Rental not renting

65 Replies

Price is everything

The market is talking.

Hey Jon, get on facebook, msg everyone looking for a place that MIGHT meet your requirements on the for rent/rent to own/for sale by owner site, I see you are a member but I cannot add you as a friend. It lets you see what the price that most are looking for and what is most desirable. I am not saying you are over priced by craigslist standards but it may be alittle high for what most are looking for.

My add was 6 lines max and 8 pictures. I had a wonderful response. Sometimes less info helps people come see what you have. It's a simple town, with a small mind mentality. Ask yourself "would I read all that info? Would it help me go see that house?"

I'd love to have the opportunity to post it for you differently. PM me if you'd like a hand on the ground.

Thursday is the landlord association meeting, will you be there? Are you a member or do you need info?

Originally posted by @Jason Smith :

Hey Jon, get on facebook, msg everyone looking for a place that MIGHT meet your requirements on the for rent/rent to own/for sale by owner site, I see you are a member but I cannot add you as a friend. It lets you see what the price that most are looking for and what is most desirable. I am not saying you are over priced by craigslist standards but it may be alittle high for what most are looking for.

My add was 6 lines max and 8 pictures. I had a wonderful response. Sometimes less info helps people come see what you have. It's a simple town, with a small mind mentality. Ask yourself "would I read all that info? Would it help me go see that house?"

I'd love to have the opportunity to post it for you differently. PM me if you'd like a hand on the ground.

Thursday is the landlord association meeting, will you be there? Are you a member or do you need info?

 I am not a member, think my buddy is but i am not sure.  Do you have any info on the meeting?

The following is my opinion, as a CA investor:

- Consider pets & smokers

- Remove wording in ad for credit check.

- Post on several rental outlets.

- Repost on CL once a day. 

- Add pictures of exterior.

- Be patient!

Good luck!

Jon:  Trying to figure out the bathroom situation.  Is there a bath with tub only on the 2nd floor, toilet only on first floor, and shower only in the basement? Can't you at least convert the main bath to include a "stand up" shower?  You can easily install a wall mount shower head/hose that connects to the faucet.  And then install a ceiling mount circular/oval curtain ring that takes 2 curtains.  That's the norm in places I've lived with old tubs with no surround or claw foot tubs (NY, NJ, MN).

A $650 rent in low income rural town that excludes smokers, pet owners and Section 8? That will keep your unit vacant. :) It's worth being vacant to find the right tenant.  But be mindful that those things really cut down your tenant pool in low income/low education areas.

The house looks great and it's going to be a better renting season soon!

Originally posted by Kristine Marie Poe:

Jon:  Trying to figure out the bathroom situation.  Is there a bath with tub only on the 2nd floor, toilet only on first floor, and shower only in the basement? Can't you at least convert the main bath to include a "stand up" shower?  You can easily install a wall mount shower head/hose that connects to the faucet.  And then install a ceiling mount circular/oval curtain ring that takes 2 curtains.  That's the norm in places I've lived with old tubs with no surround or claw foot tubs (NY, NJ, MN).

A $650 rent in low income rural town that excludes smokers, pet owners and Section 8? That will keep your unit vacant. :) It's worth being vacant to find the right tenant.  But be mindful that those things really cut down your tenant pool in low income/low education areas.

The house looks great and it's going to be a better renting season soon!

 Ok for the bathrooms.  Basement just has a stand up shower.  1st floor just has a toilet in what i think was an old closet.  The 2nd floor has a toilet, vanity, tub with a shower.  

Have you tried postlets? It will allow you to post your listing in their site and they also advertise on several other sites automatically

Originally posted by @Devin E. :

Have you tried postlets? It will allow you to post your listing in their site and they also advertise on several other sites automatically

 Yes just did that yesterday.  Thanks!

I found that Craigslist works better for higher priced rentals than lower priced.  Also, the ad falls down the list so quickly that it gets lost.  Postlets synch to Zillow and other online resources has been very useful.  Finally, answering the phone rather than voicemail helps because lots and lots of ads have numbers and no one ever returns the calls so some legit folks will hang up.

Originally posted by @Jon Adams :
Originally posted by @Bogdan Cirlig:

Different angle:

You have 49% renters in there, that is, you will have landlord competition for vacancies at any given time. The overall vacancy rate is not atrocious, 11% which tells you they rent fast for right price.

...

 Thanks for the input.  How did you find out all of this information about my area?  I think it is great!!!  As for the pictures you are right i took them with my Blackberry which as you can tell is not very good.  I will stop down tomorrow and retake the pictures.  Thanks again!

 Hah.. I have a crystal ball :). j/k, follow the white rabbit down my signature line...

Well I had my showing today.  The couple loved everything about the place.  When i asked if they had any questions.  They said when will it be ready.  I said it is ready now.  They said o our lease is not up until June.  CRAP!!! tire kickers.  o well.  On a better note i had 3 people email today about it. 2 came from Postlets.  I didn't have time to take new pictures today, i am hoping for tomorrow.  Thanks to all!

man...lost rent is tough... it can never be recovered.   all of us landlords have had properties that dont rent quickly for one reason or another.  when a house is vacant my patience runs thin...  

in my experience with my own rentals if i have checked comparable rentals in the area and i know i am at or near market and my house is showing to the best of its ability inside and out then i have no choice but to start adjusting rent down.  I do this because i would rather get $25 less per month rather then lose 3 months of rent only to satisfy myself that i got a higher rent... if i have 2 months of less vacancy (ie in your case $1350) $25 bucks a month less is not a big deal. 

in some cases when i have taken less then i wanted due to time of year i was leasing out the property i will sign the tenants up and disclose to them the introductory rate of _____x___  and inform them this is our winter special and rent moves up in the spring or summer or whatever you want... I make sure the rental rate is moving up during a time of year it is easier for me to lease out the property.   

everyone has their approach, this one has worked for me for the 14 years or so. :) 

Hi Jon,

Being right down the road I have to deal with these cold weather vacancies too, but dont be discouraged, people move all year.

I advertise using craigslist and postlets with pretty good results. I usually put header something like - "Monroeville 3bed/2bath/1garage" and renew the Craigslist posting every day to keep it towards the top. I have noticed that I'm getting more responses through zillow and hotpad right now (from the postlets ad).

Also, adding a phone number to the ad increases responses, although it is a bit of a pain. Does give you a chance to screen them before setting an appointment though.

I dont usually put a sign out because I dont want to advertise a vacancy.

It will pick up towards the end of the month! We do an open house the last weekend of the month if not filled by then.

Good luck!

Not only did I rent one side, I am pretty sure I have both sides rented!  Such a relief.  Amazing what a few 50 degree days will do to people looking to rent.  Thanks to all!

Jon

Originally posted by @Jon Adams :

Not only did I rent one side, I am pretty sure I have both sides rented!  Such a relief.  Amazing what a few 50 degree days will do to people looking to rent.  Thanks to all!

Jon

Nice job. Just think after only 7 or so days your problem is almost fixed! That's the power of BP :))

I get good owner finance buyers off of Craig's List. Maybe for renters it's not as good? 

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