Dismal Results
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Dismal Results (by GKARL [PA]) Sep 24, 2022 11:03 AM
       Dismal Results (by S i d [MO]) Sep 24, 2022 11:10 AM
       Dismal Results (by Sorta Blonde [CA]) Sep 24, 2022 11:16 AM
       Dismal Results (by Tony [NJ]) Sep 24, 2022 12:35 PM
       Dismal Results (by GKARL [PA]) Sep 24, 2022 12:41 PM
       Dismal Results (by Robert J [CA]) Sep 24, 2022 4:22 PM
       Dismal Results (by Mapleaf18 [NY]) Sep 24, 2022 8:10 PM
       Dismal Results (by GKARL [PA]) Sep 24, 2022 8:41 PM
       Dismal Results (by 6x6 [TN]) Sep 24, 2022 9:33 PM
       Dismal Results (by Robert J [CA]) Sep 25, 2022 6:57 AM
       Dismal Results (by mapleaf18 [NY]) Sep 25, 2022 8:02 AM
       Dismal Results (by Oregon Woodsmoke [ID]) Sep 25, 2022 11:17 AM
       Dismal Results (by Allym [NJ]) Sep 25, 2022 1:50 PM
       Dismal Results (by Small potatoes [NY]) Sep 27, 2022 1:09 AM
       Dismal Results (by GKARL [PA]) Sep 27, 2022 5:04 PM
       Dismal Results (by Laura [MD]) Oct 4, 2022 5:07 PM

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Dismal Results (by GKARL [PA]) Posted on: Sep 24, 2022 11:03 AM
Message:

With all of the supposed demand for rentals, here are my numbers after four days:

Zillow: 21 inquiries

FB: 26 inquiries

Turbotenant: 10 inquiries

Of those inquiries, I've only had one person who has completed my pre-screening form. I accept the Zillow application for prescreening purposes and I've received seven of those. None pass the muster. When I check the stats on other ads on Zillow in my area, others are doing about the same or worst as far as inquiries and applications go.

Just got a application from someone. Income looks good but credit is in the dumps. Score is 562. This is supposedly a single person looking to occupy a 3 bedroom--which is suspect. Only has $ 992 of debt but was recently late on all payments. This is someone who's making about $ 65,000 a year and this is the best application I've gotten so far.

This is why I prepare for a long hard slog to find apartment tenants.

--209.122.xx.xxx




Dismal Results (by S i d [MO]) Posted on: Sep 24, 2022 11:10 AM
Message:

Apartments seem harder to fill. I can sympathize. My one experience with this was living in a dorm room my frosh year in college. Neighbors above, below and on all sides. The jerks were...jerks. Loud noise, odd odors in the hall, etc. Not much you could do. RAs would babysit some, but most times it was a slap on the wrist and nothing more. Fortunately, most of them flunked out or left for other reasons after 1st semester, so 2nd semester was much quieter. I still moved off campus the next year.

I don't have apartments, but my duplexes and quad plex always take longer to fill than my SFH's. Folks want yards for the kiddies and pups to play, and to cook out, etc. Something about having "your own space"...

562 wouldn't be an automatic DQ for me, but it would definitely be a double deposit...and that's if EVERYTHING else looks good. Put them on bi-weekly payments so there's smaller chance of getting to rent due date and he's already spent it all.

People with decent income and few responsibilities often don't have a real budget. It's all "in their head". Then they lose track and five bounced payments later the fees add up and leave nothing.

--184.4.xx.xx




Dismal Results (by Sorta Blonde [CA]) Posted on: Sep 24, 2022 11:16 AM
Message:

After all the 'rent moratoriums' due to the Pandemic, people are starting to try to move out of places they didn't pay rent for months and months. It should mean they have lots of cash to put down on a new place, but if they didn't pay for the old place, it's hard to guess if they would now be responsible and start paying for a new one. Lots of people asking if I have any empty rentals (previous tenants and those who looked here during the pandemic when I had a place open.) Not feeling safe with anyone who isn't up front on answers and filling out all the forms. Be vigilant. --174.65.xxx.xx




Dismal Results (by Tony [NJ]) Posted on: Sep 24, 2022 12:35 PM
Message:

The unprecedented increases the past 2 years remind me that when most things rise so sharply over a relatively short time line, they usually don't stay at an artificial high but rather correct and drop softly.

