- Hello everyone!I need some advice desperatly. We settled on a property in July and signed with a RE agent to rent the property out. (We are living rent-free at the moment and want to save up some more money for renovations and furnishings.)It has been nearly a month now and still they have still not found anyone. There are people interested but they all want a 12 month lease. We wanted to rent it out for between 8 – 11 months as we claimed the FHOG and need to move in within 12 months.I'm not sure what to do at this stage as the more time that goes by I'm getting anxious and not sure we did the right thing.Any help/suggestions would be very much appreciated.
Is the property suitable for being set up as short term, or holiday furnished accommodation?
Hi Cazza, are you actively seeking a tenant as well, not just leaving it to a PM? Posters at work, local paper, on your intranet if you have one. Doesn't matter if you look a bit desperate, your almost there.
Thought about reducing the rent significantly….. 20-30%
Better to have some cash flow then none.
Phone 10 other PM's then 10 more.
I have been in a similar situation and I ended up finding the tenant. The PM still scored the first weeks rent though as I had signed for them to manage.
Good luck !Thank you for your responses.
I haven't been seeking tenants as I really don't have the time, which is why we signed with a RE agent in the first place…maybe I should though.
But what happens if I find someone, how do I go about signing a contract with them? I wouldn't know the first thing about this!maree_bradross – we can't furnish the property as we have nothing to put in there unfortunately.
Not trying to be funny, but maybe your agents ethics are getting in the way.
I was renting between houses in 1993 and my wife always asked the agent for a 12 mth lease, agent said no problem and when it came time for her to sign the agent produced a 6 mth lease, and told her it was a formality, there was no problem just get another 6 monther when it expires ( very trusting wife).
When we met the owners, a few weeks later they asked to come in a and do some measurements as they wanted to put in a new kitchen straight after their honeymoon, in you guessed, it 6 mths. They could not understand the confusion as they had clearly told the agent, it was only going to be 6 mths. (we bought elsewhere and moved in 5).
Problem is a 6 mth lease is very unattractive, you lose time, looking and time moving and extra moving costs, and change of addresses, kis schools, kids friends etc etc, the number of people looking for a 6 monther is very few compared with the total number looking. Suggest discounting a little more.
Hi Cazza, if your desperate enough you will find the time. How long can you carry the place untenanted?
If you find someone, then just give them the PM's number and inform the PM. Actually the more you find the better. Lots of applicants don't make the grade anyway.Are you phoning / emailing the PM daily / second daily? They should return your call / email within 24 hours. If not their a dud. Some are lazy, some are gold. In this climate many don't have to lift a finger as the prospective tenants come to them in droves.
Don't worry about the contract, its the PM's role. Just ask for a copy pre signing to ascertain it is definitely 6 months, no pets or whatever.
You'll get someone, drop the rent to way below market level, its only 6 months anyway.
Keep us informed. Good luck.If you are in a hurry to get tenants drop the asking price for the rent by $20 a week from what the market price for the area is due to the short lease condition.
duckster wrote:If you are in a hurry to get tenants drop the asking price for the rent by $20 a week from what the market price for the area is due to the short lease condition.26 x 20 = 520 (less by now, ) moving costs = ????, maybe a little more than $20.
Try offering another incentive,
suggestions
– 2 weeks free rent
– $$$xxx petrol voucher
-$$xxx grocery voucherIf a prosepective tennant percieves your place as one where they are getting something for nothing then the time will not be an issue. Less detail is required. Youare only offering a 6 month lease. Why is your concern, no one elses. I am not suggesting that you be deceitful, a 6 month lease is just that. It allows both parties an out clause if something isnt working out.
As a fip sugestion, is there any way that you can move into it now, then it is you PPOR from the start. Then as you need to be elsewhere, move out and then getyour 12 month leasee in place. I guess you have considered this, but just covering all options
Mick
jeeez…….I am probably just being harsh but you dont need advice desperately and there is no reason to be anxious….you are just dissapointed that you cant eek the last drop out of a free rent arrangement. Good luck to you if you can but if not just get on with it and your renos will come a little bit later, its not a drama.
I find having an advertised "open time" for people to come and look at the place on the weekend is a great help. Makes it easier for them than making an appointment with the RE agent.
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