Christmas time isn't great for finding tenants!

Wow. I settled on a place 5th Dec last year, but its a perfect spot for an Airbnb. First guest came 8th Dec (exactly 1 year ago!) And I gave myself the time from the afternoon of the 5th to the morning of the 8th the furnish it. First guest (from Singapore) gave me an awesome review.... too long for 1 screen... I was completely bowled over!

 

Wow good job gockie

 

That's a sign of a good PM! If you had to pick the best date for a lease to be signed in order to get maximum rent and minimal vacancy, what would it be? Jan 15th? Or when is the best time for a property to be available for rent.. early, mid or late Jan or Feb? Maybe somewhere between Jan 20th to Feb 10th?

Some agents have told me early Jan but I've got a tenant vacating Jan 2nd and think it's too close to Christmas / New Years. I imagine most tenants start looking for a new place in January, not December. Any other property managers here please share when you think is the optimal date/time for a property to be available for rent.

Why do your leases fall due in December or it wasn't planned that way? Did you offer the new tenants 13 or 14 month leases so they're due in the busy time of Jan-Feb?

 

They were all on week to week. Didn't even know 13 or 14 month leases were a thing tbh. Might give it a go next time. Thing is most the time I only like to do 3-6 month leases first up to see how they go. Most of them tend to overstay the lease and just go on week to week anyway.

 

Feb is probably the better time, not because there are no people looking in January but because the advertising time will longer if available in February.

It's a softer market for rentals at the moment and I like to advertise well in advance of a property being available.

For a property being available 2nd Jan, it should be on the market right now with open inspections being done over the Xmas period.

A property manager can do this and always should regardless of the time of year, but there will be very few people coming to inspections.

We have inspections due on 24th dec then again on 28th to 30th dec - but I'm not expecting huge numbers of people through.

 

Anyone tried offering an incentive to move before Christmas, does it work?

 

6 walked through my IP2 today and there may be a taker with pet clause.

 

Is that the carrington place?? how did all the reno's go?

 

Carrington was leased out on 25/11. Just bought a house in Gateshead to settle on 16 December. Showing the property for lease prior to settlement. Carrington has new kitchen, paint and some repairs. Depreciation schedule ordered. Leased. I almost forgot about the carrington property until you mentioned. All focus on Gateshead now.

 

Do you mind sharing numbers on gateshead? yields are probably the best in newcastle one of the only places left still around the 5%.
I was looking around there this time last year but couldn't get the numbers to work, so went looking in QLD instead.

 

Good stuff Larry.
Hope it all goes well.

 

I have 2 empty but rent coming in....sort of. One had purchased there own PPOR and still had 4 months on lease. They are still paying rent as there PPOR settled 3 weeks ago. So until a new lease is finalised they continue to pay rent. But this time of year they may be waiting another 4 weeks to a lease is signed.
The 2nd empty one....well its not really empty. Tenant decided to stop paying any legal tender so now the appropriate process is place. Should be out maybe before Christmas as warrant of possession has been lodged. Court date in coming days. LL insurance will cover loss of rent during this period.
Tenant will probably think I am the Christmas Grinch. Merry Christmas!

 

Where are your properties @Hysteria

 

Chermside and Moorooka

 

*Update* I think my PM has managed to find good tenants that will start on 5 January 2016. The property will settle on Wednesday and there will be 20 days with no rent but a good time to get some things fixed up.

 

Just an update, signed a lease last week and got the keys yesterday to a great pet friendly rental in Medindie. Had a few agents suggest I would be better off in a slummy suburb due to pets like I was some human subspecies. No thanks!

 

confirmed by PM. Lease starts on 5 Jan. I can get some repairs done. 14 month lease to be signed. $360pw. Tenants previously paid $395pw in QLD. Good tenants. Pet clause for 2 staffy. I can now go on holidays.

 

Having the same situation. Tenants moving out in 2 days. Property has been listed for 2 weeks with a few inspections and 1 poor quality application. Dropping rent by $20 to hopefully get more interest. As far as I can see it was already priced cheaply compared to others in the area.

Lease expired in Jan with the tenant not wishing to resign another one. Anyone else had experience with this type of situation? What did you do?

 

Why drop? Is there a need to freshen up the place before re-leasing it? How many similar properties in the suburb like yours?

 

To get someone in ASAP.

No need to freshen up as property is about 2yrs old & in good condition (going by the last inspection a few months ago).

About a handful up for rent but with 1 less bedroom.