Be patient or lower rent
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Be patient or lower rent (by Roy [AL]) Jun 3, 2024 9:34 AM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 9:37 AM
       Be patient or lower rent (by GKARL [PA]) Jun 3, 2024 9:48 AM
       Be patient or lower rent (by RB [TN]) Jun 3, 2024 10:13 AM
       Be patient or lower rent (by MikeA [TX]) Jun 3, 2024 10:23 AM
       Be patient or lower rent (by Roy [AL]) Jun 3, 2024 10:31 AM
       Be patient or lower rent (by Roy [AL]) Jun 3, 2024 10:47 AM
       Be patient or lower rent (by Still Learning [NH]) Jun 3, 2024 11:21 AM
       Be patient or lower rent (by S i d [MO]) Jun 3, 2024 11:31 AM
       Be patient or lower rent (by plenty [MO]) Jun 3, 2024 11:39 AM
       Be patient or lower rent (by Tim [CA]) Jun 3, 2024 11:40 AM
       Be patient or lower rent (by Ray-N-Pa [PA]) Jun 3, 2024 12:08 PM
       Be patient or lower rent (by Roy [AL]) Jun 3, 2024 12:15 PM
       Be patient or lower rent (by Sisco [MO]) Jun 3, 2024 12:25 PM
       Be patient or lower rent (by Roy [AL]) Jun 3, 2024 12:43 PM
       Be patient or lower rent (by Phil [OR]) Jun 3, 2024 2:07 PM
       Be patient or lower rent (by GKARL [PA]) Jun 3, 2024 2:08 PM
       Be patient or lower rent (by plenty [MO]) Jun 3, 2024 2:28 PM
       Be patient or lower rent (by Sisco [MO]) Jun 3, 2024 2:37 PM
       Be patient or lower rent (by Roy [AL]) Jun 3, 2024 5:03 PM
       Be patient or lower rent (by WMH [NC]) Jun 3, 2024 5:23 PM
       Be patient or lower rent (by GKARL [PA]) Jun 3, 2024 6:11 PM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 6:24 PM
       Be patient or lower rent (by WMH [NC]) Jun 3, 2024 6:33 PM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 6:38 PM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 6:46 PM
       Be patient or lower rent (by Roy [AL]) Jun 3, 2024 6:55 PM
       Be patient or lower rent (by GKARL [PA]) Jun 3, 2024 6:58 PM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 7:04 PM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 7:05 PM
       Be patient or lower rent (by GKARL [PA]) Jun 3, 2024 8:09 PM
       Be patient or lower rent (by 6x6 [TN]) Jun 3, 2024 8:11 PM
       Be patient or lower rent (by GKARL [PA]) Jun 3, 2024 8:13 PM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 8:19 PM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 8:24 PM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 8:27 PM
       Be patient or lower rent (by 6x6 [TN]) Jun 3, 2024 8:32 PM
       Be patient or lower rent (by WMH [NC]) Jun 3, 2024 8:44 PM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 8:53 PM
       Be patient or lower rent (by GKARL [PA]) Jun 3, 2024 9:15 PM
       Be patient or lower rent (by GKARL [PA]) Jun 3, 2024 9:16 PM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 9:34 PM
       Be patient or lower rent (by NE [PA]) Jun 3, 2024 9:35 PM
       Be patient or lower rent (by BRAD 20,000 [IN]) Jun 3, 2024 11:37 PM
       Be patient or lower rent (by BRAD 20,000 [IN]) Jun 3, 2024 11:38 PM
       Be patient or lower rent (by BRAD 20,000 [IN]) Jun 4, 2024 12:41 AM
       Be patient or lower rent (by Jason [VA]) Jun 4, 2024 8:13 AM
       Be patient or lower rent (by Busy [WI]) Jun 4, 2024 10:07 AM
       Be patient or lower rent (by PG [SC]) Jun 4, 2024 10:08 AM
       Be patient or lower rent (by S i d [MO]) Jun 4, 2024 10:14 AM
       Be patient or lower rent (by Roy [AL]) Jun 4, 2024 3:05 PM
       Be patient or lower rent (by RB [TN]) Jun 4, 2024 5:09 PM
       Be patient or lower rent (by NE [PA]) Jun 4, 2024 5:35 PM
       Be patient or lower rent (by WMH [NC]) Jun 4, 2024 6:50 PM
       Be patient or lower rent (by zero [IN]) Jun 5, 2024 4:46 AM
       Be patient or lower rent (by Roy [AL]) Jun 5, 2024 9:36 AM
       Be patient or lower rent (by zero [IN]) Jun 5, 2024 9:46 AM
       Be patient or lower rent (by 6x6 [TN]) Jun 5, 2024 6:50 PM
       Be patient or lower rent (by ken [NY]) Jun 5, 2024 8:45 PM
       Be patient or lower rent (by Roy [AL]) Jun 6, 2024 10:21 AM

