# Letting apartment taking ages



## ULS (14 May 2008)

I have a letting agent dealing with letting out my apartment and 2 months ago they advised me what needed to be done and told me it would take about 2 weeks to let out once it was ready. 

It is in Newcastle, CO Dublin which I would consider a good location and is in perfect condition. 

Over a month ago it was ready to go and the letting agent told me it would take a little longer to let out as the market was slow.

It is currently on daft.ie and on the letting agents website, there is no TO LET sign outside the apartment which is facing a main road with own access.

Can anyone advise what else I can do to get this place let out sooner?


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## starlite68 (14 May 2008)

i am living in newcastle myself at the moment...i think there are just too many apartments to let at the present time, giving the amount of building thats gone on here lately. good luck though.


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## Howitzer (14 May 2008)

What defines Newcastle as being a particularly good area - for renting?

At the end of the day anywhere will rent if it is priced competitively. What rent are you looking for, what are other apts in the area looking for on Daft? How does that compare to, say, a similar apt in the IFSC?


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## ULS (14 May 2008)

Told by several agents it was a good area, didnt buy it for an investment.  There are several large industrial estates in the area and minutes from N4, N7 and M50.  There is no point in comparing it to the likes of the IFSC as it is a completely different area!  The rent is competitive for that area.

I am just wondering if there are any suggestions on alternative ways of letting it other than 1 estate agent advertising it on Daft.


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## starlite68 (14 May 2008)

there is a very busy shop/fuel station/post office....in newcastle,some people place ads on the noticeboard there.  could be worth a try!


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## Whiskey (14 May 2008)

ULS said:


> Told by several agents it was a good area, didnt buy it for an investment. There are several large industrial estates in the area and minutes from N4, N7 and M50. There is no point in comparing it to the likes of the IFSC as it is a completely different area! The rent is competitive for that area.
> 
> I am just wondering if there are any suggestions on alternative ways of letting it other than 1 estate agent advertising it on Daft.


 

Property on Daft.ie has a very high visibility. It's one of the most visited websites in the Republic.

There are 3 obvious ways you can get a tenant more quickly.
1. Increased advertising (local, national papers etc)
2. Lower the price
3. Call your letting agent very frequently. He may have quite a few properties to let, and may try to let other property before yours. If you call frequently, he may give yours priority.


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## Howitzer (14 May 2008)

I think you do have to compare, even though they are different areas. The IFSC will attract a premium rent - Newcastle will not. If you are looking for a similar rent as an apt in a more desirable location then you may simply be looking for too much. For someone renting price is generally the number 1 priority. 

The other apts that your apt is competitive against, have they rented?

You can take it as a given that someone renting in an area is renting there out of convenience - people don't rent somewhere to commute to somewhere else. 

Daft and the Evening Herald are the primary resources for renters.


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## Steve D (14 May 2008)

If you look at the graph in the link below you can see that the number of properties for rent in Co Dublin on the daft website have increased from about 2,200 in Oct 2007 to 4,500 now:

http://daftwatch.atspace.com/daftcounty_1.html

When there is such a huge increase in rental supply like the, the best way to ensure that your property is rented out is to lower the rent!


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## Whiskey (14 May 2008)

Newcastle is great, and it will suit a lot of tenants.
But it's not as rentable as somewhere in Dublin 1 for instance.

If you want, paste the daft link in your next post (if its not against the posting guidelines), and we can critically evaluate the ad.


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## Bronte (15 May 2008)

Maybe try renting it out yourself instead of using a letting agent, that will give you a feel for the market.  As previous posters have said if the rent is set too high and there are lots of similar apartments available it will make it harder to rent.


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## Camry (15 May 2008)

ULS said:


> I have a letting agent dealing with letting out my apartment and 2 months ago they advised me what needed to be done and told me it would take about 2 weeks to let out once it was ready. It is in Newcastle, CO Dublin which I would consider a good location and is in perfect condition. Over a month ago it was ready to go and the letting agent told me it would take a little longer to let out as the market was slow.
> 
> It is currently on daft.ie and on the letting agents webside, there is no TO LET sign outside the apartment which is facing a main road with own access.
> 
> Can anyone advise what else I can do to get this place let out sooner?


