VIC Advertising time for IP

Discussion in 'Property Management' started by hvdw87, 5th Nov, 2020.

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  1. hvdw87

    hvdw87 Well-Known Member

    Joined:
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    Location:
    Royal Melbourne Golf Club
    Hi all,

    Looking for a sanity check on some feedback I received from my soon to be property manager. They suggested listing the property online 1 week prior to it being available, allowing for 1-2 inspections whilst it is occupied and then a couple whilst it is empty.

    The availability date is early December and it just seems to be to be very little time to try and get a "seamless" transition between occupants, but also with getting it tenanted prior to Christmas. When I questioned the rationale, the feedback was that we "didn't want to peak to early" and maintain high visibility on the RE sites when it is close to being available.

    For those in the know, is this a common approach? Should I be concerned?

    Thoughts greatly appreciated.
     
  2. htopg

    htopg Well-Known Member

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    Location:
    Sydney
    Advertising early and get potential tenants is always a good thing to do.
    Just be up front about the available date.
    "Seamless" transition is not always possible.
    Just negotiate with the potential tenants to minimise the loss due to vacancy.
    For example, if the current tenant leaves on Dec 2 but the potential tenant can only move in Dec 9, ask the potential tenant if he/she would like to move in earlier and get 1/2 rent discount for the first week.
     
  3. Phoenix Pete

    Phoenix Pete Well-Known Member

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    Location:
    PM - Sydney NSW
    The property should go on the market between 3 to 4 weeks before the availability date.
     
  4. MB18

    MB18 Well-Known Member

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    Location:
    NT
    Rental listings dont go stale, a rental property is a commodity in the eyes of a tenant.

    I would lean towards advertising it earlier rather than later. Consider that a potential tenant probably has to give three weeks notice to their existing landlord too.

    A vacant property is much easier for a PM to deal with as they don't need to negotiate with the vacating tenants over access so there may be bias there.

    When I'm looking at renting a property I will always low ball (or at least offer less than the asking rent) if I see the property is already vacant as it suggests an element of urgency to get the thing let.
    I haven't been knocked back once doing that either so something to consider.
     
  5. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    Sydney
    It depends on the presentation of the property with the current tenants too, some properties are just better presented while vacant or might need some work done, but typically if possible I try to list 2-3 weeks out from vacancy date.
     
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  6. Propin

    Propin Well-Known Member

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    Perth
    I always do 2-3 weeks before tenants last day, try to get two weekends of home opens in and a couple of mid-week
     
  7. Shazz@

    [email protected] Well-Known Member

    Joined:
    24th Jun, 2018
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    Location:
    Sydney
    Each property is different- just have to trust your PM.

    December is not a good time to end leases, so you may not get a seamless transition.
    To avoid this in the future, have the new lease end mid Jan, even if the new tenants move in during December.