Case Study: Renting While Applying For A DA (The Perfect Play)

The Situation:

Kathy had acquired a property behind the beach in Manly NSW.   She was local to the area and before moving in she wanted to update it to be the family home of her dreams.  This involved engaging an architect and submitting a development application (very exciting indeed) but…..we all know how fickle council planners and neighbours can be. The problem was that Kathy did not know how long it would take to get her DA plans approved.  She wanted flexibility and did not want to be locked into a tenancy agreement but Kathy was not aware that this option was available to her with a local boutique real estate agency and so reluctantly engaged a pedestrian franchise to try and rent the property.  After a few weeks the agency didn’t have any results and one of her friends referred her to us.

BluePrint

The Solution

For us…this was an absolute no brainer.  WE recommended to Kathy that she harness the power of short-term extended stays and target locals who are renovating themselves or executives relocating.  We referred our stylist who had the property dressed, styled, photographed and guest ready in….wait for it…3 days!

Stylist

The Results

Even we were surprised with how quickly it was rented to a family relocating to Sydney.  Within a week, the property was fully furnished, equipped, styled, photographed and had its first confirmed guest arriving.

Like any DA there were a number objections/changes before which took time but Kathy was far more relaxed with the time the DA was taking because there were renters in the property helping pay the mortgage and everything was under control.  In fact, Kathy was achieving financial results that were so strong that when the DA was finally approved she stalled the renovation work commencing until all bookings where complete.  Working in concert together, we achieved over $105K in rent in only 4 bookings.  The average length of stay was 84 nights at a value of $26K each.  Kathy was even able use the property herself at one point and let some friends use it for the limited time that it was empty.  Slam Dunk!

 

Property Providers is Sydney’s most flexible residential rental agency.  Our core purpose is “To Help People Live Better” through providing long-term luxury leasing, super luxury holiday homes and executive rentals for extended stays.  If you are interested in listing your property please contact us on +612-9969-7599 or if you are looking for a tenant or guest who is looking for a handpicked home please visit our website or brief us here

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General Advice Warning: The information in this article is of a general nature only and does not take into account your particular circumstances. Any financial, legal or other matters in this information is based on Property Provider’s interpretation of the existing law at the time and should not be taken as constituting professional advice. Property Providers and its officers and agents has taken every effort to ensure the accuracy of this information and disclaims all liability (except for the liability which can’t be excluded by law) for any error, omission, inaccuracy or loss or damage suffered by any person directly or indirectly through relying on this information. If you’d like to know more about licences and leases and which might be appropriate for your property arrangements with your guests, please contact Don Binkley and the Property Providers team on +612 9969 7599.