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Investment property that just won't rent - WWYD?

(19 Posts)
biryani Sun 07-Aug-11 20:05:31

I think I've made a mistake on an investment house I've bought. It's immaculate, but I think I've bought in the wrong location. I was tempted by the lure of the cheap price, but the location is quite isolated. I have an agent, but allegedly there's no interest in that area at the moment. How long should I leave it before calling it a day? It's been emplty for two months now. WWYD?

nightshade Sun 07-Aug-11 20:06:25

drop the rent??

LemonDifficult Sun 07-Aug-11 20:10:26

What do you mean by 'call it a day'? Sell or drop price?

And are you getting viewers who don't want it? Or no interest at all?

Bedat10 Sun 07-Aug-11 20:16:26

Yes maybe drop the rent but also drop the agent. I rent out a flat (wasn't bought as an investment but I had to move and can't afford to sell it). Anyway, I started with an agent, and after no interest after a month I decided to go it alone through gumtree and within a day had more than 10 people interested. Take some nice pics, put absolutely every possible selling point in the description and be choosy about who you show round (and make sure you're not on your own etc etc). saves you money and you get more control over how quickly it gets let. Ive now let mine out to 4 different tenants over 6 years this way and its never been empty for more than a fortnight. Once someone moved out in the morning and someone else moved in that afternoon! (stressful cleaning day...!) its not in a great area either tbh. Good luck!

nokissymum Sun 07-Aug-11 20:18:13

Have you tried the local council ?

cjn27b Sun 07-Aug-11 20:35:15

Everything has a price - drop the rent. Change the marketing approach (new agent, insist on all the website like rightmove.com; findaproperty.com; primelocation.com, try listing yourself etc...). You may have to accept making a small loss if you can't get the rent to cover the mortgage, but that's still better than a void period.

PhyllisDiller Sun 07-Aug-11 21:29:36

Drop the agent, drop the rent, make sure the pictures on right move are good...would you be able/willing (contentions issue for some but not for others) to rent to HB applicants? This website will tell you pre post code area how much HB would be paid by the local council. Some HB tenants might not mind the area as much if they want a good house and a decent LL.

PhyllisDiller Sun 07-Aug-11 21:33:36

Or....do that thing where you post your right move link and you get a free advert posters make helpful comments about how your property could be more appealing!

Mandy2003 Sun 07-Aug-11 21:51:53

Ooh yes, let's have a look (assuming your agent can be bothered to put their properties on RightMove!)

biryani Mon 08-Aug-11 18:10:58

Thanks all. I have now dropped the agent (who didn't have it on Rightmove OR a board up, so I found out last week). There's been a viewing already today through the other agent - fingers crossed!! Don't mind dropping the rent a bit, though I think location and a limited market may be the problem. I will try LA if all else fails. PS - it's on Rightmove now - address 2 Brynwyndham Terrace, Tynewydd, Treherbert if anyone wants a look!

Mandy2003 Mon 08-Aug-11 22:56:25

Glad you got a better agent sorted! It looks lovely but I think you need to have a picture of the living accommodation, the lounge at the minimum plus a bedroom if you can?

Funk Tue 09-Aug-11 07:33:31

What a stunning view from the house. Your agents' photos are dreadful - I agree with Mandy you need more internal photos. I'd also include one of the view.

Funk Tue 09-Aug-11 07:36:36

view

ShoutyHamster Tue 09-Aug-11 07:37:10

Hi OP,

More pics!!!

One of at least two of the bedrooms and one of the sitting room to add to the ones you have. Also, I'd try and improve the ones that are up. Take all the pics as far back as you can to give a good idea of the actual extent of the room rather than a close-up of it - take the kitchen one a tiny bit further back if you can - I know it's small so maybe that wouldn't work though!

For the bedroom and sitting room spaces, I assume they are all neutral decor? Try this trick - get a couple of bright colourful Ikea cheap rugs in different colours and put one in each. It will just make the rooms look a little bit individual and inviting, people can imagine making them homely - and they look different to every other magnolia box on the net! So main bedroom, reddish rug, second bedroom, greeny rug etc. Sitting room, you could even try a small vase of flowers... it all entices people in, giving the impression that it's not only a nice house but that you the landlord are nice, care about the property, it's clean, it's a home etc.

Good luck!

Funk Tue 09-Aug-11 07:37:34

oops it doesn't work. Check out streetview on above link.

Chandon Tue 09-Aug-11 07:44:14

When this happened to us, we dropped the price drastically (by 20%) and rented it out without agent, so we still got what we would have gotten IYSWIM (agent fees being what they are in London hmm).

If it would not be worth your while at a lower price, do sell, but markets may be funny right now with all the economic collapse etc.

ShoutyHamster Tue 09-Aug-11 08:49:17

My God, OP, the view! THE VIEW!!

Get a picture of the view in there NOW.

davidtennantsmistress Tue 09-Aug-11 08:54:52

jesus if that was closer i'd have snapped your hand off for it.

we've been looking and for us good clear pictures are a must, as is a nice write up.

biryani Fri 19-Aug-11 18:29:31

Brilliant advice - thanks. I've been on holiday, so haven't been back on here. Hadn't thought of putting some cheap rugs in - good idea. Views in that area are sort of taken for granted,, but I'll get back on to the agent about that too. Thanks again.

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