When to make updates on rental listing?

Question

How long do you let your rental sit on the market before you start adjusting the listing to get more inquiries? What things do you make adjustments on? Rent, app fees, qualifications, etc...

Caroline Gerardo · Answer

Ten photographs, a twenty second video, detailed description, and clear requirements. Hold open house viewings with appointments ten minutes apart. Don't rely upon Zillow screening. Have up on four websites. Cooperate and pay Realtors and real estate agents. No action in ten days reduce price by 11%

Steven Foster Wilson · Answer

Within a few weeks if there is no traction then I start to re-evaluate. Sometimes if I am not able to be there I have them do a video call to look for myself how the property looks, I look at other places that were recently rented and I see what was different. There also is a window of time for places to get rented if they are on campus. It is very hard to get a place rented once the semester has started.

Melanie Thomas · Answer

@Bradley Lewis great question! We typically will adjust the price between 7-10 days with little to no showings/activity. We also consider offering an escalation clause, increasing the agent commission, offering a "free rent" period etc. We never adjust application fees or qualifications. We have a set application price and screening criteria for all homes regardless of price. Could be a potential FH issue. Happy leasing!

Adriaan Sierra · Answer

I wouldn't want to rent a unit from you if you randomly emailed me reminding me about a form.

Nathan Gesner · Answer

This is common. Many will look, few will apply, even fewer will qualify.

Everyone is different. I personally don't contact people applying because so many of them would just waste your time. If you are going to contact them, I recommend you have a generic email that gives them a list of common problems (they forgot picture ID, they didn't provide a Landlord reference, etc.). Cover all the possible problems, send it one time, leave the ball in their court.

Eliott Elias · Answer

What do you think the issue is? Any feedback from people or agents? If it's too expensive change the price

Paul De Luca · Answer

@Bradley Lewis

Assuming you are advertising on multiple websites, you have good photos of the unit, you have reasonable qualifications (3x rent, 600 credit score, etc) and it's not a weird layout or something I think the only variable that makes sense to adjust is the rent you're charging.

Nathan Gesner · Answer

If you don't have serious action in 14 days, it's time to assess the situation and make course corrections.

Bob S. · Answer

Our props rent in days, very strong demand in the Cleveland markets