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

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Linuxluver

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Topic # 114263 13-Feb-2013 23:28

I'm going to have a flat to let in the next few days, hopefully...and I was thinking of TradeMe.

As a former renter, I'm not a fan of the rental agencies.....and I'd prefer to meet the prospective tenants myself and do the reference / job checking.

Any advice on the best way to let (hopefully decent) people know I have a 1.5 / 2 bedroom place available on the North Shore in Auckland?

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Reply # 762012 14-Feb-2013 00:21

I prefer to leave that stuff to an agency. they do credit checks, pre-, during- and post- inspections complete with pictures and notes, and handle the chasing of the money, any bond lodgements, and handle tenant queries. They also tend to know how much to charge for the flats and where (and when) best to advertise for new tenants. If you have a good agency then its well worth it.

Its cheaper, obviously, to do it yourself... but if its not your full time job then it can be a handful sometimes.

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Linuxluver

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Reply # 762015 14-Feb-2013 00:56

Regs: I prefer to leave that stuff to an agency. they do credit checks, pre-, during- and post- inspections complete with pictures and notes, and handle the chasing of the money, any bond lodgements, and handle tenant queries. They also tend to know how much to charge for the flats and where (and when) best to advertise for new tenants. If you have a good agency then its well worth it.

Its cheaper, obviously, to do it yourself... but if its not your full time job then it can be a handful sometimes.

Thanks. I'd do exactly that if i didn't live so close to the place. :-)

I'm also just....interested....in doing it myself this time around.

Credit checks. Good idea.

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dickytim

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Reply # 762032 14-Feb-2013 07:14

I second using an agency after having a rental trashed.

would it be a next best option to hire an agent and insist on meeting their short listed tenants.

Failing that I would say trademe would probably be the best, it is where I looked for a flat last time plus all the agents seem to advertise there as well so the market is there too.

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Reply # 762035 14-Feb-2013 07:34

Trademe is where people look for flats.

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networkn

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Reply # 762055 14-Feb-2013 08:27

Do you have an iron clad rental agreement? Do you understand all the rules and their implementation and the like? If not I'd follow the majority of the advice you have been given and involve an agent. Especially given the saga you have just been through which could have been avoided. If it's a matter of money, you have spent considerably more I'd imagine in lost rent and trouble on your last tenant let alone what you have missed out on, from your good tenant leaving.

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Reply # 762063 14-Feb-2013 08:48

Plus an agent has a lot more legal clout (and financial resource available) should something go REALLY wrong and it does on occasion despite everyone's best intentions

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Reply # 762080 14-Feb-2013 09:20

My advice would be to use a property manager for placing the tenants and drawing up the rental agreement.

The property manager does not have to manage the property. You can still do that.

You will still have the final say as to which tenants you choose. Property management companies have the ability to get all credit information about the prospective tenants. You will not have access to this if you doing it yourself.

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Reply # 762106 14-Feb-2013 10:22

If you decide to do it yourself TINZ are a great place for doing the credit checks.

http://www.tinz.net.nz/

You get free membership if you are a member of your local property investors association. This membership also gets you free access to VEDA if you prefer to go that way.

Either way you are charged per credit check. Last time I checked VEDA were MUCH more expensive than TINZ.

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Reply # 762121 14-Feb-2013 11:07

You could try http://www.nzflatmates.co.nz/ Not sure if this fits the bill for what you are after however

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Reply # 762130 14-Feb-2013 11:19

networkn: Do you have an iron clad rental agreement? Do you understand all the rules and their implementation and the like? If not I'd follow the majority of the advice you have been given and involve an agent. Especially given the saga you have just been through which could have been avoided. If it's a matter of money, you have spent considerably more I'd imagine in lost rent and trouble on your last tenant let alone what you have missed out on, from your good tenant leaving.

I hear you.

The problems I;ve just had were with a sitting tenant who was there when I bought the place. To complicate matters, he is the brother of the former owner. They had begun to renovate the place.....run out of money...and sold it... (to me). The back flat is far from complete...and I would have to spend $10K to make it rentable.

So it seemed like a reasonable risk to let this guy stay there and set the rent at a low $300 / week (he had two other guys subbing from him). You'd think he'd be able to cover $100 / week plus the other two guys....but apparently not.

So in the end I decided I'd rather spend the $10K to re-line, plaster and paint the place 9and re-do the flooring..and a new kitchen...and separate water and gas) and - at least initially - allow my daughter to live there for a while.

I'll see how I go. :-)

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Reply # 762201 14-Feb-2013 12:31

OK, so you don't want to use an agency. I won't repeat what others have said, to be honest I have seen shocking behaviour from property managers so I don't think they are a guarantee anyway.

The best is a personal recommendation, someone you or someone you trust has a personal connection with. An apartment building I lived in was completely rented this way.

The rest is simple risk management. Don't rent to the usual suspects or anybody you feel sorry for. It may sound harsh but renting to the brother of the former owner who was willing to pay low rent is probably the best lesson.

Use TradeMe to get an idea of what the market is and consider undercutting that by say $10-$20 a week. That will give you the pick of tenants in the area and allow you to be choosy, it will also encourage long term tenants which are the ones you want. Sure, you will 'loose' some money but may well save you in the long term.

Renting is a two way street. Good tenants want good landlords.

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Reply # 762328 14-Feb-2013 14:23

Google 'tenancy agreement and there is a Government site that has all the information and also a template that I have used before.
http://www.dbh.govt.nz/tenancy-agreement (sorry don't have time to BBS it)

everyone says trademe but I've used nzflatmates and easyroommate and both are very good and well patronised.

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ajobbins

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Reply # 762332 14-Feb-2013 14:29

The people on here recommending agents must have come across better ones than I have encountered.

My last agent just paid me out about $700 in compensation for their incompetence and is potentially looking at a $3000+ fine for committing an offence under the Residential Tenancies Act (In VIC, Australia).

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networkn

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Reply # 762335 14-Feb-2013 14:30

ajobbins: The people on here recommending agents must have come across better ones than I have encountered.

My last agent just paid me out about $700 in compensation for their incompetence and is potentially looking at a $3000+ fine for committing an offence under the Residential Tenancies Act (In VIC, Australia).

That wouldn't be the norm or they wouldn't be able to stay in business. Like in any industry you will have the inexperienced and the cowboys.

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Reply # 762352 14-Feb-2013 14:41

networkn: That wouldn't be the norm or they wouldn't be able to stay in business. Like in any industry you will have the inexperienced and the cowboys.

In the last 7-8 years of renting, I've yet to come across one I would use myself if I had a rental property.

None of the ones I have experienced have a proper understanding of residential tenancy law, particularly their own obligations under it. The ones that know a bit about the law, seem to think it doesn't apply to them (I even have this is writing from one agent).

I have glowing references from all the agents I have rented from (With the exception of the last agent, who I am not going to ask. Having them fined and having to pay me out leads me to believe they would not be a reliable reference) - but man I would never trust a property of my own with any of the ones I have dealt with.

My parents have a few rental properties. They have tried on a couple of occasions to use an agent to save themselves the work, but found every time the agents just can't do as good a job. They take forever to get anything done, they charge fees for nothing, they pick terrible tenants and they never communicate problems back to the owner. Parents found tentant turnover much higher with agency picked tenants. They ones they have picked themselves have for the most part been much longer term tenants - and my parents keep a good relationship with the good ones. (If they are good tenants, they get xmas presents too).

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