Got the most interesting phone call yesterday - from another property manager wanting to know how I got a home rented in two weeks that she couldn't get rented in 7 months.
A couple months ago, I signed up a new owner for property management services. Her home had been vacant for months and the previous tenants were evicted. Rent reductions, incentives, etc., were offered but for whatever reason, the management company couldn't get it rented.
The rent seemed fair, almost at the low end of market and the house was in decent shape - just need a few things. One week after placing it on the market, several calls. Two weeks later, security deposit received and move in date scheduled.
"How did you do it?" asks the previous manager. Pretty basic stuff:
1) Visit the property yourself and evaluate it. The home was in good shape but a few things needed fixing and lots of cleaning. Each time I take on a new home, I visit it myself to see it for myself - I mean how else can I effectively manage it if I haven't seen it?
2) Don't limit advertising to your own webpage and in local newspapers. It's just that simple - blog, tweet, Facebook, etc., just get it online - everywhere!
3) Screen applicants before you meet them and then actually meet them at the property (if you can - some folks come in from out of state and that requires a little extra). In the case of this property manager, she never met the previous tenant, never saw the home and didn't know 7 kids, 3 adults and 4 dogs were living in the home - until she had to evict them.
How did the property manager answer my advice? With a simple, "Hmmm." Hopefully, I gave her things to think about and ways to improve her business a little!
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