I know you're a smart guy GKARL and you probably already figured this out but here goes. My next vacancy will be priced somewhere between 2 years ago and the most recent peak. I'm in touch with a local appraiser and apartment complex manager and will seek the latest up to the minute stats. Just yesterday my local appraiser friend told me there's a sudden glut of available rentals here in NW New Jersey. This time next year I believe we will have heard of situations where some rents were lowered to keep and attract renters. --73.215.xxx.xx




Dismal Results (by GKARL [PA]) Posted on: Sep 24, 2022 12:41 PM
Message:

Tony, you're reading my mind. I'm was thinking that I may need to drop the rent buy $ 100 to $ 150. I'm in line with what everyone is charging, but I think folks are tapped out. I'm asking 1600 for a 3 bedroom. I'm thinking I should drop it to $ 1450 to $ 1475. Also, I was thinking about the $ 99 special which used to be a frequent topic here. I bet if I ran that special in this environment, I'd be inundated. --172.58.xxx.xx




Dismal Results (by Robert J [CA]) Posted on: Sep 24, 2022 4:22 PM
Message:

It seems that 57 people made an inquiry on your rental with only 1 completing the Pre-Screening Process. It seems that you are the one with the problem! 1 out of 57, a failure in results.

On my last advertised rental, I had around 30 responses. I had an online brochure with pictures and sufficient information to have 16 show up at 2 of my open houses. One during the week and one on the weekend. That's a 50% response.

Out of those 16 who showed up, 9 tired to hand in their application. They either dropped of their application in person, emailed it or sent it by fax. I quickly reviewed their applications and rejected 1/3 on the spot.

I then ran 6 of the applicants and checked their background information. I was able to offer the unit to 4 of the applicants. Two backed out and changed their minds. Two were left. One being able to sign the lease and provide all of the move in money within a day or two. The other needed a week to get the funds together and couldn't sign a lease until then.

So my results may have only yielded 2 applicants that would take my rental, I had several more that I could have lowered my standards, or asked for two months security deposit instead. --47.156.xx.xx




Dismal Results (by Mapleaf18 [NY]) Posted on: Sep 24, 2022 8:10 PM
Message:

Here in NY, we don't have the option of collecting a double deposit. Tish James has made that illegal.

Overabundance of vacancies=eviction proceedings gaining steam after moratorum ended + LL tightening their screening process due to moratoriums ended--keeping units vacant as opposed to filling with marginal applicants.

More deadbeats who were riding the "cancel rent" movement wave have been exposed during screening and are being told "no thanks."

Just desserts IMO. --72.231.xxx.xx




Dismal Results (by GKARL [PA]) Posted on: Sep 24, 2022 8:41 PM
Message:

Robert, I have an extensive number of pictures showing the unit. Let's note that I got seven completed applications to date,none of which meet my criteria. Running around meeting with anyone before prescreening them isn't productive use of my time nor will it produce a different result. Actually, I'd be more frustrated having wasted my time. --172.58.xxx.xx




Dismal Results (by 6x6 [TN]) Posted on: Sep 24, 2022 9:33 PM
Message:

It seems to me that we the people are getting what we allow. We allow people to not pay their bills and then allow them to file bankruptcy. The world has taught people that they are allowed to be irresponsible and can get away with it. Nobody has good credit and they don't care. I am starting to think they are proud of it. They definitely don't seem to let it bother them. --73.113.xxx.xxx




Dismal Results (by Robert J [CA]) Posted on: Sep 25, 2022 6:57 AM
Message:

GKARL [PA], thank you for taking the time to explain and voice your valid opinions. I agree with the frustration on showing the rental to too many unqualified people. This is why I had 2 open houses to show my vacant unit. Two two hour windows, or 4 hours of my time. But my unit was almost ready, I left a few things for me to do while I was showing it. I greet the people at the door and have them look around while I go about my business. Like installing the new mini-blinds, etc.

