Case Study: Moving quick in Rotorua

by Kara on Mar 11, 2021
Article appears under: Case Studies, Rotorua, Local Markets

Moving quickly and confidently to get the deal done - that's how we handled this particular deal in beautiful Rotorua. 

Our client was based in Tauranga and was looking for a yield over 6% without needing to do much work on the property. 

The deal

• Low maintenance unit
• Happy tenant - wanting to stay on
• PP of $363,000
• Rent $420pw
• Yield - 6%

The details

This deal was a private listing with a seller that had worked previously with iFindProperty. I called the seller the moment the property came online and was the first to arrange a viewing. There was an asking price of $349,000, which we quickly 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% gross yield that the client was looking for. The vendor was happy to sell with us because the deal was quick and we were offering at a price they were happy with without mucking around. 

What made the difference

Being ready to move. Clients who work with me on our buyers agency service in Rotorua are shown deals like this literally as I am analyzing them. It works well, we communicate a lot, often evaluating many opportunities before the right one comes along. Having my finger on the pulse in our local markets means that when a good deal comes up, our buyer is comfortable that it is the right move for them (so we can move fast to snatch it up).