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Be patient or lower rent (by Roy [AL]) Posted on: Jun 3, 2024 9:34 AM
Message:

This is Part Two of my Above Market Rent post. My Zillow Ad has been up for 10 days now and it seems most of my rental pool has stopped responding to my Ad. I have had a few showings to well qualified prospects but for whatever reason, they have disappeared on me.

So, I need to do something to stimulate the market here and hopefully get some more qualified prospects to see this house, which is in mint condition now.

What are my options here? I could put my Ad on FB but my gut says do not do that. I thought about lowering the rent down to $850 but not sure if that is the real reason this house has not rented yet. --71.207.xxx.xx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 9:37 AM
Message:

Told ya. You got inundated with inquiries from people who received a new listing update in the emails or apps notifications. Itís a race to the bottom in this market to pull qualified tenants out of existing properties. --174.249.xx.xxx




Be patient or lower rent (by GKARL [PA]) Posted on: Jun 3, 2024 9:48 AM
Message:

But a rent too low pulls in the unrentables. It's a balancing act. I would compare your place to others in the same price range before doing anything. It's definitely a tough go. I recently saw a ad from a local landlord almost begging folks to rent his place. I'm figuring he'll get someone in there a couple of months before having to evict. Many of these LLs gamble like that. I don't which is why my vacancies take longer to fill.

--209.122.xx.xxx




Be patient or lower rent (by RB [TN]) Posted on: Jun 3, 2024 10:13 AM
Message:

Under the impression ya had it signed / rented. --69.130.xxx.xxx




Be patient or lower rent (by MikeA [TX]) Posted on: Jun 3, 2024 10:23 AM
Message:

I would stick with it for another 10 days at least. I find that the qualified applicant timeline looks like a radio wave, peaks around the 15th and is at its lowest around the 1st. It could be that you have simply hit the low point of the cycle. I'm guessing that's because they want to move the last half of the month and be out by the 1st.

By the way, conversely at least around here, the unqualified applicant pool peaks around the 1st as they are getting booted from their previous place and have nowhere else to go. --209.205.xxx.xx




Be patient or lower rent (by Roy [AL]) Posted on: Jun 3, 2024 10:31 AM
Message:

In my neck of the woods, I usually can locate my next tenant in 10-14 days. Sometimes it is less than that and sometimes it is longer. One of my personal faults is that I am impatient,...I want things to happen on my schedule and not someone else's.

So, to answer my own post here, maybe I just need to be patient and just keep the rent where it is. Lowering it could unleash the dregs of my tenant pool. --71.207.xxx.xx




Be patient or lower rent (by Roy [AL]) Posted on: Jun 3, 2024 10:47 AM
Message:

Thank you MikeA (TX)

That is what I needed to read. The best applicants tend to peak around the 15th. I will try to be patient and not make any changes.

