Possessing a rental before Christmas
- Thread starter nepoez
- Start date
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- Aug 30, 2007
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- 320
QUOTE (nepoez @ Nov 4 2008, 08:29 PM) Hi all,
I just possessed a town house that`s in great condition, but Christmas is coming soon. I`ve heard it`s tougher to rent a place out around this time. Is that so? If so, does it mean I`ll likely not rent it out until the new year?
I think December tends to be a down month, people only move if they have too. Frankly, I don`t think January is that much better, except they don`t have the distraction of Christmas (only the bills!).
We took possession of 4 units last mid October plus had few move outs and one eviction, so from November until February we had 9 of 17 units vacant. When it rains, it pours! We chose to renovate a few units in order to use the vacant time for our future benefit. A bit stressful as each month was negative. The rough time ended as we knew it would. Hopefully you have some room on a line of credit just in case. Since you already have possession, work hard to get it filled before December.
Regards,
Heather
I just possessed a town house that`s in great condition, but Christmas is coming soon. I`ve heard it`s tougher to rent a place out around this time. Is that so? If so, does it mean I`ll likely not rent it out until the new year?
I think December tends to be a down month, people only move if they have too. Frankly, I don`t think January is that much better, except they don`t have the distraction of Christmas (only the bills!).
We took possession of 4 units last mid October plus had few move outs and one eviction, so from November until February we had 9 of 17 units vacant. When it rains, it pours! We chose to renovate a few units in order to use the vacant time for our future benefit. A bit stressful as each month was negative. The rough time ended as we knew it would. Hopefully you have some room on a line of credit just in case. Since you already have possession, work hard to get it filled before December.
Regards,
Heather
Wow.. I could very likely be waiting until Feb... That`s 3k down the drain! I could get a 60 LCD screen or travel over seas twice!
I noticed.. my last ad had lots of response on kijiji.. but starting november I only had one inquiry.
QUOTE (HeatherBrandt @ Nov 4 2008, 08:32 PM) I think December tends to be a down month, people only move if they have too. Frankly, I don`t think January is that much better, except they don`t have the distraction of Christmas (only the bills!).
We took possession of 4 units last mid October plus had few move outs and one eviction, so from November until February we had 9 of 17 units vacant. When it rains, it pours! We chose to renovate a few units in order to use the vacant time for our future benefit. A bit stressful as each month was negative. The rough time ended as we knew it would. Hopefully you have some room on a line of credit just in case. Since you already have possession, work hard to get it filled before December.
Regards,
Heather
I noticed.. my last ad had lots of response on kijiji.. but starting november I only had one inquiry.
QUOTE (HeatherBrandt @ Nov 4 2008, 08:32 PM) I think December tends to be a down month, people only move if they have too. Frankly, I don`t think January is that much better, except they don`t have the distraction of Christmas (only the bills!).
We took possession of 4 units last mid October plus had few move outs and one eviction, so from November until February we had 9 of 17 units vacant. When it rains, it pours! We chose to renovate a few units in order to use the vacant time for our future benefit. A bit stressful as each month was negative. The rough time ended as we knew it would. Hopefully you have some room on a line of credit just in case. Since you already have possession, work hard to get it filled before December.
Regards,
Heather
We took possession of two townhouses last Oct - Dec and had to wait until mid Jan and Feb to rent them ... we did our necessary renos during that time, but I swore I wouldn`t close just before Christmas again. I`m sure it can be done successfully, but the spring is much easier to rent. I guess it depends on how good a deal you can get, as you might pick up something with a motivated vendor that would make the vacancy worthwhile.
Gord
QUOTE (nepoez @ Nov 5 2008, 10:54 AM) Wow.. I could very likely be waiting until Feb... That`s 3k down the drain! I could get a 60 LCD screen or travel over seas twice!
I noticed.. my last ad had lots of response on kijiji.. but starting november I only had one inquiry.
Gord
QUOTE (nepoez @ Nov 5 2008, 10:54 AM) Wow.. I could very likely be waiting until Feb... That`s 3k down the drain! I could get a 60 LCD screen or travel over seas twice!
I noticed.. my last ad had lots of response on kijiji.. but starting november I only had one inquiry.
QUOTE (nepoez @ Nov 6 2008, 10:45 AM) If this is the case. What do you guys think of a Holiday Season Special. Basically the deal is, if someone signs up for the lease now, they get 200 dollars off the first 3 months.
Whatever gets the thing rented. Temporary rent discount may work...although this technique is used by 99% of landlords out there. Following REIN`s spirit, perhaps to stand out from the crowd you can offer something that will have a better chance of getting people`s attention when they read your adds....spend the same $600 to put a small flat screen in the kitchen, tenants get to use it and if they stay for X years they can take it with them...or entice prospective tenants with a possibility of choosing 3 upgrades to the unit (of course the upgrades options available to them will have to be carefully chosen by you beforehand and can include some inexpensive things like a ceiling fan, a microwave, a small TV in the kitchen etc).
Depending on your target renter profile and what you think may be valuable to that specific tenant pool other things may be used as incentives to rent..prepaid gas cards, gift cards from nearby shopping mall (to help them decorate their new home after move in)...whatever gets it rented.
Whatever gets the thing rented. Temporary rent discount may work...although this technique is used by 99% of landlords out there. Following REIN`s spirit, perhaps to stand out from the crowd you can offer something that will have a better chance of getting people`s attention when they read your adds....spend the same $600 to put a small flat screen in the kitchen, tenants get to use it and if they stay for X years they can take it with them...or entice prospective tenants with a possibility of choosing 3 upgrades to the unit (of course the upgrades options available to them will have to be carefully chosen by you beforehand and can include some inexpensive things like a ceiling fan, a microwave, a small TV in the kitchen etc).
Depending on your target renter profile and what you think may be valuable to that specific tenant pool other things may be used as incentives to rent..prepaid gas cards, gift cards from nearby shopping mall (to help them decorate their new home after move in)...whatever gets it rented.
- Joined
- May 10, 2008
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I am curious to know if you had got it rented. I had a hard time with my first property around that time.
Thanks,
QUOTE (nepoez @ Nov 4 2008, 11:29 PM) Hi all,
I just possessed a town house that`s in great condition, but Christmas is coming soon. I`ve heard it`s tougher to rent a place out around this time. Is that so? If so, does it mean I`ll likely not rent it out until the new year?
Thanks,
QUOTE (nepoez @ Nov 4 2008, 11:29 PM) Hi all,
I just possessed a town house that`s in great condition, but Christmas is coming soon. I`ve heard it`s tougher to rent a place out around this time. Is that so? If so, does it mean I`ll likely not rent it out until the new year?