Woodridge IP vacant since February, need PM recommendation please

Hi,I have a property in Woodridge that has been vacant since February from a string of bad luck. Vandalism, repairs needed, further break in, police investigations but no charges etc. PM keep showing people and there's some interest but nobody ever commits. They've had many people just book inspections and then not show up. I'm out of state so can only go on what the PM tells me but they manage two of my other properties and are generally on the ball. Rent has been dropped multiple times and is low, and there's an offer of a weeks free rent too. No takers.

Please let me know a secondary PM I can use to boost my chances - I'm hoping this PM might have better luck with existing tenants on their rent roll who are moving out. Has anyone had such difficulty getting a place rented before?

Thank you

 

I don't know the area, I think you mean Woodridge Qld?
A quick google online describes it as a "hell hole" among other creative opinions, all of a negative bent. So I do wonder whether you can get the rent low enough given it's reputation.

Having a quick look online, there's plenty of stock online. So I would look to improve presentation. I'm disinclined to think the agent is the issue here but maybe they are (I doubt it). There's plenty of stock for sale too in the area, which may be something you will have to think about.

I'd be going out to some open homes and talk to buyers to see what they like and do not like in a house for sale. It will help clarify what people value that are interested in the area.

 

If what you’re trying to achieve is to find a Tenant, but still happy with the PM, stick with them but think of a new strategy.

From what you describe, I suspect you need to improve rhe condition of the house first, particularly security and safety. Even criminals need to live somewhere, and they too need a safe place

 

We had similar problem in Ipswich around 18 months ago . Then we got a letter from the council saying we needed to do maintainence on the front yard as the grass was waist high .... nothing had been mentioned by the pm who had been giving us a running commentary full of similar comments to what you also received .

When we initially chose that pm , we were impressed by how organised they seemed . Reality they had good systems which weren’t effectively implemented .

We were lucky in that we had a pm we were using in goodna who also managed properties out to Ipswich . Handed property over and it was rented promptly having being cleaned up .

According to sqm vacancy rates are 3.2 % which would be considered an ok neutral rate so if the property and presentation are ok it should be rentable .

We held 7 properties in the logan area , Woodridge , slacks creek and Kingston in the early mid 2000’s and did very nicely capital growth wise and that’s where you make your money . Yes it is a lower socio economic area but lots of forum members , us included who have made nice money in areas like this

If it’s a dodgy poorly property it can be problematic and there are some properties like that there .

We did have one property which was problematic and it was the cheapest / worst property we bought there . Good learning lesson . Also the first we sold . After that we’ve always bought a step up from the bottom of the market . In goodna we’ve bought some at the bottom , but the bottom of the market properties in goodna generally aren’t as bad as the bottom of the market properties in Logan or somewhere like rocky .

Cliff

 

There is a lot you can do even if you live interstate.

Firstly, is the rental advertised on realestate.com? Absolutely necessary for Qld., sack any PM who tells you otherwise.
What is the listing like? Good photos? Good text listing all features? If not, rectify immediately.
Next
Asking price? You must be close to the bottom of rental price for similar properties. Compare your asking rental with other properties with a similar price. If you were a tenant, objectively, which would you choose to inspect first?

Rentals are a bit slow in Brisbane at the moment, but you need a tenant.

The problem with a vacant property is either the property or the price. If you can’t improve the property, drop the asking price.
Marg

 

Your comments would have given away that it’s Woodridge (or surrounds) even if you hadn’t stated the suburb…!

You will almost always have reasonable levels of interest, even when the property is overpriced or poorly presented. There is a distinctly over-represented pool of poor quality potential tenants who will enquire on anything. Without a PM giving you the right information, it can make it hard for you to understand the issue- because in many other areas, a lack of enquiry is the symptom, rather than a lack of quality enquiry, which is harder to diagnose.

Linking in with the above, this unavoidable pool of rubbish tenants will constantly enquire on property and then not show up.

For example, in Woodridge I have an average of approximately 60 enquiries per property in a 2-3 week period with only a 35% attendance rate… despite calling, emailing and SMS invites to 2-3 viewings per week!

By comparison, somewhere like Springfield or Pimpama might average less than half that many enquiries with an 80%+ attendance rate.

You’re also in a spot of trouble because your Ad has been online for so long. The first two weeks is the strongest period of enquiry. It starts to slip as you approach 4 weeks, at which stage you’ve taken too long and you’re only receiving 20% of the enquiry you were initially getting. It’s often also even poorer quality. After a month, your period of vacant can begin to exponentiate- which is what has happened to you here.

Your PM needs to be dynamic (No, I’m not describing a BMW). By that I mean they need to monitor enquiry constantly from day one. You will know within a few days if the rent is too high. It’s very common for a Landlord and PM to take too long to reduce the rent- as the property continues to sit on the market, the impact of rent reductions is reduced to the point where you end up with a much longer vacancy and a much lower rent than what would have been achievable.

Although the average time on market for properties in Woodridge is 55 days, and there is only a small pool of quality tenants in the area, a well presented, well marketed and correctly priced property should still be rented within 2-3 weeks.