Have you experienced similar up and downs?

Current 3 years tennant submitted notice to vacate last week. PM arranged first inspection Wednesday this week and we received a call from her yeterday afternoon to discuss an application. It was all good as she was advising how she had carried out all the necessary checking steps to make sure the applicants were perfect, and that they very much loved the house, willing to start with a 12 months lease, and pay funds right away upon approval... We were understandably all excited about the outcome.

Fast forward 30 minutes, an email came from PM saying the prospective tenant just phoned her to pull out, so she would be arranging another open home this Saturday. It's such a shame, we both confessed...

Today morning I checked the ad and noticed it all disappeared surprisingly... A moment later PM called to inform the current tenant had changed their mind to not move out but stay on...

What a twist!

 

That is a nice twist to encounter

 

I bought an ip which had a sitting tenant paying way over market rent, when I bought it they said they were planning to move to the country and would be vacated soon

Was fine with me needed a reno anyway. Fast forward a year and they were still there paying their high rent and always planning to move out shortly, on again off again

Eventually they did move and I did a reno at that point. But I enjoyed the year and a bit of their extra rent, almost paid for the reno!

 

OP , yeah, till they find something else prob with your PMs help next week or month !

 

These things happen. My team at work were informed we could be moving from Parramatta to the city in October-November so a number of colleagues who rent started making plans to move closer to the city, taking into account school zones, childcare etc. No other official news. I then asked about the status on Thursday night and was told that the move now won't happen until at least January!

 

We only advise our Owners after the Tenant paid the Bond and sign the Lease. Interesting how your PM is a great communicator in keeping you posted with almost hourly/daily reports.

 

So you give zero info on the incoming tenants to the owner before they sign? Not even employment status?

 

My PM's tell me every little detail about possible tennants before i give the OK for them to sign. I think this is much better.

 

This is how our system works (in summary):
- comfirm that the Owners still happy to rent, and reach an understanding of the expectations
- we screen Tenants, get all essential data and short list. One a suitable Tenant is found, we ask for Bond etc and sign the Lease
- almost all our Owners are happy not to be involved in the process inbetween.
- as for employment status, its not critical as whats more important is the affordability. We have retirees and students as Tenants and never any problem in paying.

There might be exceptions sometimes depending on circumstance....

 

Not sure how this is better. But if any of our Owners ask from us, we'll gladly pass on the details for them to do the vetting LOL. I can immediately think of a few of my Owners would blast me if I give them this.... My BiL who owns multiple properties and super-busy would be first to jump.

Anyhow, after the deal is done, we'll have chitty-chat about the Tenants who'd moved in, but not about the "could-be's".

 

Would you ever be in the situation when you have 5 groups of prospective tenants happy to sign? I had that happen for me after a hot Sydney open. The property manager called me and we discussed all applications and I took the ones offering $20 a week more than asking! But the manager also discussed general info for each application: Employment, and info along the lines of was it a couple, couple with kid, two male people coming over from India working in it on a contract... etc. I took the 2 male people coming to Sydney from India for a work contract in IT. I know one of them was a family man who owned property as a landlord in India.

 

Yes we had!! Early this year had 7 groups of people came for one inspection, and 5 groups send their applications thru! And this is in Brisbane

 

So how was the tenants selected for it?

 

My case was that the PM did ask for my approval after advising she did all the DD steps, and with confidence that the applicant would pay deposit funds right after. Not sure how common this kind of mind-changing is to them but judging on her reaction, I could say that the twist took her by surprise as well.

 

We are always prepared for this - and play by the three weeks rule.

 

Ok, what is a three week rule then ?

 

That is not normal, even if some clients like it.