Rental prices Perth

Well, I am back on the market at $100 a week less than it was previously getting.

 

Ouch! Good luck. I'm interviewing another PM tomorrow, WestOz's recommendation I worked out with the current PM's fees of 12% plus 2 weeks rent letting fee was almost equivant to 16% I might as well get a DHA house for that price then I wouldn't have renting issues

 

PLUS all the other bits and pieces they sting you for. Good luck with the meeting, if positive please keep us updated how their service/communication etc is (atho it all comes down to individual PM). Good Luck!

Sorry to hear the PG, **** of a thing, the positive is you have someone helping pay the mortgage. Hope the tenants work out. Good Luck!

 

That is a lot of money.

How long your house has been on the market? 4wks?

 

Over 10 weeks

 

Thanks WO I signed with DeFreitas and Ryan 10% and no letting fee, everything included. Service so far so good, well presented and very knowledgable. I outlined my expectations which aren't onerus (an email once a week to say whats happening) Will keep you updated.

 

Good luck! I hope it goes better than mine.

 

Sounds like a good deal if everything is included in the 10% fee.

 

It's first world problems really, but thanks. The house was rented out at above market rent for more than a year so I'm not really going backwards yet. It's just that losing over $400 a week in income does make a difference. I have found a new tenant yet but I'm hoping to get some interest at the new lower price. That said, looking at the number of properties on the market in Cloverdale, the number of listings is going up, not down, so I suspect it may be a while yet to find a tenant.

 

Have you found some tenants yet since you drop $100 p/w?

 

Still no bites. There is an interested party from the weekend who is enquiring about deleting special conditions from the contract. The special conditions relate to not killing the garden and not dripping oil all over the drive. He wants both of those deleted. So if he is planning to kill the garden and put oil all over the drive, what is he planning to do to the house inside?

I think perhaps we have set the rent too low and attracted the wrong type of tenant?

 

My recent IP was managed by DeFreitas and Ryan. They don't do home open... But can't complain with the 10% PM they are charging.

 

This I agree with. It was a known shortage and everyone should have been prepared for that and saved for a rainy day and for when those 12/24mths leases finished and lease negotiations came into play.
It's like the people that buy into mining towns expecting high rents to be permanent then are ****** when the mining company moves out and rents halve etc.

I'm agreeing with @thatbum though that rental vacancies for the main won't get much worse - some areas yes (mainly outer with poor transport to CBD) but I'm not seeing more than 1% increase in rental vacancies.

 

Huh?? Don't do home opens? How do they get tenants to view the property then?

 

They get enquiries through the internet, then contact them and schedule with the prospective tenant a time to view the properties. I found that quite a few don't hold true opens. I decided that it didn't really worry me as opens are usually only 15 mins so following up with each person and making a time would suit me if I was looking.
We relisted on Friday and we got 3 enquiries over the weekend. We haven't dropped the price but we did spend 12K in 12 days to renovate. So lets see if it was worth it. It did need the reno and I'm glad it is done.

 

The only problem I see is how long does it take for someone to enquire online to them being shown through the property. If it takes to long they might just move on.

 

True story was sitting at my mates house in port hedland the other night. He was paying 600 a week rent told the agent he was only gunna pay 300 a week or he was walking out they accepted immediately.

I said this a couple of years ago construction is gunna slow up and people are moving back to the east so it flows all through out perth.

 

The last company that rented the same house did no home opens, just apply online for an inspection. I was concerned about it but they found a tenant quite quickly. In the current market in this area, home opens are not attracting prospective tenants, so it is a bit of waste of time to run them.

 

Keep going, you'll get the right one soon.

 

Cheers. It's worth waiting for the right tenant in this case.