--71.207.xxx.xx




Be patient or lower rent (by Still Learning [NH]) Posted on: Jun 3, 2024 11:21 AM
Message:

I find when I post mid month I occasionally have the sun moon and stars line up for someone to be in by end of month but more often than not it picks up in the beginning of the month. --73.159.xxx.xx




Be patient or lower rent (by S i d [MO]) Posted on: Jun 3, 2024 11:31 AM
Message:

I usually let my ads go 3 weeks between price adjustments, and then I do not necessarily always lower it. Sometimes, I've raised it.

Gotta check your competition and see what they are asking. If you haven't checked, you might have missed the changing market conditions.

Like you, I'm usually rented in 2 weeks or fewer, but I've let a place sit for awhile at the same price while waiting for the right applicants. --184.4.xx.xx




Be patient or lower rent (by plenty [MO]) Posted on: Jun 3, 2024 11:39 AM
Message:

And when you get those mid month showings be sure to remind them of you mid month move in special. $99 for June. When they qualify, sign, home visit completed, put utilities in their name, pay for June $99 and July ($full month rent) and next rent due date is Aug! Gotta get them while they are in front of you --172.59.xxx.xxx




Be patient or lower rent (by Tim [CA]) Posted on: Jun 3, 2024 11:40 AM
Message:

I have at times stopped my ad and created another ad nearly identical to the old one, but I change up the wording a bit and I post a different lead photo, and mix up the other photos.

Doing this usually results in a new crop of candidates; I think some web scrollers see an ad date that is a week or two old and keep scrolling. --73.2.xx.xx




Be patient or lower rent (by Ray-N-Pa [PA]) Posted on: Jun 3, 2024 12:08 PM
Message:

spacious XX bedroom XX bath house located in the wonderful community of XXXXXX.

Lots of garage and off street parking

Walking distance to gas station, grocery store, restaurants and laundromat.

Washer and drier hook up available

Rent to own appliances available

There is a $xxx flat rate utility fee for water, sewer, and garbage.

Security deposit is XXXX

Rent starts at only $XXXX and report payments to increase your credit score.

Application fee is $XX

Credit score above XXX required

Good rental references and site visit required

You must pass a criminal background check.

Ask about our reduced security deposit program with your qualifying credit.

----------------------

You need to write an add that attracts the right people and steers away the wrong people.

--24.101.xxx.xxx




Be patient or lower rent (by Roy [AL]) Posted on: Jun 3, 2024 12:15 PM
Message:

Sid,

I just checked the competition on Zillow. Similar houses with out Central Heat/Air, are advertised in mid-700's. Houses with Central Heat/Air are in the 900's like mine is. My house and two others are the only ones advertised on Zillow. The pickings are slim here.

And like you, I am not opposed to raising my rent. --71.207.xxx.xx




Be patient or lower rent (by Sisco [MO]) Posted on: Jun 3, 2024 12:25 PM
Message:

I have not lowered advertised rent priceÖ..ever.

I would want to know if I hadnít correctly priced it to start with, or if the market dropped. If I couldnít verify either of those being the case. I would up my marketing game. We are way too reliant on the online advertising platforms that always cater to the local residents and miss the relocations. Far too often, The best renters donít see our ads.

I sure wouldnít line up for the race to the bottom by sweetening the deal until an unmotivated renter moves two blocks in order to save $50 per month.

--149.76.xxx.x




Be patient or lower rent (by Roy [AL]) Posted on: Jun 3, 2024 12:43 PM
Message:

Sisco,

You made some good points there. However, what other choices do we have in addition to online advertising platforms? I have not used a For Rent yard sign in over 10 years. All I ever got from yard signs was riff-raff who would drive around neighborhoods looking for empty houses.

