Updated almost 8 years ago on . Most recent reply
Rental ad response and holding rental
so I just finished a rehab on a new acquisition and posted my ad to Zillow for 1000/mo which I thought was ambitious. I got blown up with tenant requests and had an agreement in a day. However they were not able to come up with the required security deposit so I reposted it to Zillow and again am getting a lot of response
Now I’m faced with tenants asking me to hold the property for them. Good tenants coming from out of town. Military town. I’ve been telling them that I can’t hold it due to demand and my need to place a tenant now. Its only been one day since I reposted it. Got two coming to look today. One for a second time but they say they can’t occupy til October. How does the community deal with the holding issue?
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#2 General Landlording & Rental Properties Contributor
You do not hold a property in a hot market. If you relist raise the rents ($1200) to eliminate these applicants and narrow your list to higher quality applicants. Large number of applicants indicates your rent is too low. Do not rent to anyone from out of town unless they do a personal inspection of the property first. I never rent to anyone that is not available for a personal interview.
Not beng able to pay required deposits means your applicants are not qualified and your screening standards are far too low. Raise your standards.