Finding tenants promptly and effectively?

[seanw]

Hello all,

My parents have recently ventured into their first IP, a nice 3bdrm home in Whangarei. They purchased the house several months ago now, and were pleased to find tenants through friends almost immediately - solving the empty house issue.

As it happens these tenants have just given in their notice and wish to move out in 21 days.

Now, this being their first IP, they are slightly anxious about ensuring the place is filled as much as possible, to avoid having to keep the mortage payments up by themselves.
One of my parents also feels that this is not a good time to be searching for tenants (coming up to the Xmas break) - which I said isn't necessarily true it just depends on your attitude towards the situation.
My impression also is that they believe the chances are against them to find GOOD tenants, which again in my opinion isn't true (the house isn't in a bad area).

What I'd like to hear from you all is any helpful hints about FINDING new tenants promptly. How do you go about it? Who do you tell? Where do you advertise? What do you do to minimise costs in light of vacant property? Any hints or techniques will be greatly appreciated, in order to minimise any hassle during the transition of tenants.

Thanks everyone, will look forward to your replies.

P.S. I have already searched the forums but had trouble finding relevant threads - if I'm missing some good ones feel free to link me! Cheers.

[fudosan]

Hi Seanw,

I have had success using FINDA's free listing service to find tenants. A good description of your property together with some photos will definitely help.

http://www.finda.co.nz/findarental/

[drelly]

I actually had someone ask me if I had anything available today. If you PM me their phone number, I'll pass it on for you.

cheers,
Dave.

[mariner31]

Never advertised outside Finda & Trademe. Quickest and cheapest option's. You could also use a Property manager to just find you a tenant. If you find one first, there is no charge.

[RentMaster]

You could also use a Property manager to just find you a tenant.

Thus is true, you could use a property manager to find you a tenant, and then manage it yourself. However I have found this is not very good. I can always find a tenant faster than the property managers can. I get the feeling that the property manager is more interested in finding tenants for the properties they can going to manage, because those tenants will provide then with continuous income.

I have also had good success with finda.co.nz and also the trade and exchange (www.te.co.nz)

[Ameera]

Why not cover your bases and advertise through local PM's who have a casual letting service (free for you - tenant pays letting fee) and advertise yourself on
Finda and Trademe as well?

[leapy]

I've still found best success in the Saturday To Let column in the local daily newspaper.

Another avenue I have found very useful is if the tenants have been good - ask them if they know anyone who would be interested.

And if you know anyone who works for a large organization that has inhouse email and would be prepared to send one around for you - that's worked for me too.

Good luck.

[cube]

This thread

http://www.propertytalk.com/forum/showthread.php?t=5229

talks about the benefits or otherwise of settling on a new purchase in the run-up to Christmas - same problem, how to find quality tenants in a short time.

To attract quality - make the place look as nice as possible. If you have time, $30 worth of 'potted colour' near the front door can work wonders.

If it is already empty, give it a good airing every couple of days.

Good luck

cube

[revdev]

Just to confuse you even more Seanw, I have had the complete opposite experience to Rentmaster, regarding casual letting service by PM's. I have sourced all of my tenants this way, and they have been excellent.

Rentmaster has a good point however about protecting their future income, but my experience of the smaller centres (I would include Whangarei in this) is that the PM's aren't (or rather can't afford to be) that narrow in their focus.

All the best.

G

[artemis]

I've also had good success with the free finda service. Don't forget the simplest methods of a To Let sign in the window, or the supermarket noticeboards with the phone number on tear off strips.

A notice in the window might not work so well in areas where a vacant property attracts attention from the local hoods.

[hawkeye]

Another good free site is http://www.sellmefree.co.nz/

In Christchurch your advert goes in the Buy Sell publication and is also available online. We get heaps of enquiries from this source.

It covers 5 other regional publications including Loot in Auckland and the Bay Trader presumably in Tauranga or Napier

I think any WEB based advertising needs a photo to be effective.

[fluffyb]

For the last 10 years I have successfully used this method and over this time have never had a bad tenant, never even missed a day's rent! I advertise in the local paper, let all calls go onto my answerphone - I change the message to ask several questions ("If your're phoning about the house please leave your name and phone number, how many people, where do you live now, when do you need to start and ....and tell me a bit about yourself") .... you get a good feel of a person listening to them answering all of that especially the last bit. I follow up the ones who sound promising. I drive past their current property first and always follow up references personally. Also keep in mind 'tis always better to have a week or two with no tenant than choose the wrong one in a hurry.

[seanw]

Thanks for all the help!

Thanks everyone, there have been some awesome hints, we've already generated a couple of enquiries.

Merry Xmas

[Glenn]

Really you guys make me ashamed. Surely you must realise that a good property manager will do all this hard stuff for you. If the PM is any good they will find the new tenant for them to go in the day after the other tenant leaves, organise the cleaning and inspection and put the rent up to boot. This will allow all you folks to go on holiday without a care in the world. It surely must be a false ecconomy to try and do it all yourself. Use your spare time doing something simple and interesting like pulling your car's automatic transmission apart or building a nuclear bomb.

[xris]

I cannot agree more with what Glenn has said. A good property manager will save you a lot of money, time and totally unnecessary hassle.

We all tend to forget that we have our own strengths and weaknesses. Just because you might be an astute investor does not necessarily make you a good property manager, a vice-versa.

The usefulness or otherwise of property managers - and of a good real estate agent - is an often overlooked subject. Perhaps somebody should start a new thread or threads on this topic.

xris