Market rent here is never just one number. It is a range of rents from low to high depending on the quality of the house and neighborhood. Probably more neighborhood than house too. Houses identical to mine in Class B hoods rent from $1,000-$1,200/month. --71.207.xxx.xx




Be patient or lower rent (by Phil [OR]) Posted on: Jun 3, 2024 2:07 PM
Message:

When does school get out? Many parents don't want to change location at the end of the year. Stick it out until then...maybe a move in special to get someone to grab it until the summer vacation starts. --76.138.xxx.xxx




Be patient or lower rent (by GKARL [PA]) Posted on: Jun 3, 2024 2:08 PM
Message:

Roy--you raise a question I wonder about as well. What alternatives exist to online platforms? Other than one's own website or FB page, I'm aware of none and even these require more far work to drive traffic to them versus using a platform that already has traffic. --209.122.xx.xxx




Be patient or lower rent (by plenty [MO]) Posted on: Jun 3, 2024 2:28 PM
Message:

I just raised my advertising on a two bedroom Mobile home. No smoking/ vapor and no pets. From $799 to $950 and changed it to a one bedroom with an office. and I have four showings tomorrow for what appear to be qualified suspects. Crazy. I also charged my opening photo! Crazy market. Mix it up. Only one person ask "from $799 to $950?) I replied xyes" and they still are interested! Lol --172.59.xxx.xxx




Be patient or lower rent (by Sisco [MO]) Posted on: Jun 3, 2024 2:37 PM
Message:

Roy, have your own website with current listings, a YouTube channel to show the houses, more importantly to bump up your search optimization. Consider your presentation from the perspective of relocation whose is skittish of being scammed. Make adjustments.

Good tenants donít know the name of Zillow, but they do google search. --149.76.xxx.x




Be patient or lower rent (by Roy [AL]) Posted on: Jun 3, 2024 5:03 PM
Message:

Sisco,

I agree with GKARL's assessment about the work involved in driving traffic to one's own website or a FB page. Plus, I try to keep a low profile among the general public which keeps me off FB, CL or even my own website which I don't have. The more public exposure I have, the more opportunity for scammers to scam me.

Every single time I post an Ad on Zillow, usually within 24 hours, some scammer has copied my Zillow Ad and re-posted it on FB Marketplace with their contact information on it. I am being scammed right now on FB and there is nothing I can do about it. I get calls daily from total strangers asking me why the advertised rent on my Zillow Ad ($950) is different from "my FB Ad" at $650.00.

I wish I did not have to advertise at all on the Internet.

--71.207.xxx.xx




Be patient or lower rent (by WMH [NC]) Posted on: Jun 3, 2024 5:23 PM
Message:

Find a local Facebook RENTALS group - I just saw one and I did just a quick quick look. Post a link to your CL ad there - you won't find a good tenant on FB, but they will TELL people they know and you will broaden your prospects exponentially. My local group has almost 10k members, and it's private! I don't know that I have ever rented to a member, but I know they do tell OTHER people who are not on FB or at least not part of the group.

I don't know where you are, but here's an example of such a group in AL: facebookdotcom/groups/784063141714415

That one is public with almost 20k members. Who all have at least one friend in real life, one would assume.

Also worth a mention: the a$$h0les come out of the woodwork on FB, so a good way to quietly weed them out without having to meet them. --173.28.xx.xxx




Be patient or lower rent (by GKARL [PA]) Posted on: Jun 3, 2024 6:11 PM
Message:

Posting in some of my local FB groups is like being on stage at Saturday Night at the Apollo. Posts are greeted with catcalls, complaints about background and credit checks and all other sorts of nonsense that have convinced me that I don't want to rent to any of them. Granted, the bad actors tend to be the most vocal so perhaps I'll give it another shot. I do occasionally PM folks who post looking for a place. I figuring these same folks will find you if you post on marketplace --209.122.xx.xxx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 6:24 PM
Message:

