I have been renting apartments in lower north shore and Rhodes for about five years. I remember just how tough it was a few years ago. When we went went to every viewing and there would already be a crowd of anxious people milling around the property some pre filling paperwork, others with print out of the days listings and others pensively smoking a cigarette. Then the flashy agent would arrive barely acknowledging the crowd as he gestured them to follow him/her. There was a panic about the renters as they were escorted around by a contemptuous agent they were all thinking the same thing "it is sightly better value than all the other run down dumps that I have seen in the last fortnight" and if the answer was yes then they would race to agent silently waiting in the corner of the and desperately force into his hands the prepared would be fighting with four or five other couples to do so. They would spend the rest of the afternoon sizing up the other prospective tenants, "they are a family with small kids they have no chance" "yeah and the guy with the dog there is no pets allowed".
Now that my apartment is coming to the end of the lease I thought I would inspect some properties and had quite a pleasant shock Conveniently 3 apartments in the same tiny street I live in are are up for lease. The properties have been there for 3 weeks now and the owners have began discounting by on average 20-30. We went to view the properties and the atmosphere has changed a handful of people walk around shaking their heads, no one handed in papers and only one of the three had any general interest. The agents had a new attitude greeting me by my first name, chatting about things and saying a phrase I have never heard before, "the price is negotiable". They were actually trying to sell the property talking about all the work that the owners have done and the local amenities. I know a friend in market city that successfully negotiated the rent down, also something I thought not possible
From a property investors point of view is there a floor price beyond which you will not down the price? Also do you guys have insurance to cover long vacancy periods?
Kind regards Your guest
P.s. Thanks for all the free entertainment the whole bull and bear thing cracks me up
P.s. Thanks for all the free entertainment the whole bull and bear thing cracks me up
Quote:
"the price is negotiable".
I've never had an agent tell me this (they're a pretty crap agent it they say this). But at times I've offered a rental price lower than the sticker price and been accepted without question.
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