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

Drop the price, get it tenanted then sell or leave it vacant until sold.

Unless there are glaring reasons or defects to put people off then it's the price, whether selling or renting.

 

absolutely agree with u

foolish to sell at break even/loss when u dont NEED to sell
my only desparation is missing out on buying a house sooner than later which makes me sad but doesnt make me sad enough to make a stupid decision
i rather cut my expenses and save up for another deposit!
i wanna drop below 300 but the only issue is, ive gotten heaps of ppl in inspecting so on the one hand im like why should i?! bc it appears its appealing enough but apparently not appealing enough for someone to just put their damn application in and move here *massive eyeroll* lol like u have access to everything in walking distance except a darn carpark but theres 3 HUGE public carparks around for free ffs just apply for the damn unit what else do u want from me? (dunno maybe they want a covered space but none of applicants appear to have expensive cars?!) having said that heaps of high end car brands park there everyday, this is essendon not craigiburn lol


oh well lets wait and see

 

Question, how much do you look in savings for applicants to consider approving applications?
my agent is saying no to an applicant but we're going into another lockdown and I'm sick of this ****, have got an application with no rental history (lives with family) and small savings :/ works full time by the looks of things $837 pw income net

what do

 

The rental agent doesnt get paid unless there is a tenant. So they have no incentive to refuse applications too harshly.

that should tell you something.

 

yea i understand, sure, its just in light of today's economics and repeated lockdowns etc...i wonder if we can get anything better....

 

yeah so has 1700 in savings
i guess rent and bond payable in advance which is 300pw x 1 month x 2? i guess he cant even afford that hey :/ poor guy

he also mentioned hes concerned he 'earns so little per week how can he pay rent' i mean 837 pw isnt so bad?!?! are all agents like this? lol poor renters this is too harsh (i mean i totally get the lack of savings but that wage isnt bad imo?!

 

I once took a punt on a client with little to no savings and a low income.
It did not end well.

I just got an application for my property yesterday with a similar situation. Past experience made me hesitant.

This was on a $350p/w house - and they could barely pay the bond...

 

yeah true, as much as it being vacant is an inconvenience, paying agent to take things to VCAT to recover rent money is more inconvenient hey

 

Everyone has to start somewhere though.
I have taken on similar under various circumstances:
1. the mother acted as guarantor (ie went on lease as well)
2. took them on as is

In either circumnstances make sure you have landlord insurance and good landlord insurance (Terri Scheer or EBM)

I think their income is enough to handle the rent and enough for them to keep saving. If they lost their job and was on jobseeker the rent is not so high that they wouldn't be able to still pay it when on benefits. I would assume that the savings they have is after bond/advanced rent is paid so it's enough for a month of rent should things go south

 

yeah that also makes sense
the agent didnt specify if it was after or before advance payment to be honest
he just said he only has 1700 in savings, so i assume thats pre-advance payment
i was taking the same position, i thought hes just getting on his feet until i thought about 1700 and upfront payment required

 

$300/$837 = 36% - this is slightly on the high side IMHO. It wouldn't be a concern if there was someone else earning an income.

 

This is just a theory but some agencies could be more conservative with their rental appraisals/estimates than others. Some independent agencies may be more ambitious as they own the business and the revenue is their income.

Also agencies tend to have different strategies when advertising the property for rent. Definitely try to speak to at least 3 rental agencies and their rationale behind their appraisals and strategies.