 
Do a search on Daft for comparable apartments. Then sort by price.

Set your price below the lowest one that comes up. You can leave out outliers like a clearly derelict place, but don't let your emotion fool yourself into thinkng that you place _*must*_ be worth more than others. Rental void is the killer of successful property investment.

While people say property is about location location location, you can't move your apartment. So for you it is price, price, price.


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## gerry m (15 May 2008)

if your rent is competitive then maybe the agent isn't doing a good job. Did the agent take lots of pictures to put on daft or just a lazy outside picture? Ask the agent how many viewings thay have done.

Have you considered putting it on daft yourself and save on the letting fee? Here is a link to some info on doing it yourself;
http://www.irishlandlord.com/index.aspx?page=infocentre_articles&category=Letting+&+Managing


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## Steve D (15 May 2008)

According to Irish Property Watch, 28% of properties for rent have been on the market for more than 7 weeks. From the 7th to 15th May 906 reductions in the asking rent were recorded. See the detailed lists of properties here:

http://www.irishpropertywatch.com/viewPost.php?Post_ID=79


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## minion (16 May 2008)

As others have said.
Price your property the same as similar properties to rent in the area.

Change your letting agent.  They are just a hole to bury money in for no gain.

Maybe try and rent it yourself.


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## Camry (16 May 2008)

minion said:


> As others have said.
> Price your property the same as similar properties to rent in the area.
> 
> Change your letting agent. They are just a hole to bury money in for no gain.
> ...


 
I feel the need to repeat myself for emphasis.

Price you property *below* other on the market. If still no intertest keep reducing.


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## MrKeane (16 May 2008)

Camry said:


> I feel the need to repeat myself for emphasis.
> 
> Price you property *below* other on the market. If still no intertest keep reducing.


 
Trouble with doing that is some people will think there is something wrong with it. There is just too much property out there and there is no floor under the rental market so rents are on the verge of collapse anway.

I would say price it near the bottom of the existing range and hope it gets rented before the market falls further.


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## DeeFox (16 May 2008)

A friend of mine currently has an apartment to let and has deliberately priced it less than all similar properties on daft (a drop of €60 from last time it was let over a year ago) and has not received any phone calls at all about it.  It is in a good location and was snapped up every other time it became free.  The rental market just seems very quite at the moment.
I would advise that the OP put up a sign outside the apartment and ensure that the photos on daft do the aprtment justice.


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## gerry m (16 May 2008)

totally agree with deefox - ensure your pics do the place justice, the amount of crap pics on daft is incredible - if the pic is crap people won't bother viewing


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## minion (17 May 2008)

Camry said:


> I feel the need to repeat myself for emphasis.
> 
> Price you property *below* other on the market. If still no intertest keep reducing.



No need to do this, unless your place is worse than the others at that price.  Then its worth less - obviously.

You need to pirce within current market rates.  No higher. No lower.
You just need to improve your own letting skills.


You'll be seeing a lot of posts from non-landlords telling you to price lower.
And a lot from amateur landlords telling you to price higher.

But most landlords in here know the business and will give you good advice.

If others with similar properties are reducing their asking prices, then reduce yours to be the same as the average.
Again, if your place is in good condition and well presented you will have no problem letting it.

On agents - my pet hate - Ditch them if at all possible.  They will gouge your money out of you for doing nothing more than you can easily do yourself in far less time, and then take no responsibility if things go wrong. In my book, taking your money means assuming responsibility for their work.


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## starlite68 (17 May 2008)

im no landlord but i know a bit about sales,renting is simply selling someone the use of your house and if everyone is selling something similar at a similar price but nobody is buying..the you have to drop your price to get a bite...its not ideal i know,but better that having the place lying empty making you noting at all.   half a loaf...and all that!!


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## contemporary (17 May 2008)

minion said:


> No need to do this, unless your place is worse than the others at that price.  Then its worth less - obviously.
> 
> You need to pirce within current market rates.  No higher. No lower.
> You just need to improve your own letting skills.
> ...