Folks, Theyíre all dregs, bums and unrentables. I have found a high percentage of scumbags at top notch prices as well. Thatís typically the HGTV crowd that wants perfect, doesnít deserve it and doesnít want to pay for it. Plus tye never qualify. NO THANKS! Iím not against renting at a high price, but I like keeping things moving so I drop prices quick. Iím at $1,000 now on a place that was at $1300 in February. Iíll be dropping to $950 soon. I also donít care. I shouldíve started at $1,000 In February. All the shoulda, coulda, wouldaís on here about how I need to get that high price is just noise that comes from all over the country. How do I know? Because itís happened so many times. I just listed one at a price LOWER than the departing tenant was paying and I think the 1st app is a winner. I have one place coming open july 1st. Theyíre playing $1,230. I will list at $1,050-$1,000. The peaks over. Take a Cashflow hit now and steal the good tenants from the guys trying to get the high prices. --24.152.xxx.xx




Be patient or lower rent (by WMH [NC]) Posted on: Jun 3, 2024 6:33 PM
Message:

I agree the fast rent climb is over - people simply can't afford to keep chasing rents as their paycheck isn't keeping pace.

That does NOT mean Roy's place isn't worth his higher price though - he is not in a big city looking for thousands and thousands of dollars.

GKarl, I won't use Marketplace anymore. Tried it a few times, wasted more time than it was worth. But the local rental group I admin has been MORE than worth my time, from keeping an eye on what others are really charging to learning who the local jerks are. Plus I get a great deal of satisfaction from kicking out the real losers who add nothing but angst and anger :) :) :) :) --173.28.xx.xxx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 6:38 PM
Message:

Iím not saying Roy is above his market. Iím just saying that even if youíre AT MARKET you can expect to sit. Besides niche units or destination areas, youíre going to have to beat your competition in quality AND price. Why would I overpay just to rent from you? Foolish with money is going to be harder and harder for people to hide and you donít want those tenants Landlords may even have to adjust to the degree of not expecting to get paid for going above and beyond in quality of the unit. It is what it is. --24.152.xxx.xx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 6:46 PM
Message:

Iíd like some other example of businesses that raise prices when sales are slow? Pay attention to the big guys now too. Examples: McDonalds & Target both restructuring pricing practices due to slowing sales, either to cut prices or to provide a little more for a little less. --24.152.xxx.xx




Be patient or lower rent (by Roy [AL]) Posted on: Jun 3, 2024 6:55 PM
Message:

WMH,

I just checked the FB Marketplace (Rental house section) for my city and now there TWO SEPARATE SCAMMERS who competing with each other using my photos from my Zillow Ad. One scammer has my house listed for $750.00 and the other scammer has my house at $600. The two identical Ads are right next to each other. Once scammer appears to be located in Texas and the other one appears to be in New York. --71.207.xxx.xx




Be patient or lower rent (by GKARL [PA]) Posted on: Jun 3, 2024 6:58 PM
Message:

WMH, well if you were the admin for our local group, I'd probably post more. Perhaps I should start my own group, but it takes time and effort to clear out the riff raff.

NE, I'd be interested in hearing more about how price drops are getting quality tenants.

--209.122.xx.xxx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 7:04 PM
Message:

GKarl, last year I had a property that was completely remodeled. Absolutely gorgeous, Town center. Perfect place. Comps were around $1700. The quality of tenant that came in at that price was abysmal! Iím talking, high-end, criminal, multiple evictions, mid 400s credit. I thought, what the heck is going on here?. So after a while, the price plunge game began. And I dropped and I dropped and I dropped and I dropped and finally at $900 a month about 5-6 months after first listing it. I was able to get someone to qualify. Thatís how bad it was. Same criteria.

To me, that true market. When someone buys the truck or buys the happy meal or signs the lease, that is what the market will bear. Everything else you hear or think or read or see people listing their items for is just BS fluff.