I'm like you, I hate to wait around for those who said they show up and never do. But my on line ads are gems and get most to show.

--47.156.xx.xx




Dismal Results (by mapleaf18 [NY]) Posted on: Sep 25, 2022 8:02 AM
Message:

What 6X6 says.

Recent applicant upon doing a quick search was busted for welfare fraud last year. One of my prequal questions is "is there anything we should know about?" (leading, open question admittedly)

She responded "No"

To me, welfare fraud is stealing. Would I purposely allow an applicant who I know is a thief in my unit? Nope. --72.231.xxx.xx




Dismal Results (by Oregon Woodsmoke [ID]) Posted on: Sep 25, 2022 11:17 AM
Message:

My experience is that with a vacancy, I would get 100 or more hopefuls that were looking for a "private landlord' who would hand out keys for cash (or the empty promise of cash) without doing any screening. As soon as they found out I do a standard screening, they melted away, not wanting to waste their time or application fee when they knew they wouldn't be accepted.

Currently, there are more tenants than ever who know they can't pass a basic screening. They are all still out there, trying to trick a landlord into accepting them and applying for every possible vacancy. --76.178.xxx.xxx




Dismal Results (by Allym [NJ]) Posted on: Sep 25, 2022 1:50 PM
Message:

Do you take pets? Take a couple of cats and you will get better response. Litter is so good now there is no odor and very easy to scoop. Looks like moon rocks. Also paying for screening is a bad idea. I would not pay for screening expecting a rejection even though my credit is so good it's mind boggling. --71.188.xx.xxx




Dismal Results (by Small potatoes [NY]) Posted on: Sep 27, 2022 1:09 AM
Message:

I also am considering targeting my new listing lower than I could as I mentioned in a recent reply in a thread. in ny it will be winter soon and I too believe quality prospects will be attracted to a good deal. Robert, is the unit you mention a C? I would consider what you mention for one of my B units, but not C.

if I make an appointment to show, I don't head to the unit till thy text and confirm the appointment an hour before.

gkarl, what's in a zillow application that checks your boxes? --100.38.xx.xxx




Dismal Results (by GKARL [PA]) Posted on: Sep 27, 2022 5:04 PM
Message:

>>>if I make an appointment to show, I don't head to the unit till thy text and confirm the appointment an hour before.<<<

I do the same thing. Over the past two days, I had three appointments all of whom cancelled or couldn't make it for various reasons. All were pre-screened also. I can't imagine how much time and frustration I save by pre-screening and insisting on a confirmation for showings.

For a Zillow app or a pre-screen, the first thing I'm looking for is sufficient income. Most of the apps have been declined for that. Second is credit. I don't sweat the score as much as the reasons. One applicant had a collection for a $3000 cell phone bill, yet he made around 50k. That's a problem for me. If they have no credit, I can deal with that. I use the Zillow apps for pre-screening only. I still have them complete my own app. --209.122.xx.xxx




Dismal Results (by Laura [MD]) Posted on: Oct 4, 2022 5:07 PM
Message:

Same here, lots of interest but can not fill out my prequal form. When they do, mostly losers. Recently I noticed Zillow began displaying how many applications. On one property I have over 30 applications, all losers. My experience is Zillow applications are losers. I changed my Zillow setting to not accept Zillow application, so folks dont see how many applications i have rejected and decide to not apply. So now if they apply they have to jump through a few hoops (i.e. fill our prequal form and pay application fee). --108.56.xxx.xx



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