Redbank Plains: Cant Find tenant

Discussion in 'Property Management' started by Truly Exotic, 25th Oct, 2018.

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  1. Truly Exotic

    Truly Exotic Well-Known Member

    Joined:
    21st Aug, 2015
    Posts:
    268
    Location:
    16.4944° S, 151.7364° W
    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?
     
  2. Pumpkin

    Pumpkin Well-Known Member

    Joined:
    27th Jun, 2015
    Posts:
    618
    Location:
    Brisbane
    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....
     
  3. Lil Skater

    Lil Skater Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    734
    Location:
    Melbourne
    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.
     
  4. Michael Mitchell

    Michael Mitchell Well-Known Member

    Joined:
    17th Sep, 2018
    Posts:
    134
    Location:
    Brisbane
    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...
     
  5. David Shih

    David Shih Mortgage Broker Business Member

    Joined:
    21st Jun, 2015
    Posts:
    760
    Location:
    Sydney
    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
     
    Lil Skater likes this.
  6. AlbertWT

    AlbertWT Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    124
    Location:
    Sydney
    So this property new or existing?