This time of the year, we have loads of UNsold listings where the owners want to leave and rent their homes themselves. They know to put their home on our local Craigslist and some may even use the common FREE Zillow/postlets HTML through viewing them on Craigslist or on the advice of their real estate agent.
Many actually use the photos from their MLS listing with the MLS WATERMARK on the corner. This is a give-away that the property has been on the SALES market and rental prospects are cautious about renting a property that 1) may go BACK on the sales market while they are in residence; OR 2) where the owner may be be in financial difficulty and face the prospect of a foreclosure.
While having RECENT photos is a good idea in ads, actually having the DATE the photo was taken is distracting and may give an unrealistic impression of the property's current condition.
Exterior photos with snow on the ground when the property is being offered in the SUMMER or FALL is the sign of a LAZY rental agent or owner who is not on the ball. Again, this shows that the property presentation in the ad was not well thought out.
As the property remains UNrented, many DIY owners think that the RIGHT RENTER has not seen their ad. In reality, the RIGHT RENTER has seen their ad and many OTHER properties and have probably selected another BETTER priced home to rent.
Unfortunately, many rental properties do not CASH FLOW when mortgage, property taxes, property insurance, HOA costs and repairs are added in. The "carrying" costs of utilities and yard maintenance are COSTLY when the property goes unrented.
A good rule of thumb for VACANT properties is to LOWER the rent $25 every 2 weeks before school starts and then $50 every 2 weeks AFTER school starts. If the property is VACANT, the $50 every 2 weeks rule should apply.
THE SOONER IT IS RENTED * THE SOONER $$$ ARRIVES!
If PRIOR interested renters see the rent is dropping, they may well call and arrange a viewing if they have not found another rental home. DROPPING the RENT CREATES URGENCY with these Prospects!
Also, as other OVERpriced rental properties REMAIN OVERPRICED, the REASONABLY priced rental home appears MORE APPEALING!
New property owner clients often want to dictate the initial rent for their rental home. I'll agree to their rental rate with the CAVEAT that I will drop the rent EVERY 2 weeks until it is LEASED.
I'm willing to try it their way FIRST, and when their property does not rent, I need to set the terms for the CURRENT RENTAL MARKET to GET IT RENTED!
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