make a diff but i just dont get how?! from what aspect?

    im going to rent myself and i dont care what agency, i look on realestate if i like the house i apply, unless the agency has taken my moeny unreasonably etc or done something horrid to me personally in the past

    i know i lack a lot of knowledge but im new to investment, this is my first apartment :(
     
  13. Traveller99

    Traveller99 Well-Known Member

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    I'm assuming it's an apartment but take a look at rental stock numbers in Essendon. Apartment numbers are through the roof.

    SQM Research - Property - Weekly Rent Listings - 3040

    This is a problem in many parts of Melbourne. So many apartments are available so renters have a huge selection to choose from. I own an apartment in Melbourne, not CBD, and it has been absolutely hammered since Covid. Rent is back to 2012 levels and it doesn't look like it's going north anytime soon. You might just have to keep dropping the price till it hits a sweet spot and someone moves in.

    Another issue is the lack of a carpark. People who live in Essendon likely drive, and with Covid, more people are ditching public transport for the car. As painful as it may be, drop the price.
     
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  14. MB18

    MB18 Well-Known Member

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    Im an experienced tennant. I dont give a cr@#p about the agency, I probably haven't even heard of them half the time.

    I care that the place is suitable for me (which means matching the despription in the ad).

    After that Ill compare it to every other REA/domain listing in the area to see how it stacks up.
     
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  15. Scott No Mates

    Scott No Mates Well-Known Member

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    • What feedback is the agent providing?
    • Tenants look at the property advert who cares which agency unless they have a bad reputation
    • Can you screenshot the photos if you don't want to disclose the address?
    • How many other similar units available?
    • What strategies are the agents suggesting?
     
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  16. SaraMoosh

    SaraMoosh Well-Known Member

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    this is what i think as well
    but some agency contacted me saying he's been renting apartments out incl around brunswick within '2days' so im rethinking.....
    why he's proposing i switch a gents with such confidence
    ive been quiet salty to him lol so his confidence must be really high so ive been pondering it may not be my apartment afterall, its a really fancy apartment, last yr i brought a couple of girls privately to inspect as i didnt wanna live here and rented it out (until i realised FHOG 12months thing and left it for another 12 months) and they were both super interested like wow omg this plcae is so beautiful and then it was 300 as well.... whats changed? adn that was when the economy was wrost and rentals were already f&%%ed....ughhhhh i hate this, ive put it up for sale as well, partments rae nightmares i just want to get rid of it!!!!!! so much headache
     
  17. MB18

    MB18 Well-Known Member

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    That will make 99% of tenants run the other way.
     
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  18. Scott No Mates

    Scott No Mates Well-Known Member

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    Patience dear grasshopper.

    You will make a large loss selling if it was new only a year ago - bear that in mind.

    Renters will be put off if it's up for sale as well.
     
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  19. SaraMoosh

    SaraMoosh Well-Known Member

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    Victoria

    • What feedback is the agent providing? no carpark, too small (BS its 58sqm and open plan area which make sit look bigger, fits a queen bed EASY with heaps of space, has decent sized balcony!?)
    • Tenants look at the property advert who cares which agency unless they have a bad reputation-exactly, i picked them bc they were so nice to me when i was renting myself
    • Can you screenshot the photos if you don't want to disclose the address? ok i will in a bit
    • How many other similar units available? 1 at a few dollars extra with no carpark (hence why i put mine at a lower price so if someone wants to rent, theyd rather rent mine), several others WITH carpark but at least $40 more than mine in the same building
    • What strategies are the agents suggesting? ok so since lockdown, they're holding inspections literally everyday, today, tomorrow, friday saturday, tuesday, (have 6 groups attending across it) they said theyve advertised it everywhere they could so they get a lot of hits.
     
  20. SaraMoosh

    SaraMoosh Well-Known Member

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    yea i asked the rental agency she said it wont though bc its only for sale for investment owners and theyd be compensated for every open, are you sure?! 99%?! gee thats bad... i mean ive seen other properties for rent and sale at the same time, are you sure it makes it look that bad? why?
    theres 2 other rentals up for sale in this building but obviously they were rented before they were put up for sale
    should i take it off market then and just have it up for sale?

    AND why? would it be the opens? most tenants here stay 12 months then move anyway, its one of those high density newer buildings where tenants usually last 12 months, most have the prospect of 12 months anyway, not long term if the worry is being kicked out after 12 months
     

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