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New Year.. New Plan

By
Services for Real Estate Pros with HomePointe Property Management

If you had your property on the market for rent close to 90 or 120 days it's time for new plan.  Don't continue to think your price is right and renters don't know what there doing.  You need to adjust your price to the market and eventually you will find a renter.  Taking a look at prices every 10 days is a great plan.  Keeping the same price for 30 days will not help you find a better tenant.

 

Good renters are smarter than you think and will find a way to get the best deal possible.  Be the property with great tenants and a great rental price.  Don't be the owner who has bad tenants and too high of price.

Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Sidney * In my area, we have a rental season because of the "school year"...prime rental season is May through July....then, the shadow rental market comes into play with unsold properties being rented....If a property is not rented by mid-Sept, I start reducing the rent $50 every 2 weeks; I post DAILY on our local Craigslist EARLY in the morning using postlet HTML AND there is a link to my website in the listing description.  I no longer use our local print media; however, I do offer a Realtor referral fee of $250 funded from my one-half of one months leasing fee....In these times, these fees are attractive to many agents and I pay them promptly once the lease is signed.

Pricing the property RIGHT; having it look in PRISTINE condition * attractive & clean are MUSTS.  I always have a NEW front door mat at the entry (any old one goes to the back/garage entry doors) and I get to any showing appts EARLY, spray Carpet Fresh, turn on the lights, install fresh/new toilet paper and open blind

HOW the property looks for the first impression of the prospect is VERY IMPORTANT!!!  I've rent properties at greater rent BECAUSE they looked AND smelled clean and fresh.

Wallace S. Gibson CPM * 40 years of property management experience to serve you....http://VAHomes4Rent.com

 

 

Jan 03, 2009 12:20 PM
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management

I agree with you Sidney.  Owners can be their own worst enemy and should listen to experienced property managers like you and Wallace.

Jan 04, 2009 02:33 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I showed a townhouse property last Sat AM - it was the first one the couple saw in their 3 day trip to our area to find new rental housing....they rented my unit after viewing 20+ small homes and townhomes.  They have a small dog and she does not have a job here yet so they were specific about what they can afford.  My unit is CLEAN, the lights were on/blinds open and the place smelled CLEAN (thank you Carpet Fresh). 

HOW a property looks and SMELLS is almost as important as the rental rate....I have a concierge service that delivers my keys to properties prior to tenant move-ins and they area REALLY worth it to make sure vacant units are clean, the heat is ON and the icemaker is working!!!

Jan 07, 2009 04:26 AM