About the business of Real Estate

Here's my research:

- What's the tier?
- When's tier due?
- How much for the island?

Hasn't failed me yet.

QFT

Although existing tenants are nice, there are no guarantees that those tenants will stay. personally, I would not pay any extra simply because there were tenants already present, because the seller has no way to show that those tenants will stay.

At a bare minimum, if I were buying a sim with tenants already present, I would insist that any pre-paid amounts they have paid would be settled with the previous sim owner, and that they start brand-new agreements with me if they wish to stay. I'd welcome their staying, but I will accept that any of them have free rent for a period because they pre-paid to the previous sim owner.

Well this may not work now days as tennants are scarce and spending confidence is possibly the lowest I've ever seen, but back when there was an island shortage and the economy was barrelling along, was the last I heard it happened. In the view of LL nothing wrong was done the 2 accounts just have different bank accounts. If they do this often enough they may get caught if enough people complain, and it may be a felony in US, but for someone in China or Cuba, that may not really matter and these people fear no paper law.
The is not in the rent, so much as the purchase price, even if you only get $10 per meter you can make $2400 on "selling" the land plus any rent money you get.

Me either. I'd be paying for the island regardless, but if it had tenants it would be nice to get them to stay.

Did you mean to say you would not accept that any of them have free rent? Because I wouldn't. I'd have to tell them that I couldn't absorb the cost from any previous deals they had made with other people.

Well-spotted!

yes, it was a typo. I would not give anyone any free tier on the sim on the basis of an agreement that person supposedly made with the previous sim owner. I'd be happy for them to make new agreements with me to rent on the sim, but any payments they made to the previous sim owner are, as far as I am concerned, his responsibility to refund, not mine.

When I was thinking of purchasing a partially rented out sim - I found out what the current paid up amount was for each residence - and then reduced my offer for the sim by that amount. That way it would be seamless for the existing residents

Let's look at it this way:

Bob owns a car. He uses it as a taxi. He gives Joe a ride to work every day.

Bob decides to retire and sell his car.

John chooses to purchase the car.

Is John now required to take Joe to work every day? I should think not.

I keep seeing this sentiment repeated on the goomy forums, but don't find this to be true in-world. In fact, lately I've stayed out of the forums because I find the gloom and doom to be as infectious as it is untrue.

I would say that it's tricky and/or expensive to get the prospective customers directed to your property, but once you're past that hurdle, there is absolutely no shortage of tenants looking to pay high dollar on properties right now. I'm running out of space and prims to provide, and just added another region to keep up with it.

So before you just blame the economy and give up, make sure you are 1) actually getting people to see your properties, and 2) providing what they are looking for once they get there.

Hi Avion, good to see you!

You're right, it is a matter of picking a market and running with it. The low end of the market has swollen with people who are even cheaper or less willing to pay money. But there isn't any good data about the high end of the market.

I was shopping in Armidi the other day and met this guy who was looking to throw thousands of L at vendors for things that market way below that price. He was looking to pay 5k for a good suit. He wanted to pay 5k for a skin and was disappointed that the most expensive quality skin he could find was 1400L. He had money, wanted to spend it on quality items.

These creatures exist, but alas, where are they? lol. They certainly don't post here.

Send him my way, I've got some nice mainland he can rent, I'll even increase my prices just for him!

Unfortunately they are rare and geting feet to look at the land is the hard bit, I can sink $3000 into an ad and get zero response, but what I am really looking for is tennants that stay, I would rather get cheaper rents than be continually turning over & readvertising everytime a tennant finds a cheaper block. I had 4 of my best tennants just dissappear from SL never to relog.

Running estates is no easy business, first you have to watch out for any potential LL accouncement that might reduce your perceived value, I think we had a alot of sims sell off because of that small hazard. once a estate owner finally gets enough sims that are full enough to call a business then they have a nightmare in dealing with just concierge level problems, then you have accounting. performance issues amd always that one guy in the corner that insists on placing objects that arent allowed on the sims.

Many people get into running sims because they see that other people are doing it, and some are successful, once they see not all is as rosey as they thought at first and realize it genuinely is a job, a rather low paying one too. they look to offload. This ofcourse hurts both residents and other sim owners trying to make a decent reputation for themselves. usually before a sim goes under you see rediculous land fee prices, this is a sure indication that the sim is in distress.

Most people when looking for land are looking at shamefully one thing, bottom dollar price per month, and they go with the least expensive place. and as a result for one reason or another are looking for new land soon enough

Speaking as a tenant...


This is exactly what I experienced about 1 year ago. My landlord notified all of us tenants presale that he was looking for a buyer. When he was ready to sell, about 3 weeks later, he refunded all of my prepaid rent. Also, the buyer contacted me (and I assume the other tenants) about the purchase and told me that she was intending to repurpose the land but would allow me to stay - rent free - for 2-4 weeks to give me a chance to move.

And get this: the seller also provided me with a notecard with about 10 LMs to land that was similar to what I had, many of which were sellers I had heard of that had a good reputation - I think Desmond was on that list. Not necessary but a very nice touch - talk about customer service.

So really, what's the big deal? I agree that it's the sellers responsibility to clean up whatever remains with tenant business, but how hard is it for everyone involved to be fair and kind to everyone else. Is it really that difficult?

*I know my experience is probably unique in SL - too bad that.

LOL xD

My only problem is equating the failure of the buyer to inquire about the obligations with being complicit to the seller's fraud, and making like it is some obligation. I have no problem with honest people doing exactly what occurred above.

Wow, that land lord must be the CEO of LL.

Why is so hard to find this kind of cases?

I understand that is ok if you are planning to buy a second hand island just for fun. But as i propposed when i opened the thread, has no sense for me destroy a "business" that is running to start something new. I guess that get land is not so hard as get good tennants.

Arkantos, sometimes it is necessary. If you are buying residential land for commercial usage, you will in effect destroy the business on that land. And vice versa. Or if you have a specific roleplay community in mind. Or they are consolidating from mainland holdings. There are valid business reasons to "destroy a business" upon the purchase of a new island. It is a shame when it's handled badly, though.