We had the first 30 minute "open for inspection" session last Saturday, and the estate agent phoned DW afterwards to report that their wasn't much interest yet from potential tenants. Apparently there has been some damage to the carpets (a burn) and the garden is a bit overgrown. I suspect that the agent would like us to lower the rent in order, although the amount we're asking is already in the bottom 10% for a three bedroom house in the area, and is a lower percentage of the average rent than it was when we bought the house nine years ago.
Of course the agent would prefer to quickly sign up a new tenant for less rent than have trouble leasing the property. A quick $750 for two half-hour inspections and some advertising is preferable to spending more time and effort to earn a $1000 fee. While we also don't want to have the property sit vacant for an extended period, lowering the rent from $500 to, say, $400 a week would cost us over $5000 a year ongoing, as it's very hard to raise rents for sitting tenants by more than the prevailing market increase each year.
Coincidentally the hot water tank at our rental property had rusted out and started flooding the laundry last week, so we had an unexpected $1,000+ expense. If we have to pay for gardening and carpet repairs/replacement to attract new tenants my cash flow for the rest of this year will take a hit.
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