Please EVERYONE be aware of this as it could save you a lot of HEARTACHE. I bought a place in Dunedin in a good central location 4 months ago and it has been a total disaster. I have had a lot of trouble renting it out due to a very unprofessional property management company. They claim to be the biggest in Dunedin but they leave a lot to be desired. Not only do they not respond to eMails but they completely ignore voice messages on their machines and I have spent $150 in phone bills already just trying to get a WEEKLY response from them. When I do get in touch with them they say they are doing their best. Please be aware of this as i have lost $4000 already and may stand to lose more if I cannot get a tenant for next year. I do not want to get into libel or defamation issues so I won’t be publishing their name but you can call me on 0425309370 In Oz and I will tell you. I am so DESPERATE that I am letting it out over Christmas to anyone who wants a SUPER CHEAP stay in Dunedin. If you have any tips for me or know anyone I would be very grateful. I am looking for anyone who can manage in Dunedin
Twinpeaks,
That’s no good!. Can you give us more information as to why it isn’t renting out? 4 months is a very long time!! Is it purely because of the property manager? What condition is the house in? Is the asking rent inline with the market?
I would suggest getting a new property manager. Good luck…
Regards,
OziP.S. There’s no need to post the same thread multiple times… it’s makes things confusing.
Originally posted by ozi:P.S. There’s no need to post the same thread multiple times… it’s makes things confusing.
Hi Ozi,
Well said – I have deleted the other threads for the very reason you mention. Left this one here as this was the only response so far.
Did you sign an exclusive authority to rent? Have you tried to change agents? How was the expected rental figure arrived at? Has this reduced in the four months? What are other agents in Dunedin saying?
This is an issue that all property investors need to consider – especially those who are a long way from home without back up strategies in place.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
May be u can contact westan. he must be knowing good property manager in that area.
Cheers
PropertyGuRu [sultan]
Mortgage Consultant
[email protected]NZ loan pre approval from Australia in 48 hours
Low Doc from 6.85%
Hi,
Where abouts in Dunedin is the house?
Please forgive me if you already know this info, but I will say it just in case anyway
Because of the huge ‘out of town’ student population in Dunedin, the city will have pretty much emptied out now for the holidays, so you will probably struggle to find a tenant between now and February. If your house is in the right area, come Feb you shouldn’t have too much difficulty in finding tenants.
Also to note is that the a high percentage of leases in Dunedin are fixed for one year and cover the holiday period as well, e.g. Feb-Feb, (depending on the location) which basically comes down to supply and demand.
I currently live in Wellington, but lived in Dunedin a few years back and have a few friends there. If you would like to PM me the details on the property, where it is, b/rs etc I will see if I can help out.
Cheers
Rob[cap]Did you fly to NZ to see the property before you bought it ? Have you met the PM face to Face ? Or was it all done over the phone/email ?
Make sure the property is attractive to tenants.
It could have a horrible color scheme or may not match the target tenant market. Tenants might look for houses with built in wardrobes that may be missing in each bedroom. Carpets may be worn or tenants may not like carpets. I had a property in another area that had a horrible colour scheme but I could not see this until someone pointed it out to me. If you do not have an exclusive rental agreement get another property agent. I recently fired my last agent for failing to renew the lease and being not up to scratch.Dunedin is a university town and if you are renting to the scarfies you don’t have to worry about colour schemes or other nonesense. Take all the doors and windows out before you rent it, and kick some holes in the walls first to make them feel comfortable. Power is only needed to keep the beer fridge going so you might as well take the stove out as well or it will be used as a heater in winter, or more likely for lighting joints. They don’t need lights, but the broken light bulbs are useful (they tell me) for spotting hash. In fact you might as well disconnect all electrical circuitry except to the aforementioned beer fridge. Bedding they will provide themselves, usually in the form of well-worn, well-stained mattresses that are hidden from view by the huge pile of ragidy clothes, beer bottles and pizza delivery boxes.
Don’t let this put you off. By and large they are nice people and are going to end up running the country one day soon. Yeeha!!!
Julian2A tip for you my friend.
1.Always let property managers collect rent and handle tenant queries/problems.
2. Never allow a property manager find new tenants for you. Always advertise yourself, interview and sign lease with new tenants.
Put simply, a single unlet property in a property managers portfolio may result in a $10 per week loss of income to a property manager so they do not care! Always let your property out yourself then hand the property to the property manager to collect rent and handle tenant queries. All property managers are generally hopeless. The reason is that the more properties the franchisee of a real estate agency manages the more income they derive, but at the expense of service to the landlord. Their profit margins are also only attractive if they employ staff to do the job and staff never take care of landlords like the owner of a business.
Sell. Sell, Sell, Sell, Sell, Sell, Sell
Sell, Sell, Sell, Sell, Sell, Sell, Sell.
What are you trying to say Yack???
_____________________________________________
The poster formally known as The Mortgage Adviser
When I grow up, I want to be a Storm Trooper!
I just dont believe in investing outside my area unless I intend to spend time there. Absent investors are not treated the same as local investors.
I want to be nearby to resolve any issues I have with my properties. I would not want to be on the other end of a phone whingeing to the property manager when YOU should be on site fixing the problems. Could be a coat of paint. Garden may need cutting back. Could be overpriced. Bathroom could be dirty after a few weeks of no use. Newspapers and advertising material has clogged the letter box.
If a place looks stale it can also look stale to prospective renters. The place may also require an air out. I doubt a property manager would run down there and open the windows for a while.
In my view – Sell and look for properties in your area.
twinpeaks…thank you for so clearly illustrating the main weakness with the 0-130 properties concept – great if everything goes to plan, but when it tanks, it tanks big time!
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