Help Finding First Tenant

[Patrick Senas]

I have my first property purchase underway. I close on a duplex in a college neighborhood in San Diego. Both units are 1 bed / 1 bath and I secured it using a VA loan. The closing date is 8/16. I wanted to get the ball rolling and started Pre-marketing the nicer unit on Monday 7/31. I wasn't sure what the market value for rent was but I definitely set the initial price point high. For a 600 sq ft, 1 bed 1 bath, updated kitchen, hardwood floor, W/D set, private yard, and ~300 sq ft covered patio I set the price at $2100. I honestly wasn't expecting any response at all. Within the first 1.5 days I got 4 leads. This past weekend I had a few more and a scheduled viewing for tomorrow. I contacted all the leads that came in earlier this week but I haven't gotten a response back via phone or email. So I guess they lost interest. So does this validate that the price I am requesting is an honest value? Should I continue to market it at this price for the following week? What metrics do I use to determine if I need to drop the price or not? Thanks for your continued support BP!

[Mindy Jensen]

@Patrick Senas , in order to command top rent, your unit needs to be top-rate. I would not waste my time comparing your 1/1 to anything other than a 1/1.

Also, remember that a lead isn't a tenant, there's still a lot of work to be done. People call about properties all the time then never go see them, or worse - make an appointment and then don't show up. Cluster your showings so that multiple people are seeing them at once. It creates a sense of urgency and you don't waste your time if half of them do not show up.