Renters: What's the best way to advertise a flat?

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Regs

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Snowflake

#762666 14-Feb-2013 21:49

i use http://www.residentialrentals.co.nz/ and have done so for 7 years to manage two properties. they have some good systems, pay landlords twice a month, are always onto rental renewals and reassessing market rates - all are fixed term rentals - and i've had virtually no vacancy in 7 years. I know they post listings on facebook, cause they are in my feed, but no idea where else they post - i havent had the need to find out cause they just get the job done!

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Wheelbarrow01

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Chorus

#762726 15-Feb-2013 08:03

I have 3 rentals and I manage them all myself. I had a couple of agents manage them a few years back (well known national real estate company brands) but they were hopeless.
I reckon the reason for this is that my units are at the lower end of the rental income stream, The agents will always put in a lot more effort into letting $500 a week units than they will into $200 a week units because their letting fee and 7% commission is worth more to them on the higher priced units.
I found they made little effort to try and let my units, and kept saying they had no interest. When I took the management back I had no trouble getting good tenants in less than a week.
I also found they charged exorbitant prices for arranging tradesmen because they had to take their cut.

In my opinion, it is entirely possible to manage them yourself if you live nearby and don't have too many of them. Just have your preferred list of tradesmen handy. If your tenant calls you needing a plumber then you call your plumber, ask him to arrange the site visit with the tenant, then you pick up the tab. You shouldn't even need to leave the house.

In terms of tenancy law, the tenancies act is not hard to follow and dbh.govt.nz has all the resources you and your tenants need. As already stated, tinz.net.nz also has a lot of valuable info as well as very good tenancy agreements with no loopholes.

You can even have a tenancy tribunal mediation over the phone these days which makes the process so much easier, and it only costs $20 to file for a hearing.

I use Veda and or tinz.net.nz for vetting and it is well worth it.

As for advertising, Trademe is all you need.

Linuxluver

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#763218 15-Feb-2013 19:33

Wheelbarrow01: I have 3 rentals and I manage them all myself. I had a couple of agents manage them a few years back (well known national real estate company brands) but they were hopeless.
I reckon the reason for this is that my units are at the lower end of the rental income stream, The agents will always put in a lot more effort into letting $500 a week units than they will into $200 a week units because their letting fee and 7% commission is worth more to them on the higher priced units.
I found they made little effort to try and let my units, and kept saying they had no interest. When I took the management back I had no trouble getting good tenants in less than a week.
I also found they charged exorbitant prices for arranging tradesmen because they had to take their cut.

In my opinion, it is entirely possible to manage them yourself if you live nearby and don't have too many of them. Just have your preferred list of tradesmen handy. If your tenant calls you needing a plumber then you call your plumber, ask him to arrange the site visit with the tenant, then you pick up the tab. You shouldn't even need to leave the house.

In terms of tenancy law, the tenancies act is not hard to follow and dbh.govt.nz has all the resources you and your tenants need. As already stated, tinz.net.nz also has a lot of valuable info as well as very good tenancy agreements with no loopholes.

You can even have a tenancy tribunal mediation over the phone these days which makes the process so much easier, and it only costs $20 to file for a hearing.

I use Veda and or tinz.net.nz for vetting and it is well worth it.

As for advertising, Trademe is all you need.

Music to my ears as this is almost *exactly* what I am now doing or plan to do. I also signed up for TINZ yesterday and ran a full check on myself just to see what popped up. It was worth doing. :-)

I have two flats (a "duplex") that are a 2 minute drive from my house. I have list of tradesmen handy, having used them myself on my own house during renovations over the past couple of years. I now understand the tenancy law reasonably well...and know what things to be careful about.

Ready....aim..... rent.

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jonherries

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#763235 15-Feb-2013 20:33

Also found out you can search the tenancy tribunal orders since 2005, might be a good check.

Jon

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#763509 16-Feb-2013 18:26

jonherries: Also found out you can search the tenancy tribunal orders since 2005, might be a good check.
Jon

That check is included in the TINZ check, IIRC....which also includes VEDA (formerly Baycorp), the Ministry of Justice (fines)...and a few other things.

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Batman

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#763562 16-Feb-2013 20:04

Make the flat nicer put the rent higher you won't get random dudes enquiring only the loaded. if you put the rent the lowest you will get surprises

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Linuxluver

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#763588 16-Feb-2013 21:33

joker97: Make the flat nicer put the rent higher you won't get random dudes enquiring only the loaded. if you put the rent the lowest you will get surprises

Apparently you can blow a lot of riff raff off by asking for their driver's license, current address, DOB and full name and make it clear you're doing a tenancy, credit, fines and courts check. People with a history staring down the barrel of that won't even bother. Supposedly. I wouldn't.....

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