Landlord/Owner Renting Out Questions

[Kailestis Nova]

I currently own a 30k region that I am looking to sell (rent out) for residential (and possibly commercial) use. I am just seeking some advice, and excuse me if my wording and links don't completely make sense, I think that this is my 3rd day of being awake.
 

• What is a good way to gauge how I price the rental boxes? I've thought up having 1st week's rent in land purchase.
• Should I just do full residential, or is it okay to have mixed zoning?
• Touching on the above, what makes a for a good covenant? How should I write it? What information should it have?
• Best way(s) to advertise?
• I've split the land into 1/16ths, is that okay?

That's all I've got.
If you can think of anything else I may be leaving out, please, do not hesitate to let me know.

[ChinRey]

5 hours ago, Enix Davi said:

• What is a good way to gauge how I price the rental boxes? I've thought up having 1st week's rent in land purchase.

Look at what the big ones charge. If you're talking about 16 4096 m2 parcel on a region with no infrastructure, 900-1000 L$/week is probably a realistic price in a full region, 200-250 L$/week in a homestead.

 

5 hours ago, Enix Davi said:

• Should I just do full residential, or is it okay to have mixed zoning?

Full residental.

 

5 hours ago, Enix Davi said:

• Touching on the above, what makes a for a good covenant? How should I write it? What information should it have?

Try to think of all the possible ways a tenant can harrass a neighbor and explicitly disallow them all in the covenant.

 

5 hours ago, Enix Davi said:

• Best way(s) to advertise?

Word of mouth. Include info about your profile and be social. In-world search may or may not be effective and is worth a try. Ads on the forums and on MP don't work well but they are free.

The most important thing is to be patient and try to keep your existing tenants. No matter what you do, expect it to take at least a year, probably two or three or more, to get up to 75% occupancy.

 

5 hours ago, Enix Davi said:

• I've split the land into 1/16ths, is that okay?

Yes, that sounds about right. Nice and square parcels and more land than what is included in the premium membershp package.

 

5 hours ago, Enix Davi said:

If you can think of anything else I may be leaving out, please, do not hesitate to let me know.

Well, I hope you can afford it. 229 dollars a month, that's 2748 dollars a year. Running a small rental estate in SL can be a nice hobby but it is hardly a cheap one.

Edited April 14, 2020 by ChinRey

[Kailestis Nova]

2 hours ago, ChinRey said:

Well, I hope you can afford it. 229 dollars a month, that's 2748 dollars a year. Running a small rental estate in SL can be a nice hobby but it is hardly a cheap one.

$259.00 usd, actually. The Nexus is, I think, the 3rd region that I have owned since I started almost a decade ago. Heh. I'm just very rusty and want to get it done right this time.

 

2 hours ago, ChinRey said:

Try to think of all the possible ways a tenant can harrass a neighbor and explicitly disallow them all in the covenant.

I'll probably just piggyback off or my last covenant and tweak it where it's needed.

2 hours ago, ChinRey said:

Full residental

Why is this the best course of action? Like not even a small outlet type mall? I'm a marketplace seller, and I would like to get an in world location to show my wares.

 

2 hours ago, ChinRey said:

Look at what the big ones charge. If you're talking about 16 4096 m2 parcel on a region with no infrastructure, 900-1000 L$/week is probably a realistic price in a full region, 200-250 L$/week in a homestead.

It's a 30k full region.

[Annabell Wandsworth]

Hi Enix. I could not find your name inworld. I am an experienced land manager and would like to help you.

Annabell Wandsworth

[Kailestis Nova]

33 minutes ago, Annabell Wandsworth said:

Hi Enix. I could not find your name inworld. I am an experienced land manager and would like to help you.

Annabell Wandsworth

I am now known as Kailestis Nova. I guess the forums haven't  caught up yet. Heh. I'll try reaching you in-world soon

 

[Lindal Kidd]

While a lot of people prefer an all-residential region, there's nothing that says you can't have mixed zoning.  It's your region, so do what you like with it!