In relation to not having my listings not get pinged in 2 markets, I feel like something is wrong. I listed a desirable apt in my B market where tons of prospects come in for grad/ med school and state jobs. It's available 9/1, which is perfect. In this market people look 3 months out. Been listed about a month now and few hits. Could be priced high but I'm not even getting deadbeat inquiries. Same thing where my C unit is listed below the high mark. I've gotten oneish inquiry a week, even over this past weekend when it's the end of the month and people are scrambling for a new pad. I regularly check to see if my listings are hijacked, and they are not. Where did all the undesirables go? And where are the desirable ones? Why is no one looking? In my C market it's typically more like whack-a-mole.

Same exact thing here as you and Plenty.

I usually get lots of inquiries and rent to students or recent grads. I am getting nothing. I lowered my price as well and started getting a few hits, but they are all terrible.

I'm glad I unloaded and sold when I did and I may not be done yet. I was just thinking today that I want to be totally out in another 5 years as I've no intention of running these until I'm old and sickly but I may not wait that long. It depends on what happens. Another part of me thinks there's going to be a lot of opportunity coming up though as I truly believe that all the newbies who rushed in with their gold pans are going to get crushed big time. The issue is who you're going to rent to even if you're able to scoop up some bargains.

Maybe things are different in A Class but maybe not. I just think many folks have reached price exhaustion.

We don’t have property managers in this area, so that’s out.

My last empty was slower than I can ever remember to fill.

There are a lot of new houses being built in a couple of these areas. I doubt that is the reason tho as they are A houses and I have C rentals.

I do know that some of my tenants that were rather loud and boisterous have calmed down a lot. So much so that I have a couple that I know have problems in the apartment but don't want to rock the boat.

Melinda, from what you describe you are behind the curve. I went through that period going out of covid, when owners started taking advantage of new valuations and selling. Tons of unqualified came knocking saying their apt was being sold.

What small potatoes said. Those that are still getting lots of traffic haven't hit the inflation/economic downturn wall....yet.

I'm getting maybe one inquiry every two days then they never fill out the prequal. Then you recognize the same names of the dregs no one will rent to other than the slumlords that don't screen.

I talked to the local orkin guy (whose service I'm cancelling as their prices have kept climbing) and his GF works for a non profit. Or did. She got laid off which almost never happens at a non profit with all their access to government grants Etc. Doesn't look good.

I have shifted to chain style marketing.

I have a three bedroom where I typically would not be marketing just quite yet. But I am using that place as a springboard for the next three bedroom coming open on 8/31 and the four bedroom I am buying on 9/12.

With the chain, I get a steady flow of about five people interested daily. By telling people by applying early you get access to photos from multiple places and will have the most choices convinces about a third of them to apply. This is after I let them know that the screening process cost me $42 and I only charge them $40. I make it clear that we both loose if they don't qualify. By saying it in this manner it is telling them it will cost them 20 times more than me so it pays for them to self screen.

So with this chain, I am doing a bit more interacting with folks. Do I get the crazy person with only $3,500 monthly income for the family of seven and no employment - absolutely. It just means taking control of the conversation and letting them know they can apply online but having some garnishable income is a requirement.

Potatoes is spot on with this being a strange market - we should be thankful that we are not flippers. These folks should be getting crushed. I did list a property on Thursday last week. Historically over the past two years, the place would have a contract already on it. Here it is on day four and no contract yet. So things are slowly slowing down. But there isn't a reason to panic. It is just part of the cycle and things take time. Systems in place are proven and they work. They are constantly refined and everything is alright.

Ray,

I also have an unlisted unit that I filter prospects to. Just that there are almost no prospects. I took the B market property off the market and will relist this weekend for less.

My places are offered with a starting rent price - and it tends to be cheap. But that doesn't mean the place will rent for a cheap price normally. Instead, I ask them to have fries with that.

Rent might be say starting at $899

Are you paying with Clear Now - no extra charge, but if you want me to drive to a post office then that is $20.

