Hi everyone
I need to know when do i start panicking or changing tactics on renting out my property.
I settled on 14 Nov and its a lovely little unit on gold coast with broadwater views. The unit is fully furnished, only 10 yrs old and has all the cons anyone would want. The real estate agent assured me it would rent straight away as the current rent is fair market value. However now its come to the crunch they say just before xmas is always difficult for getting new tenants. Is this true? How long do you leave your trust in your agent to find someone? Its been 3 weeks now and they have had maybe 4 people through but none were interested. Ive told agent to offer first week rent free as i dont really want to drop the weekly rent. I do feel the unit is a tiny bit dated and could be freshened up for under $1000 to make it really appealing but they said not to bother. I have also asked the onsite manager to look for someone now.
All advise will be appreciated.
Maybe try renting as a holiday rental while waiting for more permanent tenants?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Holiday renting is a great option from JacM – especially being furnished and coupled with this time of the year.
Do you think the fact that the unit is furnished is a problem – maybe make it optional and vary the rent accordingly?
Maybe chuck a ad in your local rag as well
You will find alot of people don't need it furnished and if they do get it furnished they have to look for somewhere to stash their belongings in the meantime they are living in your dwelling. So giving an option would be ideal. But at this stage I would put the dwelling up on the holiday market as many will be traveling to the gold coast and being new up on there it should sell out a few days pretty quickly as all the other holiday homes will be booked up already during these time.
As for the renting issue I suggest to hold on to the same agent till the beginning of Febuary. Your agent lied to you. getting new rental leasers is hard as of November. No-one wants to move carrying the extra stress from Christmas shopping aswell. That basic principal applies with investment building. You don't look at building just before Christmas… You look at pushing for handover just before Christmas, ready to rent out the beginning of next year.
thanks everyone for the advise… i will ring the agent now and tell them i will get the onsite manager to display for holiday let as well over xmas and then rent permanently after xmas…
thanks again for your fresh approach when my mind was full of worry
try listing on http://www.stayz.com.au
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
I'd look at 2 options here.
1. Definately look at giving renters option of no furniture. Most people have their own and this could be a stumbling block. Giving renters an option will widen your "market".2. Take a look at improving something easily. I did it with a very 60's kitchen of yukky-looking (but perfectly clean & usable) wood grain laminex. Couldn't rent the place (Everton Park, Brisbane) for weeks at $220 and thought I'd have to lower the rent! So grabbed a can of paint, and I painted over that stuff (soooooo easy). Even brought the kids along and they occupied themselves by tearing thru an empty house etc. Rented within days at $240. I do put it down to the kitchen looking bright and white. If you can do something easy that you can do cheaply and it brightens the place up, give it a try.
Good luck.
Ive had this problem before run an add in the paper with a bold heading saying “FREE RENT” giving them 1 weeks free rent for a fixed term contract is great you get heaps of reply’s may be put the agents number on their…..(ask them First) …. always met them their in person (or the agent can thats their job)….also I set up on http://www.vianet.co.nz as holiday rental for my NZ properties…. let me know how you get on
Brad
HelenaM wrote:Hi everyoneHowever now its come to the crunch they say just before xmas is always difficult for getting new tenants. Is this true? How long do you leave your trust in your agent to find someone?
I have experienced this problem at this time of year . It should change on 1st of FEB 2010 onwards.
I also live across the road from a for lease property that has been for lease since 1st November 2009Drop the rent $20 a week
Look at this way 3 months vacant at say @ $240 a week = $2280 lost rent as opposed to $20 a week being $1040 a year and after a year the rent can be increased.One thing to be aware of is tenants like built in wardrobes
the color scheme needs to be pastel neutral colors.
Does it have air conditioning for cooling !
Do it have blinds / curtainsAsk the agent what have prospective tenants commented on when looking at the place ?
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