Property still not leased - Perth

Hi Everyone,

I'm new to posting on this forum, been lurking for a while. Just needing some general advice/feedback.

Recently built a property which my partner and I have moved into. Currently trying to lease the unit that we were living in previously. The unit has been sitting on the market for around 7 weeks now, available for 4 (we advertised 3 weeks prior to moving in).

A bit of background about the property. It is located in a Perth northern suburb 13km from the CBD. Asking 290pw + weeks free rent - 3bdrm, 1bth, built in 2002 - relatively decent condition.
We do not get much feedback from our agent at all. She will never contact us first for updates, we have to contact her. She often does not inform us she is having a home open, we will just happen to see that there is one scheduled online. She states that the last home open they had around 5 groups through, no applications though. We have asked if there is anything we could be doing to get it leased faster - no feedback.

My questions - Is this a long amount of time for it to be vacant? Should we consider changing real estate agents? Am I just being impatient?

Thanks in advance

 

7 weeks is quite long to be empty but not all that uncommon at the moment. I have had similar with 2 of my properties recently too.

Have a chat with another agent to get a feel for whether you're priced right. Poor service is very frustrating especially when the house is empty so maybe tell the agent what you expect in terms of communication and if they don't improve, move. Unresponsive agents are the worst.

 

Post the suburb it's in, someone may have a property in the same area and can recommend a more suitable agent

 

Good advice Jess. I just wanted to see if I was being pushy. There seems to be interest when they have home opens, yet no one applies.
Is it standard now for real estates to ask for bank statements? I noticed that was on their application form. I haven't rented in a while so that was new to me.

The property is in Westminster.

 

Maybe you have to think about dropping a little bit rents?

The market is very very bad.

Also speak with another agent, maybe it would help?

 

Liar. I can count to ten, after that it becomes 'around', not at five. She's telling fibs. Doesn't she keep some sort of records?

 

Doesn't seem so Ed!

 

you should consider moving the property to another suburb, Westminster is tough work

 

I had a similar experience with my SE QLD property.
I would move to another PM.

Are you currently with a big name agent (RW, R&H, C21)? Perhaps try a smaller boutique co.
I've found they are more likely to conduct an open home outside business hours which could attract more prospective renters.
Most large firms will not pay their staff OT to do this so will only show the property M-F 9-5.
This can limit your exposure as many ppl are unable/not willing to take leave from work to inspect a property they may/may not rent.

One thing to consider though with smaller/independant firms is that they may not have the resources on the back end. Things such as established systems/software to ensure stringent automated book-keeping and legal resources in the event they get sued/audited protects them and their clients (us).

Interview a few PM's. Should be a few on here. Don't be afraid to ask the hard questions and speak to the principal where possible.
You are the customer. You hold the power. You are paying for a service so if they are not delivering, it's time to move on.

 

Yeah, no feedback means they are doing nothing.

I had the same thing with one place and an agency new to me, the young lass knew exactly what to say, but she had no idea I am experienced, so when she said we had 2 opens and X amount through, I questioned her, clearly it was fibs as she had zero answers.

I contacted the principal and asked for an explanation & gave them a time limit or I would move & also I wanted full details after opens, that was the last I saw or heard of the young lass, she left like speedy gonzales.

Was rented shortly after as they got other staff involved.

Perth market is different I understand, but still, they should be able to provide feedback and a plan, otherwise they are not going to do anything to get you a tenant.

I would not be expecting them to tell me every move they make though, such as open times etc, but they could tell you what they are planning and keep you up to date each week, maybe they are very depressed with the whole market and job

 

You need to go hard and get it rented.

There are two things to look at - the rent asked and the condition of the property. Both are entirely within your control.

Compare the rent you are asking with other vacant properties. Drop the rent asked if necessary, and bring it close to the cheapest comparable.

You say the property is in "relatively decent" condition. That rings alarm bells.

It may need a bit of work to make it more appealing.
Marg

 

I don't really know what else I could do to improve it Marg. It has new paint, new carpet (1 year old), new bathroom vanity, new cooktop and oven. By relatively decent I mean that comparatively it does not look as new and sparkly as the brand new units that were built a month ago in the area (they are everywhere). It's just not possible for me to keep up with them without spending thousands and thousands which I'm not willing to do as I believe it is still a nice place, it's just 15 years old, not 15 weeks old like the ones it is up against. It is clean, spacious and has had upgrades.
I am asking generally $40 a week less than what a lot of the new units are. I believe I am already at the bottom of the market alongside the very old fibro houses that are pretty rough.

Thanks to everyone for feedback regarding agents. I am going to start asking around. It is with one of the big companies, yes. They are also managing another unit in the same street that has been sitting vacant since feb. This is ringing huge alarm bells for me and worries me.

 

Very good points. I wasn't happy with the lack of communication and feedback from the staff that was looking after one of my IPs and I directly went to the boss and told her what my expectations were. Been very good from that day onwards and pretty sure that staff member was told off but at the end of the day, it's my money going down the drain and if I have to be a bulldog to get things done, so be it.

 

There are some things that people want and will not comprise no matter how cheap you are compared to others. Does it have reverse cycle air con in living and master ? Eg split system ac. Others want a fast internet connection if similar properties nearby have it

 

Yep has reverse cycle and the net is adsl 2 in the area. The suburb ive moved to is on old adsl 1 from a rim and it's painful, so I def get your point with the internet haha.

 

Could be a pain if you don't have the time but search for open homes in the area, go to them and sus out the PM's sales pitch, tell them you still have a couple to look at, leave your number with them, see if they follow up/chase you with a call, see if one ticks all the boxes for your expectations.

Don't let a few extra $'s in agent F&C's hinder your choice, like most things you get what you pay for.

 

@Lamington ,

Frustrating I know and I feel your pain. For me the other thing in your control is how it presents in advertising. Have you had professional photos done for the ad/ staged it a little for the photos? Remember - you (or really your agent ) have to get people there.

Happy to look at your ad if you want to send it through.

 

Also, price point isn't just what your IP offers compared to similar in the area, if prospective tenants are going there to inspect your place and a or a few of the nearby properties are scruffy, front yard not tidy, bomb/bogan cars, people that look like druggo's etc, in the current market your likely not going to get much interest from anyone other than those who'll fit into that, price has to fit into that, unfortunately the risk of your place not being looked after etc.

 

Does anyone know what kind of fees I would be up for if I changed real estate agents? I've read the Reiwa contract and it all seems to be conditional on the property actually being leased.

 

So I did a search on 3bed properties for rent in Westminster up to $300/wk.. came back with over 200 listings (incl. surrounding areas)! That is a lot of competition. Plus add another $20/wk and you're competing against another 100 or so properties, many of which are newer 3x2...

After 7 weeks and no takers, I think you need to seriously consider dropping your price. There's much less competition in the $275 price range.

The lack of communication from your agent is also concerning. Once the place is rented what are they going to be like at communicating issues that require your attention, organising repairs etc???