Redbank Plains: Cant Find tenant

hi everyone,
got a property vacant for 3.5 months now,
Ive now got 2 agents involved,
the second agent has said the enquiry has been overwhelming,

as per the usual questions
is it priced right,
are the photos accurate
pro photos,

however all the applications have been awful, both agents say price isnt an issue and a price drop is pointless,
there has been no common feedback
its gotten to a point where all I am hearing is "oh we have x number booked to go through it today"

What to do?

 

Is that house or unit/townhouse? If it's Unit/Townhouse,is there Onsite Manager?

It's going to get worse as we are entering November December....

 

I have NO idea about the area, so you might take this with a grain of salt.

I've had properties that were priced right, had plenty of applications - but they were all horrible. Again, didn't want to drop the price because it seemed pointless with the enquiry rates, in one instance after about 3 weeks and knocking back about 10 applications decided to drop it by $10 and it was leased within days.

It just so happened that someone had a self imposed budget of X and had excluded all properties above that price (even just by $5-$10) - dropping it down put it in the search for this couple and bam new tenants. Original listed price was $430pw, their budget was $425pw (REA you can search in $25 increments), we dropped to $420pw and hello new tenants.

So if you have your property let's say listed between the $25pw difference, it's perhaps worth a drop down to be between those search perimeters to attract the right tenants. Ie. Instead of $515pw drop to $500pw etc. Of course you want to keep your returns as high as possible, but sitting vacant for so many months is doing you no favours and coming into November/December you need someone in NOW, added to that sign them to a 14 - 15 month lease so you have them locked in until January/February 2020.

 

When you say multiple agents involved, does that mean you've only appointed them to let-only or is one a full service and ok with you trying to use a second to get it lease, just out of interest? I'm familiar with RBP, if you don't feel comfortable posting address in here you could PM it to me and I could let you know my thoughts...

 

What type of feedback have you got from the advertising PMs? If prospective people are coming through then I think it's important to understand reasons behind why they're not signing up.

Cheers,
David

 

So this property new or existing?