Update: I've been screening prospective tenants like crazy! No one has met the requirements. Last week i added Section 8 as an option. Wow, these people are spoiled. They are looking for single homes. I guess Sec. 8 became very generous :) So, I started looking for PM companies. The 2 that responded want a month's rent to place the tenant then 10% monthly for management (such as checking on tenant--WHAT??)...One company states on it's website that to place a tenant they charge $250. I wonder what the catch is. None have a stipulation that the tenant has to stay for 12 months. I responded and asked for a custom agreement because i live downstairs and can collect the rent myself and possibly handle maintenance ;)...did not hear back! Ugh
@Meg K. I feel your pain. HOWEVER, whatever you do, don't lower your standards. You will really be out of money if you do. PLUS you will kick yourself from now until eternity.
Find a company to bring a qualified tenant. Their fee may be 1/2 or 1 months full rent. Tell them you don't want management..just a tenant. Many companies will do this for you. Once they bring a qualified tenant and are paid, you collect all future rents.
The lease up fee must vary by geography, that is not the norm in my area.
Are you confident that your price is right? If you are getting response, just not the quality of applicants you'd like, think of other ways to market the property. As you are talking to PM's, ask them how they advertise. Look for bulletin boards in places where your desired clientele would see them- coffee shops, colleges, stores, library, etc. Our area has a FOR RENT Facebook page which will give you more visibility and you can get some feedback by the comments.
Without compromising your standards, can you find a niche that sets you apart, like allowing large dogs, or adding something desirable to the property?
Hang in thee, it is better to have vacant days than to place a bad tenant.
What you should be asking for is a "leasing agent", not management. Some management companies provide the service as well, so you can ask them if they offer just leasing services. While you are talking with them you should ask if they manage in the area and what their rent numbers look like for duplex properties with similar stats as yours.
Thanks guys. I was not aware of leasing agents. I will try that. It's just that my property is not in a highly desirable area although the property is in great shape ;)
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