Thatís why I donít put much faith in what other people are asking for their properties. Iím almost getting to the point that I donít care what other people are asking for their properties. Iím more likely use it as a gauge as to what to come in underneath. Itís actually easier for me to get people to qualify for crummy little one to two bedroom apartments then it is for high priced apartments or houses. All the time I experienced that. --24.152.xxx.xx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 7:05 PM
Message:

GKarl, another reason that I think that my low prices are pulling in quality tenants, is because the tenancy is almost always good, the move out is almost always good, and they either move on and up into their career or on to purchase a house. If my tenants leave to purchase a house, I did the right kind of screening when they came in. --24.152.xxx.xx




Be patient or lower rent (by GKARL [PA]) Posted on: Jun 3, 2024 8:09 PM
Message:

That's a big drop, but if that's the market, that's the market. Pricing is part psychology and also practical. One's mileage may vary depending on your local market. I need pay closer attention to my market. I see places on Zillow that seem to stay there for weeks on end. Heck, the duplex I sold is an example. I could have cut rents but my best move was to sell it and cash out. I came to the same conclusion a year ago on a beautiful SFH that I couldn't rent.

You can afford to cut. There are others who bought at peak who can not.

--209.122.xx.xxx




Be patient or lower rent (by 6x6 [TN]) Posted on: Jun 3, 2024 8:11 PM
Message:

"Pay attention to the big guys now too. Examples: McDonalds & Target both restructuring pricing practices due to slowing sales, either to cut prices or to provide a little more for a little less"

NE, when I read about that, a short while back, it is a little bit trickery and marketing. They don't lower all of their prices, just certain things. They want to draw in the crowed and hope they also buy the higher priced things. I am not sure that is a good comparison to rentals? --76.129.xxx.xx




Be patient or lower rent (by GKARL [PA]) Posted on: Jun 3, 2024 8:13 PM
Message:

NE, if your experience is in anyway representative of what's going to occur more broadly, there's going to be trouble in investment real estate. No one has factored in large rent concessions and long vacancies. No one. --209.122.xx.xxx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 8:19 PM
Message:

GKarl, it is a big drop, but it didnít bother me at all because there are other factors. Isnít there always though? It was listed heading into winter, finally leased in December. It was the first time listing this place for rent since purchase. The qualified tenant pool said it was worth $900/m. The unqualified tenant pool LOVED IT at every price. Donít they always?

6x6, thereís always trickery in business. Like non-refundable rent discount plans. Right? So yes, McDonaldís and Target twisting reality to drive business is a perfect comparison to rentals. Now for the real question, would you like fries with that? --24.152.xxx.xx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 8:24 PM
Message:

GKarl, I think we are in a market that no one can give you advice for. Certainly markets cycle, but NO ONE has ever went through what we have in the last 4 years. You might want to forget everything you know about filling units. So Iím sticking to my idea of pricing under market and pulling the qualified tenants out of your units and into mine, so they can afford things like basic GROCERIES!! --24.152.xxx.xx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 8:27 PM
Message:

Sisco, tenants will spend $1,500 sometimes to move instead of paying a $25-$50 rent increase. Most landlords have experienced this. So Iíd say the same will work in reverse. Moving to save $50-$100. --24.152.xxx.xx




Be patient or lower rent (by 6x6 [TN]) Posted on: Jun 3, 2024 8:32 PM
Message:

NE, I see the comparison. --76.129.xxx.xx




Be patient or lower rent (by WMH [NC]) Posted on: Jun 3, 2024 8:44 PM
Message:

Always say we are lucky to own where we own and rent what we rent. Small homes are not a trend but a necessity for our target market - and our small homes, fixed up and pretty, are cheaper per month than even the crappy big ones. But people who quote price per square foot at me (some try it) aren't going to rent from us.

Now if the creek rises...all bets are off ;) --173.28.xx.xxx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 8:53 PM
Message:

And that thereís the niche thing WMH and good to those that get it. At the end of the day, itís not rented until itís rented. Basic old time principles like, ďa bird in the hand is worth 2 in the bushĒ tells you all you need to know sometimes. --24.152.xxx.xx




Be patient or lower rent (by GKARL [PA]) Posted on: Jun 3, 2024 9:15 PM
Message:

One of the topics that comes up here frequently is foolish spending by tenants. If a new value consciousness comes into vogue, that's actually a good time for the country overall. I think it's not unreasonable to expect a pull back in rents after a 50% growth rate in less than 5 years, particularly when wages didn't grow at that same clip. Investment Real estate prices are a derivative of rent levels and it's not unreasonable to expect they'll pull back as well. --209.122.xx.xxx




