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DonnyGates
Posts: 45

Goal on Renters Achievable?

I need about 45 renters to turn a profit on my land that are looking to be a part of a community at the expense of personal prims. Renters get 20-30 prims. Is this goal achievable? And if so about how long will it take to reach?

Staralien
Posts: 149
Registered: ‎08-29-2011

Re: Goal on Renters Achievable?

Reply to DonnyGates - view message

Anything is possible in SL. I have had a rental property for a little more than a year and it took a good four months to get it off the ground, trying this and that. I offer quality over quantity. They get a very nice home and and a beautiful setting for among the most affordable prices in SL. They get few extra prims. My business has become very successful, but not much of a profit as my prices are low. I work really hard all the time. 

So if you want people to rent from you, you have to be willing to work hard, take care of any problems asap, offer a good product, experience, etc. If people feel like they are getting good value for their lindens, they can afford to pay your prices, and that their needs are met, then they will rent from you. The biggest hurdle is people finding out that your property even exists. It took me awhile to even get on the "map", but now my best adversting is word of mouth. Make people happy to be there, they will want to tell their friends. Of course no matter how hard you try, there are going to be those you can never make happy.

 It is a lot of work and a huge commitment. Once started, it is not easy to walk away from, so you need to be really sure you are commited to being a long term landlord. Sims close all the time, but for me, that just isn't an option. Not when people are counting on their home being there and some pay weeks and weeks in advance. If you go about it with a lalala attitude, you will never make it...I swear my avi has sweated blood! Smile. Good luck on you new venture.

Posts: 5,100
Registered: ‎05-21-2009

Re: Goal on Renters Achievable?

Reply to DonnyGates - view message


Will these be skyboxes or on the ground homes or both? 45 homes on a sim is a lot.  Pretty much the density of Linden Homes or tighter if they are on the ground , assuming the entire sim is not used.  What advantage do you offer over Linden Homes?  You can stack skyboxes with more room between them - need 35m minimum for privacy- but then of course they are sharing the lot with other tenants and don't have full controls.  You could put each on its own lot and put some on the group with  some in the air in between at varying levels to give the illusion of more space.

How much do you plan on charging?  If you plan on giving them less prims than the lot supports you will need to charge less than full rent in proportion to the prims they don't get.  The number of prims determines the rent you can charge.  The number of prims is what you give them as well as the prim count of the home, furnishings and landscaping.

Will they have control of their plot of land or have to be in a group without many rights , such as media setting, access etc.?  People want control of their homes either through the land tools or a security orb.

What kind of community is it?  If you are planning on a community forming naturally from the renters as neighbors, it probably won't happen. With people from all time zones it is doubtful there will be more than a few people on the sim at any one time and they will be busy at home probable.  So unless you are doing something like setting up a role play, rent only to people in a close range of timezones and then actively promote things such as tenant parties etc. I wouldn't use that as a feature.  People will rent expecting a lot of interaction and when it doesn't happen they'll be mad.

How big is the home?  Is furnished nicely so that all they need prims for is to rez boxes and toys maybe put a few pictures out?

What is your support plan?  I assume you will not be available 24/7.  Tenants are not willing to wait long for support.  How will you assure they receive it within 24 hours or less?

What is your marketing plan?  How long it will take to get tenants depends on it and also depends entirely on what people looking to rent are looking for and what things you offer that your competition doesn't.  Even if you offer a beautiful home for a great price and its very popular, you will rarely have them all full at one time, so you need to plan for vacancies in your profit calculations. 

There are more places to rent than there are people looking to rent right now.  I always tell prospective landlords if they haven't done their research by tp'ing and looking at what your competition is offering for what price and what their vacancy rate is, you can't have thought it through enough.  You also need a business and marketing plan.  If you haven't done either of these two things you are not ready to become a landlord and your chance of success is low since competition is stiff. 

 

 

 

 

 

 

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Raven1 Short
Posts: 717
Topics: 14
Registered: ‎04-21-2011

Re: Goal on Renters Achievable?

Reply to Staralien - view message


Staralien wrote:

Anything is possible in SL. I have had a rental property for a little more than a year and it took a good four months to get it off the ground, trying this and that. I offer quality over quantity. They get a very nice home and and a beautiful setting for among the most affordable prices in SL. They get few extra prims. My business has become very successful, but not much of a profit as my prices are low. I work really hard all the time. 

So if you want people to rent from you, you have to be willing to work hard, take care of any problems asap, offer a good product, experience, etc. If people feel like they are getting good value for their lindens, they can afford to pay your prices, and that their needs are met, then they will rent from you. The biggest hurdle is people finding out that your property even exists. It took me awhile to even get on the "map", but now my best adversting is word of mouth. Make people happy to be there, they will want to tell their friends. Of course no matter how hard you try, there are going to be those you can never make happy.

 It is a lot of work and a huge commitment. Once started, it is not easy to walk away from, so you need to be really sure you are commited to being a long term landlord. Sims close all the time, but for me, that just isn't an option. Not when people are counting on their home being there and some pay weeks and weeks in advance. If you go about it with a lalala attitude, you will never make it...I swear my avi has sweated blood! Smile. Good luck on you new venture.


I can definitely say that Staralien's aparments are the best I've found. Great aparments at low prices. I try to tell everyone about them. 

You need to advertise and get the word out! :smileyhappy: