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Christmas time isn't great for finding tenants!

Discussion in 'Property Management' started by headsonbeds, 3rd Dec, 2015.

  1. headsonbeds

    headsonbeds Well-Known Member

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    Just wanted to put it out there that IMO from a couple of weeks before Xmas until after New Years isn't a great time to tenant an IP. So if you're renoing then hurry up, you've only got a week...

    Any thoughts property managers, firmer time frame perhaps?
     
  2. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    ...But its a good time to Airbnb a property if its in a location people go to for a holiday.
     
  3. headsonbeds

    headsonbeds Well-Known Member

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    Good point Gockie.
     
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  4. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    We had a settlement a few years ago on the 14th of December. One application the following Saturday and another application the week after. Both applications weren't acceptable to me.

    We took it off the market for 3 weeks, put it back up and had several great applications immediately. That tenant is still in the property.

    My observation is almost regardless of where the property is, December tends to be one of the worst times of the year for finding a new tenant, late January through February is the best time of the year.
     
  5. Xenia

    Xenia Adelaide Property Manager Business Member

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    I'm putting one on the market today - available 24th December, that's actually the first time it will be vacant.
    Not an ideal time but you just do what you need to do when you have to.

    All our new leases that are being signed up this month, early January or late November, all expire mid January - February 2017, so we are signing 13 - 15 month this time of the year.
     
  6. larrylarry

    larrylarry Well-Known Member

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    Mine settles on 16th December. Hoping to get vendors consent to advertise and show property to prospective tenants. If nothing eventuates that's fine.
     
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  7. Xenia

    Xenia Adelaide Property Manager Business Member

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    always a good idea to begin marketing way in advance
     
  8. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Given how many managers in the areas of Adelaide I am looking are utterly disinterested in leasing properties, I feel for the owners. Those that can be bothered returning voicemails on their phones are just "register online and we will tell you if theres an open" and just want to end the call.

    I was interested in a place that was about 200m from the agent's office and they were disinterested in showing it... told me to register and when they get enough interest they will run an open. Still sitting there weeks on and I would have expected one interested party ready to lease now would be enough... obviously not.
     
  9. Propagate

    Propagate Well-Known Member

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    Yep, lucky me, I've got two empties at the moment. One is ready to go but not getting much in the way of interest and the other is mid-renovation and won't be ready to let until around Dec 16th and I have a third which settles on the 21st December! (That one's OK though as the seller is staying on as the first tenant for one month).

    Looking forward to January, I'm hoping Santa brings me 3x 12 month tenancies for Christmas.
     
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  10. Chilliblue

    Chilliblue Well-Known Member

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    If you do find a tenant around this time, try for a 14 month lease rather than 12
     
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  11. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    where did you buy Larry? I agree I've got a property vacant but the flooring just got finished yesterday so I'm hoping that will help get someone in before Xmas.
     
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  12. larrylarry

    larrylarry Well-Known Member

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    Gateshead. Looking for more in NSW / VIC.
     
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  13. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    Nice:)
     
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  14. jins13

    jins13 Well-Known Member

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    I have a tenant moving in on the 18th Dec. Thank god that they were living at home and could move anytime!
     
  15. larrylarry

    larrylarry Well-Known Member

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    Thw vendor has agreed to let us start advertising and showing it to prospective tenants prior to settlement. Oh yeah.
     
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  16. jins13

    jins13 Well-Known Member

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    That's excellent when a vendor agrees to be so accommodating. I remember once I had a vendor that verbally agreed to allow me to do some reno work prior to settlement and than they changed their mind.
     
  17. Biz

    Biz Well-Known Member

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    I had 3 vacancies to fill in the last 2 weeks. All leased within a week. So this time of year has been good for me. I find the cold middle months of the year tend to be the worst time to find a tenant.
     
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  18. Xenia

    Xenia Adelaide Property Manager Business Member

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    your own properties or are you an agent too Biz?
     
  19. Biz

    Biz Well-Known Member

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    Those are mine.

    1x Newcastle, 1x Logan, 1x Western Sydney. All had rent increases too.
     
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  20. HUGH72

    HUGH72 Well-Known Member

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    Got one property with a 12 month lease which has been broken, the tenant is still paying but its been vacant for a couple of weeks now and I think its likely to stay vacant now until mid January.