Listing property for rent - before or after Christmas holidays

Discussion in 'Property Management' started by Observer, 30th Nov, 2016.

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  1. Observer

    Observer Well-Known Member

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    We've just got a notice from our tenants vacating the property on 12/01/2017. It's a 3 br townhouse in Carindale area, Brisbane.

    Our property manager thinks that it'd be better to start advertising it early January (e.g. on Jan 3rd). My initial thought is that it'd better to list it straight away. However, her concern is that there are very few people looking to rent that far in advance (e.g. more than a month before they move in) and if we are not able to rent it before the Christmas holidays there will be many new property listings at the beginning on January pushing our property down in the list on realestate so that it attracts less views. Also, she mentions that the usual fee to get it to the top of the list on realestate is something like $400.

    When would you be looking to advertise in this situation?
     
    Last edited: 30th Nov, 2016
  2. Mick Butterfield

    Mick Butterfield Well-Known Member

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    Personally I would look to advertise it asap. If there are that many new listing coming on you should be able to bounce off that enquiry inflow anyway. I tend to think that people read far too much into these things and get a little too smart for their boots. Maybe there is a tenant looking to get the lease sorted so they can relax on their break, maybe there is a family that does not observe Christmas as a holiday. You will also have less competition from other properties now if what your PM is saying is true.
     
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  3. Ross Forrester

    Ross Forrester Well-Known Member

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    Advertise now? If it is clear that is available mid Jan then that is clear.

    People looking mid Jan are looking now.

    In saying that your property manager knows the market better than I do and their might be something different about Queenslanders.
     
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  4. Sonamic

    Sonamic Well-Known Member

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    When do you want rent from it? Now, or a month down the track?

    The only reason I would not advertise straight away is if you wanted to do a quick paint and freshen up.
     
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  5. The Russells

    The Russells Member

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    I would be querying the $400 for realestate.com.au - our PM in Mango Hill has advised there is a $66 package which will highlight our property when we come to list shortly! Further, I would be anxious to capture any interest - it might be busy and people may be distracted right now with christmas but there are still many people looking ahead to what might be available. Ross above is right - if it has a vacate date then people can plan easily.
     
  6. Observer

    Observer Well-Known Member

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    Obviously want it rented as soon as possible so that new tenants move in soon after current ones move out. No plans for freshing up (it's in a great condition as is). Would you ask to advertise now in such case?
     
  7. Mick Butterfield

    Mick Butterfield Well-Known Member

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    I would.
     
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  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Agreed.

    Why keep it vacant for a month? I'm sure people are looking for Brissy property to rent 365 days a year.

    Cheers

    Jamie
     
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  9. Observer

    Observer Well-Known Member

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    Advertising itself is free for us as per our agreement with PM. It's just there seem to be an option on realestate to move your property up in the list that costs you that much (obviously optional, I would not pay that much for that).

    Also, vacate date is set and clear.
     
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  10. Observer

    Observer Well-Known Member

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    Thanks Jamie. It's not vacant until 12/01/2017. Just considering the best time to start advertising (e.g. do it now or wait until early Jan as per PM's suggestion; leaning towards now).
     
  11. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I'd advertise now.

    Ones goes out - another goes in. Your bank account will thank you for it.

    Cheers

    Jamie
     
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  12. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Advertise it now. Not the ideal time of year to get a tenant, but odds are still good you'll get a decent tenant.

    Your PM does have a point however. Take it off the market just before Christmas and start advertising again in the first week of January.
     
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  13. kierank

    kierank Well-Known Member

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    @Observer, we have a property becoming vacant on 9/1/17 (it is a break lease as the tenant has bought a house) and it is in the Mt Gravatt area.

    Initially, I was rather annoyed but our PM said the 'Christmas-New Year go-slow' period is not as bad as it once was and recommended advertising it straight away. They managed 5 of our properties and I rate the PM very highly. We have been a client of theirs for over 16 years. In other words, they have a lot at stake if they get it wrong.

    We went with their recommendation. I realise that if we don't snag a tenant before 9/1, we are still covered for the rent by the departing tenant.
     
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  14. EN710

    EN710 Well-Known Member

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    We have a vacant property at the moment where work is in progress - PM said that once it hits 15 December, it will usually be pointless to advertise as people usualy go on holiday, offices are close so references cannot be obtained until then.
     
    Last edited: 30th Nov, 2016
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  15. Sonamic

    Sonamic Well-Known Member

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    I would. But that's me. Advertising now before existing tenant leaves will have a new tenant in before Xmas. Quick, clean and less faffing about.
    Empty property = empty bank account (or using buffer).
     
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  16. neK

    neK Well-Known Member

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    For me, if the place isn't available until mid jan, I would:

    1. Advertise it now PROVIDED the current tenants allow access and keep it in a presentable state
    2. Advertise it in Jan, if the current tenants won't allow access or keep it clean because its Xmas.

    Ideally option 1, so that the new tenant can give 1 month notice to their existing rental.
     
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  17. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    I can't think of any good reason why you wouldn't advertise it now given there's still well over a month until they vacate giving any potential tenant enough time to organise themselves for a mid-Janary move in date. Nothing kills your cash flow more than vacancy and getting ahead of the game is paramount with a solid advertising campaign.

    The vacancy rate is a nicely balanced 3% (which I'm hoping your PM has checked when making their recommendation) and it's definitely not a bad time of year for people to be moving.

    The cost of the highlight listing is commensurate with the price of the property and the only possible reason they're suggesting delaying it is that highlight listings on realestate.com.au last 30 days. So if for any reason it's not let within the next 30 days, you will have to repay for another highlight listing or yes, it will start to fall on the listings page as new properties come online. However, this is not a reason to wait in my opinion.

    I personally pay for the highlight listing on all my properties as the reduction in vacancy more often than not makes up for the higher cost of advertising and reducing vacancy is the name of the game. Depending on the price of your property, if you can reduce your vacancy to zero by having professional photos and a highlight listing, it may be cheaper than 2-3 weeks' vacancy...

    Just to clarify something, your current tenants don't have a choice in whether they allow access or not. All your PM needs to do it provide them with at least 24 hours notice and ensure a reasonable time has lapsed since last entry. Of course, it's always better to work with the tenant but if for any reason they decide to become a hindrance to the letting process and potentially cost you vacancy, it is within your PM's right to gain access for the purposes of letting.

    - Andrew
     
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  18. Observer

    Observer Well-Known Member

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    Thanks @Andrew Hancock! Yes, I think access for inspections should not be a problem.
     
    Last edited by a moderator: 14th May, 2018
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  19. Observer

    Observer Well-Known Member

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    Thank you all guys. I've advised the manager to advertise it now. Hope we can secure a tenant before Christmas break.
     
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  20. Ed Barton

    Ed Barton Well-Known Member

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    But they can make it very difficult for you. So, as you say best to work with the sitting tenants.

    What's a reasonable time? I've read a week.

    I usually get the PM to negotiate one or two opens a week if possible. But I've had tenants say come round whenever or just give us a few hours notice etc.
     

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