@Annie Li I ran numbers after we got off the phone... Looks like a lot of 3+ bedrooms in the $650-700 range on the MLS for the one on Sheridan. On Hotpads.com I am seeing some active listings, not yours, for $700-800..
I am definitely NOT seeing it listed for rent on any of the normal sites.
You just sent me an email about this one.. I replied so hopefully it gets filled with a good tenant.
I will try to get out for the other one today to take a look. I'll let you know.
Thanks for the tag @Mayank S.
@Annie Li I just searched and didn't see these on Craigslist either. I am a big advocate of local signs to advertise a property, but you should also use online advertising too. Why don't you list these properties yourself? I don't wait for other people when I need something done. I cannot comment on location, but people rent houses in every location if the price is right. You may need to lower your tenant standards if it is a rough neighborhood.
I agree with @David Ceo . Seems pretty ridiculous to be paying him $100 a month while it's not producing and he's not doing such a great job at getting it rented. Which leads me to the next point:
"He said if he posts on Internet, it would be too much hassle dealing with applicants from all over the places. I'm not sure how to comment on this."
This just sounds like he's lazy and doesn't want to deal with a lot of traffic/doesn't know how to handle it. What does he mean "from all over the place"? Who would be wasting their time applying for a rental property if they're not going to be living there, specially not being from or looking to live "in the area"? You WANT the exposure- my PM lists on all the sites you mentioned and on top of that, the MLS.
@James C. if you dont mind; where did you buy? how diversified were the areas? and how many properties did you begin with?
The lease for my 3rd property was signed today. I guess posting on BP brought me good luck; I will visit BP more often.
@Anish Tolia The factors you listed are definitely negatives for renters in better areas, but this is a low end property, I think those factors will help the renter to feel safe. Even though this one has been vacant for more than 6 months, it hasn't been broken into so far. I guess the busy street and apartment building contributed to that in some way.
@Matt R. I checked rentfaxpro.com, their pricing seems pretty high to me. One report will cost at least $35. I like the fact that you utilize social media to verify applicants' identity.
@Garrick Oconnell I agree with you. It's always favorable for both landlord and tenant to have as much visibility as possible while advertising a rental.
@Jesse Sasomsup Those are all very useful tips.
@David Ceo I realized that as soon as he told me about this charge. I overlooked this clause while signing PM agreement; if I have seen it, I wouldn't have signed the agreement. But it seems like he didn't take advantage of this clause and tried to rent it out as quickly as he can, which I am grateful.
@Annie Li - glad to hear they all got rented out. I own a rental about 10 mins from your 21st St. property. Mine is around 16th & Shadeland. It was actually my first rental in Indy and I just picked it up about 1.5 months ago. It took me about 3.5 weeks to get it rented out.
I didn't use a PM and did all of the advertising myself. I put a sign in the yard, posted it on Postlets.com and also on Craigslist. I had a lot of applicants but I ended up passing on several of them because they didn't meet my criteria. It is a 2 bed 1 bath with an attached 2 car garage. I first had it listed at $850 and ended up dropping the price after about a week and a half because the market was telling me I had it listed too high. I, like you, was scratching my head a bit at first but started to realize that 1) it's not a very desirable part of town and 2) I had it listed a bit too high to start out with.
In your explanation about your PM, I also have to agree with some of the other members that it seems he was a bit lazy by not advertising it online. When you're listing a property for rent, you want to create the largest funnel of applicants you can get. It was also a bit strange that he made more not having it rented than he did having it rented. That seems like he's looking out for his best interests and not your best interests as the customer. Let me know if you would like a recommendation on another property manager for future rentals as I have a couple I could recommend to you that manage rentals over in that area. Good luck!
@Joseph Leonard Thank you for sharing! I'm glad yours was rented out without much delay. I will PM you for PM info.
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