Shared House - Application

Wondering if someone can either confirm my initial thoughts or change my mind.

Just finished a partial renovation of a family sized home about 10km north of Brisbane.
I've had two applications within the first week of advertising, one from someone offering $80 less than asking rent and another offering asking rent but it's a shared application from 3 guys. Haven't been given full details of the guys but the agent did say that the 'suited up geeky guy' brought the application in and another one was a tradie. I assume they're in their 20's.
My initial response was thanks but dont waste your time processing either application and lets keep looking. It's a 4 bedroom 2 bath, 2 living areas 2 cars plus pool (a family home not a shared bachelor pad).
The agent just called me and she acknowledged that I said dont bother but she processed the application anyway and said she has got a great reference from another agency. Still not keen on a shared house and not desperate for a tenant. I'm happy for it to sit around for another few weeks and drop the rent $20 if necessary.

Has anyone had experience with a shared house? If it was run down place at the bottom price bracket I probably would consider but looking for others to confirm and suggest otherwise?

 

If the reference for each of them are great I don't see why not. Various people look for bigger properties, including families and multiple tenants.

No to one asking $80 less.

What's the current demand like in the area and how many people enquire for the house?

 

I used to be one of 3 guys sharing rentals, we were often rejected because we were young and we were 3 guys.. I get the stigma, but I think it's mostly unfounded.

If they've got good references I don't see the problem. Young kids are more likely to damage your place than 20-somethings..

 

Demand is ok. Had a lot of enquiries (apparently, not sure how many) and the two applications over the weekend. Nothing this week from what I understand. I'm asking $580 which is a little high $560 would be very reasonable.


Has anyone had accepted a shared application for a family house? How did it go?

 

Hard to comment on your specifics but I have had both a good and a bad experience.

I would consider it but only if the tenant dynamic and demographic was excellent. I've also been a tenant in these circumstances and took care of the place with extreme care.

Ideally....

- New lease and condition report on any tenant/occupant change. True up any damage immediately. Might need to come to arrangement with agent on fees for this.
- Avoid subletting, no master tenant.
- Every occupant is on the lease, no exceptions. Everyone has cash and their name on the bond. All have skin in the game.
- Be clear on maximum number of occupants up front and write it into the lease.
- Read up on the local regulations so even if you set the above, you know what you're up for.

 

Yeah - it ended up fine.

Honestly I don't get the prejudice against a shared application. I don't personally believe its necessarily worse than any other sort of application.

 

I'm not going to call it a strategy but I purposely avoided the lower socio-economic areas and avoided properties at the bottom end of the particular market to increase my chances of getting a better tenant.

 

Our best ever tenant was on a pension.
Marg

 

I'm sure there are plenty of great tenants that I'd miss out on but I'm just playing the numbers.
I've got a perfect tenant in another property who is a single mum with primary school age kids. I'd love a few more of them.

 

Had a chat to the agent and have since dome some research (aka stalking).
**warning if you have an issue with covert operations turn away now!!!

The Facebook profiles of the three guys are quite respectful for three guys in their early 20's. Two of them currently live together in a two bedroom townhouse in Kedron and pay approx $200 each. They're moving because the younger brother of one of them is joining them so they need a larger place. I'm after $580/wk so it's still the $200/wk each.
I "know people who know people" who introduced me to their current property manager who confirmed they're good tenants, always paid rent and water on time and are getting their full bond back.

I've spoken to my property manager and we're going to see out the weekend and make a call on Monday based on any applications we may receive over the weekend.

 

When a place is large, you often find people will bring others in & claim they are only visiting anyway, as soon as you get a rent amount that is not easy to cover.

I would go with the 3 guys if they check out and not caused any dramas for neighbors etc prior.