Any chance the non-landlords are renters perhaps? You might also be so kind as to how he/she might improve their letting skills....

There are 3 ways to go, look for a high price and accept a empty period, look for a low price to avoid an empty period and make something from the place or sell the place and be done with it

there is a lot of competition in that neck of the woods, 56 apartments for let in citywest alone, supply and demand is what it comes down to, if its a buyer/renter market then price is going to be a factor


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## minion (17 May 2008)

contemporary said:


> Any chance the non-landlords are renters perhaps? You might also be so kind as to how he/she might improve their letting skills....
> 
> There are 3 ways to go, look for a high price and accept a empty period, look for a low price to avoid an empty period and make something from the place or sell the place and be done with it
> 
> there is a lot of competition in that neck of the woods, 56 apartments for let in citywest alone, supply and demand is what it comes down to, if its a buyer/renter market then price is going to be a factor




Quite possibly they are renters, or maybe they have their own house and dont rent, or maybe they are amateur investors who dont really do it seriously.  Just have one property for rent after they got married and moved into the spouse.  Or they could be a syndicate of a few friends who decided to give property investment a go.  Could be many types of people really.

Yes, market price is the price it should be on for, no higher, no less, for obvious reasons.
Which would not be any of the 3 options you give here.  Look for the market price - is the right strategy.

To improve their skills its much like any other business.  Due care and attention to such things as presentation, where you advertise, how you advertise, what kind of tennant you want to attract, personal image (you dont want to come accross as a grumpy old git of a landlord), selling skills.  How you treat your existing tennant or potential tennant is extremely important.  Have a fast turn around on anything that needs doing.

If you dont involve an agent you will have more leeway in the rent you wish to charge.   You can group the viewings in the evening, so as not to use up too much of your time if you are busy.  Really there wont be many occasions when you will have to fix stuff if you use quality fittings in the first place so not much time spent there.

Know a couple of reliable handymen who you can call on if anything does break.


Anyway OP, you could be reading us all argue about this all year.

My best advice to you is : 
Remember its a business.
research and know inside out your particular market.  Its different for each type of property, area and tenant.  Target your advertising, presentation, asking price etc accordingly.  Cut out the agent.

Nothing at all you havent read in here before.


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## Afuera (17 May 2008)

minion said:


> Yes, market price is the price it should be on for, no higher, no less, for obvious reasons.
> Which would not be any of the 3 options you give here.  Look for the market price - is the right strategy.


But how do you calculate the market price? Remember the rental prices listed on Daft and in the papers are only _asking prices_; the actual price that tenants are willing to rent them out for may be nowhere near those figures.

EDIT: Does anyone know if the PRTB is legally obliged to provide this information (i.e. the market rate) to the public? The law states that rents can not be set above the market rate. How can that be enforced if nobody knows what the market rate is in the first place?


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## minion (17 May 2008)

Afuera said:


> But how do you calculate the market price? Remember the rental prices listed on Daft and in the papers are only _asking prices_; the actual price that tenants are willing to rent them out for may be nowhere near those figures.



I would say that this rarely happens unless you are talking about high end expensive property.


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## starlite68 (17 May 2008)

the problem the OP has is that they cannot shift it at the market price...so whats the point telling them to keep it at the market price? an empty building dosent make you a penny!


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## minion (17 May 2008)

starlite68 said:


> the problem the OP has is that they cannot shift it at the market price...so whats the point telling them to keep it at the market price? an empty building dosent make you a penny!



Without knowing the exact details of the state of the property, asking price etc, we cant really say its not renting.

What i will say though is that if its on a par with other properties for rent that are renting and the rent is market price then its the agent thats the problem.


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## jpd (17 May 2008)

I thought that the market price is the price that does shift goods/services ie the price that matches producers and consumers. Maybe I need to re-read economics 101! 

Sounds as if the rent required/demanded by the producers (ie landlords) is too sticky and needs to adjust downwards to the market clearing price.