Be patient or lower rent (by GKARL [PA]) Posted on: Jun 3, 2024 9:16 PM
Message:

I said "good time for the country". I meant good thing. --209.122.xx.xxx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 9:34 PM
Message:

GKARL, we screen for foolish spending. Start spenders want good deals. --24.152.xxx.xx




Be patient or lower rent (by NE [PA]) Posted on: Jun 3, 2024 9:35 PM
Message:

*smart, not start --24.152.xxx.xx




Be patient or lower rent (by BRAD 20,000 [IN]) Posted on: Jun 3, 2024 11:37 PM
Message:

Roy,

I hear you saying two opposite things and a lack:

-not enough interest

-but don't want to market on ___ or ___.

-because I don't have a process to sift thru inquiries

Marketing makes the world go 'round, and online is king.

Market EVERY way possible, including yard and corner signs. DO not limit your draw.

Signs also bring in good people and neighbors who want to move, or the Mom helping her daughter find a place.

Use those staged pics I gave you to make your home look move valuable. Watermarking to stop scammers is free.

Weekly rent is a big draw for us. It looks less expensive on the ads.

BRAD

--73.103.xxx.xxx




Be patient or lower rent (by BRAD 20,000 [IN]) Posted on: Jun 3, 2024 11:38 PM
Message:

PS

Ditto MikeA on the timing. Their 5 days grace period is up so they paid and stayed where they are. No money until late in the month.

I call the last 10 days of the month "The Golden Hour".

BRAD --73.103.xxx.xxx




Be patient or lower rent (by BRAD 20,000 [IN]) Posted on: Jun 4, 2024 12:41 AM
Message:

Short answer: Market like a crazy person until it's rented.

BRAD --73.103.xxx.xxx




Be patient or lower rent (by Jason [VA]) Posted on: Jun 4, 2024 8:13 AM
Message:

In this market you have to throw the biggest net possible and let automation pull out the keepers for you. --174.193.xx.xxx




Be patient or lower rent (by Busy [WI]) Posted on: Jun 4, 2024 10:07 AM
Message:

"The qualified tenant pool said it was worth $900/ m. The UNQUALIFIED pool loved it at every price."

This. Exactly.

Even though I am in a very 'hot' rental market, it still takes due diligence to find the tenants I want. Just placed a well-qualified tenant off of a former tenant referral, and, OH! The neighbors, the former tenant's other friends ( maybe former friends) are all up in arms that 'they didn't get a chance' at such a nice house at a good price. What they don't think of is they wouldn't have qualified at twice the price.

And, I gotta stop talking to anyone who comes by. Used to be I could get good, usable information about the rental area by discussing terms with those strolling by whilst I was working. Now, they are desperately looking for a landlord 'who isn't a slumlord.' Not any more do they think to look in the mirror. Used to be, I could gently point out some flaws, and offer suggestions for improvement. Now those who want to chat are all victims. Next! --172.59.xx.xxx




Be patient or lower rent (by PG [SC]) Posted on: Jun 4, 2024 10:08 AM
Message:

What a post. It seems from this post that the rent price spiral for most areas is over. In my area rent was cheap for to long so I was glad to see an increase. I just rented a nice, with some new upgrades, 2x1 SFH good neighborhood for 800. I listed it at 850 about where the comps had it. Previous rent was 670.

Me I closely watch the local rent market and try to base my target rent based on local data, including input from local PMs and Realtors not what I see on TV. I have sold several cars over the years - you got to have the price right for your local market - cars or rentals do your homework then set your target price.

--184.20.xx.xxx




Be patient or lower rent (by S i d [MO]) Posted on: Jun 4, 2024 10:14 AM
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+100 points to Jason's and Brad's answers. Market everywhere you can (reasonably) and let automation sort thru the duds, and there will be many....

