How long does it take to get a tenant? When to advertise - before/after settlement?

Hi all, newbie investor here,

Should I be asking my PM to advertise the unit before it has settled? Given that they won't be able to access it or have open for inspections until after settlement date.

Would really like to hear people's thoughts!
Get your PM to get it on the internet a few weeks before settlement if possible. I wonder if you could organise for an open house to be held before you settle, but don't sign a lease until it is yours, or you face problems if it doesn't settle. If the vendor would allow that, you could have a tenant ready to go.

Otherwise, you'll have to wait until you have access. When this has happened to us (we self-manage) we try to have them move as soon as possible, and at times we have negotiated with them to start the lease early and overlap with the lease they are leaving by up to one week.

This works in a hot market and they don't want to lose our place by having us wait two weeks for them move in. It doesn't always work though, depending on how hot the rental market is.
I'm glad you know what you are talking about Lura :D.

I've never advertised to rent before owning, but thought this was something that is done fairly often. Perhaps this is how it is done, by having the owner sign something?

When we do the "overlap" thing, it is when one tenants moves out and another moves in, and we own it already.

Sorry if I have mislead you Gracie.
Ah, thanks heaps.

I'll see what the PM says. I'll probably should prepare myself to have it vacant for a couple of weeks while they find a tenant. Is it worth advertising at $10 below market rent per week just to get people signed up early? After all 1 month of lost rent amounts to over $1000 for this particular property.

I might have just answered my own question.

I'm not sure whether it's in a hot market. just checked domain and there's only 1 other place in the same price range on the market. That should be a good sign, right? The property is in Gosford.
I settled on one today. It has been listed for rent since the contract cooled off. They haven't taken anyone through but called back the 35 or so enquiries made over the last 5 weeks.The PM is taking a number of people through tomorrow.

Nothing special included in the contract.
There you go - agents not knowing the law - technically, they are breaking the law by even advertising it because you were not the legal owner of the property yet.

guess they have to be caught...

I would be surprised if anyone has been "caught". Common sense prevails sometimes.
Personally I'd want to make sure the property was up to scratch before you advertise it. Once all the furniture etc is removed you may find things that need fixing. Paint may be marked etc which will detract from the rental appeal.

I'd sign up an agent to be ready then wait until it's empty (which may be before settlement anyway). Do the pre settlement inspection and go from there.
MMMM, some interesting points of view here. I do very much appreciate, that the legislation is so very different between the states, however overriding that is that fact that we operate under the westminister system, and precedence plays a part. May I threw out the title "contractual owner". I believe that you will find, that being a "contractual owner" may in fact allow you to enter into negotiations, and offer some thing that you have a contract on, as long as your representations are clear. Think about JV's and off the plan sales .... items are being offered that are ..... contracted to appear. At the end of the day, talk to the selling agent about what the seller would be comfortable with, and then the PM. Sadly if the PM, does not have exerience with a "contractual sale letting" you may have to assist in the education. Congrats on what sounds like your first IP.