Do you want me to pay the $130/month utility program that pays for your sewer trash and up to three units of water or do I need to charge you an extra $20 to make sure you these bills stay current?

Do you wanta RTO frig? maybe a washer or Drier?

Do you want lawn service or snow plowing?

Do you want that detached garage?

Do you need spare landlord lock keys?

Do you want to sign up for the payday payment plan?

The $899 will get people interested in the place - let them know the customer is always right because they are the ones having to pay for this customization.

I routinely will get over $975 for my $899 place.

6x, I take it off market to interrupt the price history, sometimes that works.

We've been going through the "landlord is selling the house" routine for last few years. Since Covid. Homes that we would have purchased for $100k max were going for $250-$350k and up in a day.

[[[[...... I advertise no pets and then consider them on a case by case basis for additional monthly rent. .....]]]]

Ray, I have not thought of offering them upgraded kitchen appliances. My units are a mix of already updated with new appliances and older, clean, functional units. What do you do if they don't want upgrades and try to stick to the advertised rent?

Ken, I like that idea. If they leave early you still have newer appliances.

Around here it is common, and almost expected, to supply stove and fridge. I do and if not needed I take them and put them in storage. This takes up a lot of space but I typically do not have people with their own.

Maybe I should start offering to buy new appliances and upping the rent? That would allow me to lock people in for a longer period of time, although that has not been a problem for me. But it would allow me to cycle through some of the older units I have. My lease now states that the appliances, if there, are a convenience and I will not warranty them.

I probably should get rid of some of them as they are showing their age. It's just that the older units last longer and are easier to repair than the new ones.

I accept them with the no frills unit.

I currently market two of the three units I have in my pipeline. Interesting outcome is what I am seeing.

I have an old three bedroom trailer that I don't advertise as I will not get keys back until the 31st of this month. I will offer this available RTO after the first year leasing it.

I have a four bedroom that I am buying and I don't plan on doing any updates on it when it closes for an extra $110 over the trailer. It will not be offered RTO. The previous owner lived in the place for about 55 years so this place screams 1980. This one is scheduled to close on Sept 12th and I negotiated the right to show the place in advance of closing.

I also have a three bedroom two bath place that I am updating. The bedrooms all tend to be smaller though. Since I am updating the place, it is $104 higher than the non-updated house. The place needs a new sewer lateral and we have owned it for only about 10 days.

What place do you think was the first one to get an application on? It was the cheaper non-updated unit. Person is putting money down on it tomorrow so they can move into it when we do close on it. For that place to close, I have a different tenant buying a different place so this is a 1031 exchange. Income doubles in the 1031 exchange

Small Potatoes:

Medical residents (finished with med school, but still training) can buy a home with zero down. A Doctor's Mortgage.

My son was able to buy a small house and start a family in residency. (He started later than most) And was also able to buy a "forever" home when finished and starting his job-job.

I have no idea what the interest is.

We have only one rental, now, and it's to help support a disabled relative. It's a SFH, 4/2.5 We had the absolute perfect tenants this year, but got late notice they are moving for a job at the end of the month. They are M to M. I was nervous about renting a house after school started.

I put it on Zillow, Nextdoor, and Marketplace yesterday morning. It was a slow start, but someone jumped on it, because their owner gave them notice they were selling. The house is in the best school district in this area, and they wouldn't have to move their kids out of their schools.

Small Potatoes:

Medical residents (finished with med school, but still training) can buy a home with zero down. A Doctor's Mortgage.

My son was able to buy a small house and start a family in residency. (He started later than most) And was also able to buy a "forever" home when finished and starting his job-job.

I have no idea what the interest is.

We have only one rental, now, and it's to help support a disabled relative. It's a SFH, 4/2.5 We had the absolute perfect tenants this year, but got late notice they are moving for a job at the end of the month. They are M to M. I was nervous about renting a house after school started.

I put it on Zillow, Nextdoor, and Marketplace yesterday morning. It was a slow start, but someone jumped on it, because their owner gave them notice they were selling. The house is in the best school district in this area, and they wouldn't have to move their kids out of their schools.