How do tenants find a house?

[phm]

Hi there.

I was wondering how tenants go about choosing a house to rent, in the first place. Do they log onto the internet and access the real estate agencies in the area? Do they grab the phonebook or the local papers? What about people who are moving to a new town?

I wonder because, if you had interviewed the PM in all of the agencies in a town, and found 3 to be of equal suitability. (Using imagination here), and their fees etc were equal, then how would you choose your PM?

I was thinking that, maybe you would be better off going for one of the large, well advertised and therefore perhaps better known RE agencies because they, may have better coverage.

Any thoughts on this?

 

[Jacque]

For the biggest coverage I would go for the most well exposed and well known agents. After all, most people tend to look in windows, read newspaper ads and take rental lists when searching for a new place. The more exposure, the better.
I remember my own days of looking for a new place. The well-organised PM's would ring me every couple of days with a new prospect and go out of their way to locate suitable places.

As for selecting a good PM, a lot of it comes down to personal recommendations. If you're looking at a particular area, post details and you may just be surprised. You never know who else has property in the same town!
Good luck!

 

[Mr. Fabulous]

Here is what renters do:
1. We think: 'Hmmm, I need a place to live' and rub our chins a little as we contemplate this.
2. Then we think about where we would like to live.
3. Then we think about how much we can afford to pay.
4. Then we change location, cause where we would like to live is way out of our price range.
5. Then we go to real estate agents in the area and get rental listings.
6. Then we look at the rental listings and go, 'Gee, that place sounds nice, and that one too'.
7. Then we get the keys from the agent (I really, really hate inspections only and never turn up to them).
8. Then we look at the place/s and think 'There is no way this is the same place they described in the ad, not even mice and cockroaches would live here.' This is evidenced by the roaches in the corner packing their suitcases and getting the hell outta there.
9. Eventually you find a place that is liveable (these sorts of places are unbelieveably rare), that you like and would be prepared to live there.
10. Then you go to the real estate agent and put in an application.
11. Then you suck up to them hardcore, in the hopes that they will pick you out of the fifteen people that applied.
12. Then (if you are lucky) you get the place, pay the bond and move in.
If you have three or more agents in the area that are on an equal footing, then basically play eenie meenie on which one you pick, as tenants will go to all three of them anyway for listings.

Mark
'no hat, some cattle'

 

[Sam_H]

Hi phm;

I have just rented out an apartment this week via a PM
The way I chose the PM was:

1) Checking the local paper ads....seeing who was renting what.In my case I wanted to rent a high-end 2 bedder with good views etc-so I looked at agents which were dealing with these

2) Talk to a few PM's.I found a varied response from 1 phone call.
Some were positive in regard to my property-some were negative 'the market is sorta soft at the moment'.
Guess which one I chose?


In the end I chose one of the largest agencies -which does a lot of sales and also rentals. The PM had also managed my property for the last 6 years which was a bonus!
Regards

Sam

 

[geoffw]

People also do use the net.

I was trying to decide whether to let out a unit furnished (with TC, DVD, VCR, Sound etc) or unfurnished. PM & I decided to try the waters.

Ad was put on the net on Wednesday last week- three responses were enough for me to go ahead. That gave me the weekend to fit it out before the forst showing. The place was let by Wednesday this week- it did not go in the papers.

Spend on the extras was $2.2K- extra rent was $40 pw.

 

[capitalist]

Hi GeoffW,
Can you please tell us which website you used to advertise for renters?
Sounds like a great way to test the waters and the cost must be a lot cheaper than the newspapers?
That $40pw sounds like a great return on the cost of your furnishings. Was it just the TV, DVD, VCR and stereo? Or did you also include beds, lounge suite, dining table etc?

Thanks,
Mark

 

[geoffw]

Mark,

The site is a Canberra site, www.allhomes.com.au - an excellent site. The agent also advertised in their own site- http://www.maxwellandco.com.au

I haven't seen the bill yet, so I don't know how much it cost. But it was worth it.

There were already built in robes, washing machine, microwave, bar fridge, and table for two. I removed the dowdy lounge, coffee table with tiled top, and two heavy chairs. I added:
51cm TV/DVD/VHS/small stereo- $850
Leather lounge 2.5 seat (hopefully a longer life than fabric)- $1100
Coffee table- $130
Two chairs- $100

 

[bbruham]

G'day Sam_H,

Your PM is Ray White!!!!

Right a again. I'm soooo clever.

Bbruham.

 

[bbruham]

phm,

Ever heard of the local rag(newspaper)!!!!!!!

BBruham.

 

[Andrew]

Next time I go through an agent for my (1 and only, so far) IP I will go to the commercial
agents. This sounds strange but when a company is relocating an employee to their site
who do they ring first? That's right, the agent they've dealt with before which is more than
likely to be commercial. Just one way to find professionals rather than dole bludgers.

andy

 

[Yvonne Bresley]

Originally posted by phm
Hi there.

I was wondering how tenants go about choosing a house to rent, in the first place. Do they log onto the internet and access the real estate agencies in the area? Do they grab the phonebook or the local papers? What about people who are moving to a new town?

