Investor · Fredericksburg, VA · Member since 2013 · 79 posts · 13 votes
Closing on my first SFH in Richmond Va in a few days. I'm using the site tenantturner.com to market for renters. So far I've got seven prospects in a week but none panned out or even wrote back to me after I sent them an initial email. Here are the details.
3/1 SFH in C- area.
Average rent based on CL, zillow is 825. I'm asking 875 due to the home being in great condition recognizing this is a rough time of year to find renters.
When I get inquiries I send them an initial email asking them and any other adults in the house to fill out an application at no charge. Tenantturner does the background check and charges the applicant $40. I'm wondering if that is kind of high for each adult (2 -3) in this area? However, the cost doesn't kick in until after I've shown them the place and they want to move forward. My cost is $60 per home per renter flip.
In what increments should I drop the rent if things don't pick up? I was thinking $25 per week.
Collect the fee and run the app. If approved, I apply it to the first months rent. Serious applicants will pay the fee. I have a townhome that is $75 above market rent and can have a lease signed in two weeks. It's higher, because it's nicer then the ones around it. Also, around here it is mostly tire kickers until the last two weeks of the month. Use postlets and craiglsit to advertise. In my area zillow, ttulia, etc you get emails all day long and nobody replies for the most part. Craigslist is usually the money maker. If your phone/email is going off daily (or close to that) your priced right. If you are concerned drop $25 and the traffic may increase.
The best responses I get in terms of following thru are from the people who text. Very high show up rate for appointments. Phone is quite a bit lower, and like I said before, I don't typically hear again from the people who email.
Peoria, IL · Member since 2013 · 967 posts · 383 votes
11y
@Account Closed undefined
Actually I have seen the texts do have better follow through. People call at 1PM and say hey can I take a look at your place at 2 PM. I'm like sure. They don't show up. I'm like what the what - & I tell them just let me know if they can't make it - always tempted to call them back since their number is on my phone and ask where the heck they are. But figure my time is better spent on BP.
I always tell them they must text me prior to the confirmed meeting time or I won't be there. If they don't text... I don't go to the property. Saves me time on no shows.
You will definitely want to get your pictures up so prospective tenants can see the quality of your property. If it stands out in that market it will be helpful. I also price a little under market so I have a larger pool of prospective tenants and have better choices.