Well, its nearing the end of the summer and the number of my rental listings has quintupled over the weekend. So too, has been the interest level in the number of prospective renters. It seems that this is most likely due to certain factors:
1. Landlords are having typical turnover of tenants whom are being transferred (especially in the metro-town where I live) or are upgrading to a home purchase.
2. Tenents are ringing my phone off the hook as many of them have given up on trying to buy a place and are looking to get settled in before the school season starts. Also, I've noticed many employers put a hiring freeze into effect over the summer and lift it when September hits.
My own secret to getting the most out of my listings is as follows:
I DO NOT WORK WITH PROSPECTIVE TENANTS! Too often I've been denied a commission when a prospective renter found something by owner.
This leads me to my next best kept secret to rental success: CraigsList, FaceBook and Twitter. I'm able to rent almost 90% of my listings MYSELF through these means. Now, that my mean a little extra legwork to show my own listings but considering the payoff if much higher I find it to be worth it.
3. I only take rental listings in my own town. Since I live in a town with a small footprint but large population its easy for me to sneak away and show my rentals quickly.
4. I pre-qualify over the phone: example; "Are you aware there is a commission paid for by the tenant?" Not interested, end of conversation. "How many of you are there" Many towns have strict zoning and occupancy codes and my landlords do not want 4 non-related individuals renting a two-bedroom unit in order to save money. Always check with your town's zoning official.
5. Make sure your tenet's are aware that the lease is not valid until the checks clear. Again, check with local laws but there is nothing worse than having to evict a tenant once they are in.
6. Do your background checks. I'm not crazy about credit checks as people who rent may have to rent for a reason but if they have a good work history, good income verification and plenty of references then that usually suffices. Needless to say, I'VE NEVER HAD A PROBLEM.
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