My first open house!!

Tizzy

Tizzy

I actually quite enjoyed myself. It's the first time I've ever had two new places to rent out . I placed an ad wednesday, another on saturday and open house today at 4 oclock. It worked well. Out of 6 callers, I've now got 6 applications to consider. It wasn't a heap of applicants (as the media keep talking about), but I only need two good ones.

The best part is I set the rent at $400 a week , yet two agents told me $340 & $360!! So glad I went with my instincts on this and decided to self manage.

With the DOCEP WA site to refer to, the task has been pretty easy so far...:)
 
I really enjoyed that part of self managing.. also I feel you have great feeel for prospective tenants when your doing the open.. Ive since switched to using a PM.. but I think in the future I will be doing the home opens and tenant selection myself then leaving it for the PM to manage the day to day..
Our PM wouldnt do Sat opens.. and didnt even attended any opens.. as she had her junior/assistant do it..

Hope you end up with some good applicants..
 
Thanks Kelvin

You're right, you do get a good sense straight away don't you? Thats a good idea doing the choosing then passing it all on. I'll see how the day to day management goes.

Nothing can be as time consuming as the last seven weeks getting these places finished. They've taken every spare minute of my time. I'm going to miss it though and itching to do a reno now.
 
Congratulations Tizzy! All the best with your selection process. I've always found if your not feeling 100% confident with who you are chosing from it's best to advertise for another week. Treat it like a job interview, check refernces, don't get too personal. This is the hard part and it's easy sailing after that if you choose carefully. Regards, Linda
 
6 applications is fantastic!! Especially given you were aiming for top rents. Way to go!

I think "above market" rents is the best reason to self manage.
 
Tizzy said:
I actually quite enjoyed myself. It's the first time I've ever had two new places to rent out . I placed an ad wednesday, another on saturday and open house today at 4 oclock. It worked well. Out of 6 callers, I've now got 6 applications to consider. It wasn't a heap of applicants (as the media keep talking about), but I only need two good ones.

The best part is I set the rent at $400 a week , yet two agents told me $340 & $360!! So glad I went with my instincts on this and decided to self manage.

With the DOCEP WA site to refer to, the task has been pretty easy so far...:)
Click to expand...

If you continue to self manage that is an extra $4500 a year more in your pocket. (@ 8% PM fees)
 
Making an extra $4500 a year really does make it worth it Kathryn ( I hadn't tallied that up yet ...thank you).

I just know the last time I rented out a holiday let I used to hate getting the monthly statements because there was always so much of the rent gone. They even charged for photocopying!! Then they let the tenant get too far into arrears.

I decided I could do better.
 
Tizzy congrats , I self manage my IPs.

I tried a few property managers but I also fell over when the fees arrived.
Lucky self sticking stamps and envelopes are available or they would of been charging me for the licks aswell!;)
 
:eek:

Thanks for the encouragement everyone. First lease gets signed up tomorrow. They are very happy and so are we.

Linda I'm going to take your sage advice and hold out one more week and advertise again for the second house. I'll do another opening next saturday. Mainly because the 'best of the rest' doesn't really need the house for another 4 weeks.
 
Well done Tizzy and congratulations. you have inspired me and I have just started to do a triplex development in Perth on block we bought 13 years ago.
Just going over the preliminaries now.

Watch this space :D
 
Wow Ross!! You should do well with a block you bought 13 years ago. Weren't they pretty much free back then ??:D

No seriously, I look forward to reading your thread. I love hearing how others do things. Will you go to the PIN meeting tomorrow? I understand they have a speaker on subdivision and getting the best out of councils.
 
Well done, Tizzy!

I love reading posts like yours. Obviously you have your best interests at heart unlike REA's who, in my experience, only have their own interests and convenience at heart as far as showing properties, following through etc etc and even if you decide to handover at a later stage an ethical REA won't charge you a let fee as you have already done the legwork.

Good stuff.
 
Tizzy, I don't know what your talking about - venue change??? There's been a speaker change! Where did that other address come from? Your reference is to my thread, I don't know ANYTHING about a venue in Mt Claremont and it does not relate to the meetings I attend. Did you attach the wrong thread?
 
Well I'm very confused now. Are there two groups?? I got an email from Tracey with a venue change and I thought you were all from the same group! :eek:

I Got an email from Kel announcing the meeting and speaker then the next day an email from Property Investor Network saying the email sent the previous day had the wrong venue! I had no idea the there were two groups and you were meeting on ther same night. Sorry if I've completely confused anyone.
 
where is everyone?? No one at Wallaston :eek:Am I going to the wrong place ???Wallaston is that the Anglican Theological College??
Can someone enlighten me :confused:
 
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