Estate Rental vs Sale.... Please help

I am a new andord (I hope). I have been reading all the forums for monthes and see that most on here recommned to prospective buyers/renters to only rent on private estates. So I sucked it up, against my better judgement, and decided to "rent". I set the land for sale for $L1 and have rental boxes for the tier/rent payment. The rental boxes are at a location on the adjacent sim so that they would not be an eyesore or in the way of tenants.

So far, in less than 24 hours I have had to remove 2 "tenants". They obviously have not read the covenant and believe they can live there because they bought the land for $L1 and refuse to pay the rent/tier. One was extremely rude and with several 4 letter words told me to get off his land...lol
Got himself banned permanently!

anyway, I am new at this, and already a little frustrated. Does it get better? I still think that charging more than $L1 for initial transaction will attract tenants that really care about the land, covenants and the overall well being of the community.

thanks in advance
Maddie

I'm not a landlord, but I've seen a few people who take the first month's rent in advance as the "sale" price of the land. If you explain it clearly in your Covenant it seems like that might strike the balance you're looking for.

first off it completely would turn me off to rent or lease land when someone tries to tell me Im buying it..... the ONLY time you buy land is when youy pay tier directly to LL. Your only renting if you pay tier to anyoner other than LL. So I would say be truthful above all else.

I never told anyone that they were buying anything. It clearly states at the beginning of the covenant that the land is not for sale and for rent only. The purpose of the $L1 is so that the tenants can use the property as an owner, ie: placing objects, media, etc

Serious answer: Few people read anything, and go with their assumptions. You'll see a lot more of this kind of thing if you use the land sale feature.

The most any one private region will realistically make for you, profitwise, is 200 USD a month. None of my regions actually make that - but it's possible. Potential losses are in the neighbourhood of 300 USD a month - much more possible

Give it a try - I'd recommend 90 days if you can afford it, and if you still like it and are doing well, make a decision to either:

a) go for a mini-continent (makes it worth your time over the long run) or

b) choose to limit your time and stress.

Note that at the 60-90 day mark, short timers that enthusiastically moved in will enthusiastically move on - don't get comfy just because the region fills up. Also, beware March and the following sping - have plenty of tier reserve saved up because business can get *bad* for months and months. Time and again, the dark winter months are filled with computer users who spend a lot, then go outside and cut back when the weather gets better.

Good luck!

Waves at Maddie...

Sorry to hear you´ve had problems already. I only rent mainland, so am probably not qualified to comment. However I have seen, both on the forums and out in the world, where Estate land is set "for sale", even though we know it´s not really, for the cost of the 1st month´s tier, which essentially then becomes the 1st month´s rent. The larger amount would then deter the idiots who think they can buy for just L$1.

I am sure someone will be along soon who can explain that much better than I can.

I get people who get all upset when told they are only renting, they want to "buy" estate land (but not buy an island). So I have finally added an option for both in my covenant.

"Buy" gives a lower tier, but everyone goes with rent when they calculate the overall price difference and the fact that they pay only 99L upfront.

Oh and 99L upfront will help weed out the people who think they own tier free land for $1L.

You will develop a thicker skin and ways of dealing with it. I had one recently who froze and ejected me and told me to get the H off and that I was permanently banned. He became a lot more friendly when he learned who really wields the banhammer in my sim. Not all of them do though. Some of them you just have to let slide like water off a duck's back.

The really fun ones will accuse you of stealing their stuff when it gets autoreturned to them in one big coalesced lump.

or you can place a simple but nice looking sign on each plot to inform people what it`s all about, like: "Rental with land ownership \n Purchase price is first week week/month`s tier."

I sell land for one week's rent, that way the concept of renting is established. This means they don't need a group invite, they have controls over the land, it's a win win situation.

Selling for L$1 is misleading.

Balderdash I'm afraid, all land is leased, even via LL.

not to mention prim abuse by using more prims then allowed and fight to have them remove excess prims

Absolutely, it's a wonderful way of enforcing prim limits.

Only if you think of tier as lease but, its taxes and utilities to me when I pay directly to LL, I dont like layers of payments, sure LL can close up but I would trust them far more.

If you consider bought land from LL is leased, its simply your opinion.

They are the most trustworthy landlords here.



It's fact, it's a lease deal. If it were owned I'd own it, I don't. I have to pay tier and premium membership to keep it, that's a leasehold arrangement, no if's, buts, why's or wherefores.

If it were freehold I'd own it.

We both are allowed our opinions and thats fine But if you pay tier to anyone other than LL its rented

Agreed that we're all allowed our opinion but to say it's anything other than a lease deal is just being churlish and those who have bought and sold estate land have had the same experience as those who have bought and sold mainland, you can't sell rented land.

then if you dont pay tier directly to LL its a sublease

Yup, agree with that. That's why I say LL are the most trustworthy landlords here.

Can't sell rented land, but even though I wasn't keen about this, there were parcel rental rights in Caledon that went for $L 93/meter once. Confidential deal so I can't say who or where - it was the closest deal I ever came to halting, and just saying "NO - everyone just go home, you are all crazy!"... but didn't. All parties were very happy. Incredible, I know. And for those wondering I don't make even $L 1 off such deals, ever.

Personally I can see the concept of paying someone to move on from a rented parcel, especially choice commercial land - but rarely is any area so good that it will make or break a business, and never is any parcel worth some ridiculously extravagant amount. I keep telling people: it's 99% if people actually *want* their product, 1% location. Nobody believes it though. I got started with my business 3 regions away from the nearest mainland telehub back in the day, and still did great.

So in RL if we have to pay property taxes to the local government, does this mean we still are "leasing" our land and don't really own it?

The parallel I draw is that in the eyes of the government in RL, the land is yours, and there are laws to give you some protection. As a renter from someone else, you have a different status and rights.

In SL, the "government" is LL. When you buy a private island or mainland, in the eyes of LL, you "own" that land, and pay a monthly "maintenance fee" (similar to property taxes) to them.

When you enter into a land deal with someone on a private island, then you have little or no status in the eyes of LOL above and beyond the fact that you are a resident - you don't have any "rights" as far as land management is concerned.

We can debate terminology all you like - to try to pretend that entering into a land deal with a private island owner (short of buying the whole thing from him/her) is in any way equivalent to buying mainland or a private island (in the eyes of LL and your in-world rights), is misleading at best, as far as I am concerned.

Do you have leasehold agreements where you live? I own freehold land, leasehold land is owned by someone else but people pay for the right to use it. Freehold land is owned by the home owner.

Land in SL fits the leasehold model, throughout.