empty property means stress

I have property in an area in Qld close to Uni and Hospital and have found if the agent finds me tenants they are not the ones i’d like (move out, damage etc etc.)
I go to the Uni and make up share adds (my property has five bedrooms and is set up for student rental but is a family home) But I have recently in the last two years changed my way of doing the tenant letting to what in Qld is Boarding..
All rental bond legislation applies however if I provide service which is a TOP way of protecting my investment it is classed as boarding so I provide gardening once a week and housekeeping by way of floors and washing once a week.
Now this has done two things – the tenants i found two years ago ARE still there… The people who clean and garden see the property every week and if there were to be any problems re damage etc etc I would know weekly. however there has not been and everyone I’m so pleased to say is happy…
I dont know if this would work in your situation however I though I would leave it with the agent with the first year and had nothing but trouble.
My solution provides these students with an in effect boarding house – they can get on with studying and partying, they do not have to concern themselves with grass or mopping floors the cleaning day was agreed to by all and is still the same two years later.
Rental $ is at a premium and I have chosen to give each tenant their own agreement meaning if one of the folks moves out, i am only down one fifth of my rental income and their is no pressure on the tenants to replace, I would always give them the option of finding someone new but if they did not want to I would have no trouble.
Just my experience.
You dont say what size ie bedrooms etc.
I have also found if there is a Police station and you ask to put up a notice on their internal board ( with a favourable rental – great tenants )
Hospital notice boards.
Unfortunately my experience with agents has never been too favourable although i do use them.
M

Tman,

It’s possible you could put up a “for lease: Unit blah” sign in the apartment block, and a resident in the block might have a friend who is looking for a place. Or the resident may be paying more rent currently in their unit, and may want to move into yours.

kay henry

Have you reviewed the description the rental manager has used to describe your property on their rental list.

I had a property that we were both dumbfounded on and then I changed the description and low and behold, they were banging the door down to get in.

There Ad –
Situated in a quiet pocket of South Frankston is this two bedroom plus study unit backing onto the park, close to public transport, Frankston Central and the beach. Featuring good size living areas, built in robes in two bedrooms, tiled kitchen with electric cooking appliances, gas heating, carport and a paved rear courtyard and only two on the block. Front gardens will be maintained.
AVAILABLE NOW – KEYS IN OFFICE FRANKSTON OFFICE

My Ad
Larger than normal Unit with two bedrooms and study in South Frankston, just off Kar St, close to Transport, CBD, Beach and Parks. Features large kitchen, dining and lounge rooms. Gas Heating and Electric cooking. Builtin Robes in both bedrooms. Separate Bathroom and Laundry. Carport with a paved rear courtyard, and privacy with only two on a block. Gardens maintained by gardening contractor. More like a House than a Unit.
AVAILABLE NOW – KEYS IN OFFICE FRANKSTON OFFICE

Hi Timan,

Although I agree with many of the posts here, I tend to agree moreso with Richmond; drop the rent.

By all means, discuss the feedback following inspections with your PM, and of course review the advertising campaign – this may all that is needed to find out what is not working. But at the end of the day, everyone loves a bargain, and as Richmond pointed out; better 10 dollars a week less and tenanted than empty for months!!!

Good luck,

Jo

Hi Timan

My wife and I’ve enjoyed almost 100% occupancy on our numerous IP’s over the past 20 years or so because we follow a couple of simple rules:
1. Charge market rent whenever you can (“make hay while the sun shines”) BUT…
2. DROP THE RENT $20 BELOW MARKET PRICE WHENEVER TENANTS ARE HARD TO FIND. (We find 15% reduction is usually enough to get a tenant)

As long as you’ve geared your IP’s to be able to comfortably drop rents in the short term, there is no long term pain.

Bottom line: we are FEARLESS about our ability to ALWAYS have our IP’s tenanented, and you need to develop a fearless attitude. If you allow fear into your mind, it will paralyse your future decisions to keep on buying more and more and more and more IP’s. You will become Chicken Littles (the sky will fall on our heads, we won’t get tenants, the Reserve Bank is going to put up interest rates, there’s going to be a recession in 2008, etc etc etc). As Jo the wise forumite comments above:
“At the end of the day, people love a bargain”

Cheers
Greg

[blush2]

Aww shucks, Jo, now I’m blushing. My red locks are quickly being matched by my rosy cheeks[blush2]

Cheers
Greg