I Any thoughts on this?

As a proeprty manager for over 15 years I have noticed how the answer to your question has changed over the years.

We always survey our tenants to find out what part of our advertising is working.

Today more are lookingfor their proeprties over the internet and realestate.com.au is currently the most popular site.

We find the internet works well in Melbourne's inner and eastern suburbs but not as well in the westeren more working class suburbs. This is not a slur, just an observation.

To lease boards work well on main roads. We leased 2 properties from the board alone last week.

We do open for inspections, we don't hand out keys and find these work well to if advertised in the Age.

I hope that helps

 

[Aceyducey]

As a counterpoint to Sam's post, while picking an agent who deals with lots of the same type of properties in the same area is good when the vacancy rate is zero, it's not always the best if the vacancy rate goes higher (as in Sydney at the moment).

For example, it can be the case where an agent manages 450 2-bed units that they don't really care which of the 10 vacant ones is filled first. Based on commonsense alone, they will look to fill the units owned by passive investors paying the most PM fees first (not the astutely negotiating active investors). So even if other 2-bed units are quickly tenanted it may take a little longer for them to worry about your unit.

We look for area expertise & a medium-large rental list so we know they know the local bad tenants (who may bump around in an area burning landlords) and are serious about managing properties. A good system for inspections, etc is also important.

Best of all, if the agent has few properties of the type we own on their books this is best because we know that the agent will push tenants looking for the type of accommodation we own in our direction quicker.

Price is secondary. Why save a few bucks and get bad tenants?

A place we just renovated had three sets of tenants scamper on the last owner owing various sums in rent. This includes a 63yr old man (maybe scamper isn't the right term) and a group who resettled one street across and have never paid back-rent. All the neighbours are aware of where they are, but the property manager had no idea they are there (and the last owner lives interstate).

Unfortunately I don't know who the PM was on the place to avoid them

Cheers,

Aceyducey

 

[phm]

Hi there.

A huge thank you to all of your replies. You all had some very good advice.

Andrew, that's exactly what I was thinking.

I've interviewed most of the PM in the area and found one to be of my liking. However, she works for a smaller agency, rather than one of the large, well advertised ones. I haven't changed over to her yet because we bought our IP from another (well known and well advertised agency and they, with our permission, put a new tenant in, on settlement date. This tenant wasn't local, moved up here from Brisbane for work and sounds pretty good, so far. (She's also two months ahead with her rent which is nice.)

I'm thinking that I might just leave things as they are for the moment and see how things go, even though the current agency isn't my first choice.

Thanks everyone.

 

[BUNDY]

Gemini,

If you are not happy with your PM, have you thought about managing the property yourself? It's not that difficult, plus it allows you to choose your tennants and keep an eye on your property. Just depends on how hands on you want to be.

I manage all of my properties all myself and "touch wood" have never had any problems. I had a for rent sign with home & mobile phone numbers on which I place outside the properties 2 weeks before the tennancy is up. Sign cost approx $40, but I can use it on all of my properties as they come up for rent.

On theodd occassion, I have run an add in the local newspaper. 90% o f the time, one tenant moves out one day and the new one moves in the next day. The post office has all of the tennancies forms or you can obtain them from the RTA. the forms are free.

Just a thought.

BUNDY

 

[phm]

Hi Bundy

Thanks for your suggestion. Our IP is 2 and 1/2 hours away. Too far for me to compfortably manage myself.

I am however keeping an eye on it from a distance and will see how things go for now.

 

[Mr Ed]

choosing a house to rent

Hi phm,

I was wondering how tenants go about choosing a house to rent, in the first place

Well we are just going through that right now (our current leased property is to be auctioned in 4 weeks)

Turning our life upside down but anyway that's life. How did we find a place to rent (In a tennants eyes). My wife scowered the papers I scowered the allhomes site and just numerous calls to agents.

We don't care which agent has the listing just as long as the house is right.

Our criteria started with close to the kids school (They are in a private school and don't want them to move)

next criteria 4br ensuite below $400 p/week (we look at homes up to $430 as we ask for a discount)

And as for the rest of our criteria I've attached a word doc that we carry in our pocket, We don't necessarly fill it in but use it as a check list, so as not to miss anything when doing an inspection.

Mr Ed.

 

[Peter Parker]

I have found that agents are slack about taking down 'To Let' advertising signs after a tenant has been found.

Similar story with internet listings - too many out of date.

For this reason I prefer rental lists from local agents.

Peter

 

[tssk]

Originally posted by Peter Parker
I have found that agents are slack about taking down 'To Let' advertising signs after a tenant has been found.

Similar story with internet listings - too many out of date.

For this reason I prefer rental lists from local agents.

Peter

Interesting aside on that, our new rental still has the For Lease sign out the front. We've asked the agent about it and they keep telling me not remove it, they'll do it soon. Its been a couple of months now. I'm hoping the owner occupiers don't get too mad at me about it.

Is there any reason why an agent would keep the sign out the front?

 

[Peter Parker]

Is there any reason why an agent would keep the sign out the front?

No-cost billboards! But if up too long it conveys a bad message of the agent being slow to fill places.

Peter