Hi Everyone,
Does anyone have any magical ways in which to find a tenant for a property? I was told when purchasing this IP that the most time I can expect to wait until a tenant is appointed to the property is 1 week. Well guess what – it’s now been 2 and a half weeks and I’m getting a bit aggitated.
Any suggestions would be most helpful.
Thanks in advance.Bonnie
When I was looking for a PM to my IP they would give me varied answers to the question ( How long will it take to find a tenant ) ??????[confused2]
The PM I selected was very thorough & helpful.
The answer she gave me was 5 to 6 weeks which I think is realistic. It took 4.5 weeks to find someone.
Things can vary , it depends on what type of IP you have & the market.
What I am finding with Property is that things move slowly eg they don’t happen over night so don’t panic if things don’t happen for you instantly.If you persist you will find someone , good luck. [thumbsupanim]There is no set time for locating a tenant. The best way to combat your property being vacant is to list your property with 2 or more agents. You will find the agents will work harder to obtain the management and your property will have more exposure in the market.
Regards
Michelle
Michelle Foley
Director
Precise Realty
m 0419 018 885
e [email protected]
http://www.preciserealty.com.auPrecise Realty
Listing an IP with more than one agent is a good idea but I found as part of their standard paperwork the agents want you to agree to be listed exclusively with them for a set time.I don’t see why you can’t ask the agent to change the agreement so that you can list with more than one agent.
You just need to decide on your strategy before you start ( Planning )it always helps…Originally posted by Domo:Listing an IP with more than one agent is a good idea but I found as part of their standard paperwork the agents want you to agree to be listed exclusively with them for a set time.
Hi Domo,
It’s simple really – you do not have to accept the standard paperwork. You can make changes to suit your needs. While some REA may try to insist on exclusive and fixed term management rights you can adjust those that you disagree with and if they don’t like the changes go elsewhere.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Guys,
Not sure if this is 100% true, but in my experience, whenever i have asked this question to an agent….. I’ve been told that rental properties are always in demand in Jan. Dont know exactly but i have heard that it is always easy to rent in Jan or perhaps increase the rent slightly if it is already rented.
Jan is not that far aye!Hi Bonnie,
Lesson one
Never believe the selling agent!!!!!!!………It’s all about supply and demand. Check to see if there are a lot of vacancies in the area your IP is located.
If your IP is fairly typical for the area and there is an oversupply you will just have to wait in line until you have a taker unless you take control and work on the PM to get your place rented above the others.
I have had this problem in the past and have approached a number of agents and told them that the first to rent it out gets the management. Bingo, instant tenant (and a good one too, he’s still there!).Originally posted by Bonnie:Hi Everyone,
Does anyone have any magical ways in which to find a tenant for a property? I was told when purchasing this IP that the most time I can expect to wait until a tenant is appointed to the property is 1 week. Well guess what – it’s now been 2 and a half weeks and I’m getting a bit aggitated.
Any suggestions would be most helpful.If you haven’t signed an agreement you can distribute the property to other agents in the area as per Qwerty’s suggestion.
Otherwise get on the phone and check to see what the vacancy rate in the area is from other agents as well as the existing PM, find out if anyone has been shown through the property – what was the feedback, are the comments the same or similar and can this matter be addressed, is the rent too high.
Once you know the complete picture then you are in a position to make an informed decision.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
I have also found that with most things the squeaky wheel gets the attention.
For the first 2 weeks I left things up to the PM as it’s their job & there was no interest.
That’s when I started making phone calls ,
are we there yet , are we there , yet are we there yet !!!!! It was done with discretion.
All of a sudden there was some interest then bingo.
I also found that the more I communicated with my PM the better the rapport which is a good thing for all. [thumbsupanim]Thanks alot for all your replies. I have spoken to the PM a few times now and she said that things are going in “spits and spurts” as far as getting a tenant. One minute it’s really busy and the next it’s fairly slow. There aren’t really that many properties for rent in the area and I don’t want to hassle her too much in case she gets annoyed by me and decides to push me to the end of the line.
Would it be worth contacting police departments, hospitals, schools in the area to see if any of their staff require a rental property?
Also, I have signed an agreement already with this PM so is it too late to list with another agent?Bonnie
I have come to the decision that I will be proactive on things that I want done , which is different from being annoying. It is in your best interest to Manage your Investment.
Can I suggest you keep in contact with your PM , ask for suggestion on how you can improve the chances of renting , ask if your idea of looking for tenants is a good one
( PM may not like this ) but it is your investment !!!!!!!!!!!!!!I have asked questions like
How do you screen a tenant
What is your view on pets
What type of tenant will my property attract
Asking questions also helps you learn what to look for next time…Once you get to know the PM you can then form an opinion eg has done a good / bad job and make appropriate decisions in the future.
Good luckHi Bonnie
I don’t agree with placing a rental property with more than one agent and starting a race because then the temptation is there for a PM to place a less than satisfactory tenant in your property merely to beat the opposition.
It is important to choose an agent who is already advertising sufficiently and with properties similar to yours and enjoying a high enquiry rate from prospective tenants. This should provide enough enquiries to get a quality tenant.
Depending on the area, 4-5 weeks is too long.
Sounds like the agent has a low enquiry rate.
At this time of the year, there is the danger of sliding into the December period where it is too close to Xmas to get a good tenant. My suggestion is to offer a $100 bonus to the PM for a quality tenant within 7 days, just to make sure you get the next quality tenant that walks in their door, not some other IP owner. The PM can push your property if he/she wants to.
good luck, hope it runs smooth for you.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Bonnie.
Don’t feel like you are being a ‘pest’ in the PM’s eyes… that’s their job! They also shouldn’t make you feel like you are being a pain either. I think you should be the ‘squeaky wheel’ as said above… what’s the worst that they will do? Send you away?
I used to work in a Real Estate for a PM and I was the one that had to call the owners with regards to any problems with their properties ie lettings / maintenance / rent etc… and I can tell you, that the owners that called the office daily would be getting the call from me first! They were priority. We would be letting out their properties first to get them off our back! There’s no way that i wanted them to keep calling me and get cranky! We would do everything in our power to keep any lettings and these people should be doing the same. Don’t ever feel bad about what others will be thinking about you… this is your investment that they’re managing. You harass them all you want girl! hahha
Tam
I agree with all the above.
In my current experience a tenant has broken the lease. She was a great tenant, there for 3 yrs no problems, now got married and decided to break lease.
She gave her 4 weeks notice. I come back from holidays (overseas) to find out she had give notice and no new tenant after 4 weeks notice.
In my opinion this was no good. I rewrote the ad on the internet and in the rental list. That week we had over 3 enquiries. I reckon it was because I rewrote the ad to appeal and i had put pressure on them not to screw a good tenant.
We now have a new tenant in there this week.
ah.. well done yack. Sometimes it pays to take things into your own hands hey? nicely done.
Tam
Originally posted by thecrest:I don’t agree with placing a rental property with more than one agent and starting a race because then the temptation is there for a PM to place a less than satisfactory tenant in your property merely to beat the opposition.
Hi Crest,
There is still nothing to prevent the owner from ‘sifting’ through the applications to ensure suitability of the tenant.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Derek
You’re quite right, always good to scrutinise the tenancy applications, helps to learn more, get a feel for the market, lets the PM know you’re watching the situation too.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
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