brisbane cbd disability friendly 2 BR apartment - advisable to slef manage from syd?

[daedalus2014]

Got an investment property - 2BR, 2 Bath, 2 car space fully furnished in Brisbane cbd. Currently in the short term hotel pool but because of high cleaning costs and higher than expected vacancies the return is less than a long term tenant, even allowing for real estate agency costs

I am thinking that because it is has disabled friendly features (larger doorway, open showers, railings etc) there may be companies wanting to rent long term. This means that I really don't need an agent as there won't be a high turnover of tenants.

The problem is that I am based in Sydney.

What do you guys think?

 

[Scott No Mates]

If you can find an inner city housing agency you may be lucky.

 

[willair]

Currently in the short term hotel pool but because of high cleaning costs and higher than expected vacancies the return is less than a long term tenant, even allowing for real estate agency costs

I am thinking that because it is has disabled friendly features (larger doorway, open showers, railings etc) there may be companies wanting to rent long term. This means that I really don't need an agent as there won't be a high turnover of tenants.

The problem is that I am based in Sydney.

What do you guys think?

Maybe have a Legal person to look over the contract you have will the Hotel,and see if you can set it up that way??,there is a big market for this type of inner city rental from government employed disabled workers,from what I'm told..imho..

 

[rchad]

Got an investment property - 2BR, 2 Bath, 2 car space fully furnished in Brisbane cbd. Currently in the short term hotel pool but because of high cleaning costs and higher than expected vacancies the return is less than a long term tenant, even allowing for real estate agency costs

I am thinking that because it is has disabled friendly features (larger doorway, open showers, railings etc) there may be companies wanting to rent long term. This means that I really don't need an agent as there won't be a high turnover of tenants.

The problem is that I am based in Sydney.

What do you guys think?

It is important to initially assess legal situation as mentioned by another SS member. Likewise, there are multiple Not-for-profit agencies who are keen to access stock that is disability friendly - agencies such as Cerebral Palsy League, Spinal Injuries Australia to name a few. Marketing could target this sector as a complementary strategy to advertising on the usual RE websites.

 

[daedalus2014]

thanks for the replies guys. Very sorry for the late response.

I am able to legally leave the hotel pool. The hotel agrees, and my lawyers have looked through the sale contract and the by-laws. Other owners in the lot also rent it out themselves.

I have found a very reasonably priced agent (purerentals.com.au) which charges a fixed fee of $1249+GST, so there is no point in my managing it myself as this fee is very reasonable.

My next questions are:

1. Should I let the agent market it themselves or can I try get a better rate by tenant willing to pay more for the disability facilities?

2. How much of a better rate can I expect? Very similar apartments are renting out at $650 per week. Mine has the disability facilities and has an extra car spot. If I rent out at market rates it would be say ~$700 pw because of the extra car spot. How much additional premium can I reasonbly ask for?

 

[rchad]

Disability acccessible property

thanks for the replies guys. Very sorry for the late response.

I am able to legally leave the hotel pool. The hotel agrees, and my lawyers have looked through the sale contract and the by-laws. Other owners in the lot also rent it out themselves.

I have found a very reasonably priced agent (purerentals.com.au) which charges a fixed fee of $1249+GST, so there is no point in my managing it myself as this fee is very reasonable.

My next questions are:

1. Should I let the agent market it themselves or can I try get a better rate by tenant willing to pay more for the disability facilities?

Discuss your questions with Russell Peter from PureRentals - he is very experienced and capable.

It is not appropriate to charge a tenant more for disability services as this constitutes discrimination- people with disability source and access housing on the same mediums as the general community - an advertisement can articulate that the accommodation is certified as accessible for people with disability which will attract a wider inquiry base

2. How much of a better rate can I expect? Very similar apartments are renting out at $650 per week. Mine has the disability facilities and has an extra car spot. If I rent out at market rates it would be say ~$700 pw because of the extra car spot. How much additional premium can I reasonbly ask for?

Discuss your questions with Russell Peter from PureRentals - he is very experienced and capable.

Likewise, request a current rental market appraisal of comparative properties currently for rent to identify appropriate rental asking price

It is not appropriate to charge a tenant more for disability services as this constitutes discrimination- people with disability source and access housing on the same mediums as the general community - an advertisement can articulate that the accommodation is certified as accessible for people with disability which will attract a wider inquiry base

Warm regards

Renee Chad