Case Study: Moving quick in Rotorua
Moving quickly and confidently getting the deal done - that's how our Buyer's Assistant Kara handled this particular deal in the beautiful Rotorua.
Our client is based in Tauranga and was looking for a yield over 6% without needing to do much work on the property.
- Low maintenance unit
- Happy tenant - wanting to stay on
- PP of $363,000
- Rent $420pw
- Yield - 6%
This deal was a private listing with a seller that had worked previously with iFindProperty's Debbie Van Den Broek. The property was listed on TradeMe, so I called the seller the morning it was listed and was the first to arrange a viewing. There was an asking price of $349,000, which we offered and he accepted.
It had been under-rented and the rent was being raised for the tenant, who had been there for 7 years. The tenant had looked after the property and wanted to stay on. I am unsure if she did stay in the end, but rent could easily have been raised to achieve the 6% yield that the client was looking for. The vendor was happy to sell with us because the deal was quick.
If I had been outside of Rotorua, I am sure the vendor would have sold to the first person to make an offer of asking price. Luckily, I was
the first to make a move!