I use Buildium which syndicates out to Zillow, Zumper and all of their affiliates. Basically, when I push the "List It" button, over a dozen of the most popular online search sites get my ads within a few hours.

I stopped using signs. They get stolen and/or end up being an invitation for squatters. If I had FT maintenance or was FT like Brad, I could reasonably check them on a 2x / week basis to avoid the riff raff. Plus I'm still getting rented in 2 weeks or less most times. I don't see signs getting me rented much faster, so no reasons to spend that much effort for a miniscule improvement. The juice isn't worth the squeeze for me.

--184.4.xx.xx




Be patient or lower rent (by Roy [AL]) Posted on: Jun 4, 2024 3:05 PM
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Sid,

About an hour ago, I rented out the house at $950.00. Yep, it all happened in about 24 hours. I rented to this family for 2 reasons,...5X income and they had the highest FICO score (620) I had seen in years. Most of my applicants are in the low-mid 500's.

And I agree with your opinion on yard signs,..'the juice is not worth the squeeze.' ROFLMAO --71.207.xxx.xx




Be patient or lower rent (by RB [TN]) Posted on: Jun 4, 2024 5:09 PM
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WATCHAKNOWABOUTHAT. --69.130.xxx.xxx




Be patient or lower rent (by NE [PA]) Posted on: Jun 4, 2024 5:35 PM
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I thought the general consensus for a credit score of 620 is a HARD PASS with most posters on here? Hmm. --24.152.xxx.xx




Be patient or lower rent (by WMH [NC]) Posted on: Jun 4, 2024 6:50 PM
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NE, not for us. It's the reasons for it that matter. I've had tenants with low scores because they simply didn't use credit. I look at WHO they owe. Recent applicant had a bill with a cable company from another state - ordinarily I don't like that because if you don't pay a utility you can walk away from, not good. BUT the original bill was high, he now owes $58 so he WAS paying on it. I'm guessing it's from college and he got stuck with a group bill. But he is paying it so good.

And now he has a good job. --173.28.xx.xxx




Be patient or lower rent (by zero [IN]) Posted on: Jun 5, 2024 4:46 AM
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Roy, congrats on renting the place out.

Sounds like you snagged a good one. --107.147.xx.xx




Be patient or lower rent (by Roy [AL]) Posted on: Jun 5, 2024 9:36 AM
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One of my best tenants of 3 years had a Fico score of 550 when she moved in. Her low score was due to $60K in student loan debt and she is still a student borrowing more money to finish her degree. It is crazy but it is what it is. Fico scores are really meaningless on the surface. I have a Fico score above 800 and bank loan officers still turn their nose up at me because I don't have a W-2 day job. --71.207.xxx.xx




Be patient or lower rent (by zero [IN]) Posted on: Jun 5, 2024 9:46 AM
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Mine is above 800 as well.

When banks do decide to deal with me I have to jump thru so many more hoops and add so much paperwork it is crazy.

When I had the W2 it was no problem.

I miss my favorite mortgage broker and the old branch managers of two credit unions. I could call and say I want money. They would ask how much. It was great. --107.147.xx.xx




Be patient or lower rent (by 6x6 [TN]) Posted on: Jun 5, 2024 6:50 PM
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Roy, as cheap as you buy your houses, why do you bother with loans? --76.129.xxx.xx




Be patient or lower rent (by ken [NY]) Posted on: Jun 5, 2024 8:45 PM
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Roy, low scores are not due to high balances,the system does not know ones income so nothing to do with income.It may be because since she hasnt paid anything back yet it still shows as a high balance compared to what was borrowed --74.77.xx.xx




Be patient or lower rent (by Roy [AL]) Posted on: Jun 6, 2024 10:21 AM
Message:

6x6,

Instead of traditional banks loans which I can't get, banks will allow me Lines of Credit which I use for either buying a house cheap and/or the rehab that always follows.

Are you buying houses at wholesale like I am? --71.207.xxx.xx



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