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## starlite68 (18 May 2008)

minion,,i still think the OP will have to drop the price in order to to have the competitive edge over similar properties around him/her.....but i agree with you that they should drop the agent and have a go at letting the place themselves.......if noting else it will give them a better feel for the business.


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## coolhandluke (18 May 2008)

I suppose it all depends what market the op is looking for,i am currently renting and would be classed as a professional.I don't mind paying market rates (won't pay anymore though) but i expect a modern well furnished property with parking for my money.
For that,my landlord gets a good tenant who pays on time and respects his property and doesn't bother him with trivial problems,likewise i don't appreciate "visits" every few weeks.
I use daft to find property and only select properties with Pictures to view, i've often seen properties on daft advertised at market rates that clearly have had no upgrading in years,maybe there looking for a different market but personally i wouldn't touch them.
Invariably i have found that i select the property i want, rather than the landlord selecting me as a tenant , but maybe i've been just lucky.


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## newirishman (18 May 2008)

minion said:


> Yes, market price is the price it should be on for, no higher, no less, for obvious reasons.



Given the amount of places available and not renting, the market price apparantly is too high at the moment as nobody seems to be able to rent the place out.

So if the market price is too hight there is only one thing todo: you need to go lower. 
Easy maths: if you lower the rent for 10% and you can then let it out 11 months a year instead of 10 you are still making more money.


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## Camry (18 May 2008)

minion said:


> No need to do this, unless your place is worse than the others at that price. Then its worth less - obviously.
> 
> You need to pirce within current market rates. No higher. No lower.
> You just need to improve your own letting skills.
> ...


 
Without seeming offensive, that is a very naive wiewpoint.

The asking prices out there at the moment in the rental market ar clarly NOT the market price. There is too much overhang. The market price at present is BELOW asking prices. 

If you price with the pack at the moment you are above the market and to let it at the same price against maybe a dozen other options open to you potential tenant would come down to pot luck.

The most astute LLs in the current market will:

Assume that their property is no better than anyone elses (don'tyou see the absurdity that every LL on this site makes the same claim how _their_ apartment is nicer/better than the rest on the market).
Assume that any potential tenant faced with a choice of your apartment and others (there are lots of other at the moment) for the same price will opt for one of the others.
Realise that market condition of excess supply exist and hence _*the market rental is below the visible asking prices*_ out there.
To do otherwise is naive in the extreme.


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## Complainer (18 May 2008)

Try a 'mystery call' to the agent as a prospective renter, and see if your place gets recommended.


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## minion (18 May 2008)

The OP hasnt supplied us full details, like their ad, so none of us know the true state of the property or what they are asking for or looking for in a tennant, or how it compares to other properties in the area, therefore we are not sure if they have ot at market rates at all.

So none of us know at all market rates for his property.

All i was trying to do was tell him to research, make sure he has his particular market rate and to let for this.  If it is not shifting for that price and other places of the same market types  are (no need to keep repeating what differentiates property markets i think) then they are doing something wrong and will need to fix this.  This is not to do with price as he would have done his research and have it at the market price.


The market price is not the same for all classes of property for let in an area - see coolhandlukes post as the clearest explanation you can get of this.

If he puts some effort in , the OP can stand out from the market and get market rent for their property.  Its easily done.

We're just going around in circles here i think.
Lets agree to disagree then.


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## ULS (18 May 2008)

I have dropped the price by 100 the way I see it at this stage is that it has been vacant 5 weeks which means I have pretty much lost over 1000, each week it is vacant its costing me so whats 100 quid compared to losing over 1k a month.  Im no expert in the area unfortunately I moved in with my boyfriend and we want to hang onto it and its not worth selling at the moment.  Thanks for the advice, reviewed the letting agent, ads going up in large local businesses, sign going up and hassling the letting agent more.  I may get rid of letting agent in the future but for the moment as an amatuer in these things Im gonna stick with it.  Thanks for all the advice


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## Afuera (20 May 2008)

The recent report from Daft shows that rents are going down so this would appear to be the correct action. Best of luck with it.


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