Unable to rent out my unit in South Perth

They said they are definitely thinking about it... but nothing definite Will contact the agent today and ask her to drop the rent, maybe to $320 initially?

 

Update: I've received 2 applications!!

1 was just before I dropped the rent, from a couple in Chile who arrive in 3 weeks to study and have not actually seen the unit (6 months).

The other couple have only offered $300 per week from 1st October. So it's 3 more weeks without rent and then $20 less than the price I just reduced it to, and only for 6 months. Agent is doing reference checks.

Would you accept either of these?

 

1. drop rent and offer 1 free week and tell current PM they have 1 week to find a tenant or you need to go elsewhere.

2. If tenant is not signed up within 7 days from written notification then get a new PM and professional photos and a highlighted listing.

 

I'd take the couple from Chile.

 

good idea, but this will take more work

 

I was briefly in Perth and went past the property... it's really not a bad little unit. I took new photos and put them up, replaced lights with brighter globes, and price is $320. Well the photos made a bit of difference, had probably 7 people through in the last week and 2 applications, but then they both fell through!!!!

So nothing left to do except find a new agent. I've just sent off a number of enquiries and will choose one tomorrow. I just hope that my current agent doesn't hold me to the 28-day notice period... I dug out the contract from 2014 and that's what it says.

 

Prob wouldn't if vacant

 

Just my 02c

I do not know the location (you deleted at OP's request a link, but your the OP ?) anyways, you said small a few times, and you said 400, when I saw the photo, I thought geez, 400 for that size ? What I am saying is I wonder if it wasn't a bit inflated before.

Re painting, nope, looks fine, agree with others, needs to be priced right.

I find a lot of agents have the mentality of sitting and waiting till someone comes along, that is all fine in a tight market & when it is not them losing money, they should be doing more by the sounds of it, and if they are not giving you the feedback (or they do not listen or ask) then that is a problem too.

Waiting that sort of period is a bit of a downer, good luck with it all.

 

@k_veg

Hows this going now?

 

What a horrible year 2016 was.

One of my IP's was vacant for three months, and like the OP of this thread, it was a struggle to find a tenant.

How times have changed.

 

Had the same thing happen in Brisbane...can't remember when it was, circa 2015 give or take a year. It was during the peak of the apartment boom and even house rentals were affected. It was hard eating 3 months of no rent.

 

We were brutal with rent reductions in times of serious oversupply.

PMs seem reluctant to suggest rent reductions - often that advice is not well received. One time the PM suggested a reduction of $5 or $10 to attract interest, I asked what would happen if we reduced it by $20. The PM said it would probably rent immediately, which it did.

 

From the look of it, it is in one of the older apartment blocks. It depends on the location and the demographics of the block. South Perth has a large increase in apartments. So, tenants have a lot to choose from. If it is not close to Angelo or the west side of South Perth, it might not be as attractive from a transportation or shopping area perspective. Others have suggested, either put a new coat of paint to make it look fresh, reduce the rent to fit the demand, or get a more proactive agent. But for the third option, look at the reference carefully so your urgency doesn't end up in regrets.