Why So Much

Real Estate Agent with Frank Rubi Real Estate

I recently put a for rent sign on my rental property.  New to this business, this was the first time around for me.  A lady passing by asked about the rent.  I promptly told her and I could tell by her face she thought it was to high.  I then told her I had spent a lot of money to get it in good shape.  They were like new inside.  I told her to come and take a look which she turned down.  Anyway my point was to show her what her money was going to get.  She could find something cheaper but this was going to be much nicer. 

I believe this goes for houses also.  Many houses have the same price.  What really counts is what am I getting for the same amount.  Lets compare apples to apples.

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Comments (7)

Gaylen Thornton
Desert Heritage Real Estate - Surprise, AZ
I always sell value, as you indicate. What are you getting for the money you are putting out. Many people don't look at things in that fashion, but I do try to educate them as you did the lady.
Sep 12, 2007 10:33 AM
James Gordon
Sibcy Cline Realtors® - Cincinnati, OH
John did you you a rent survey for the area? You may have over-improved the property and now it is priced out of the neighborhood range. Just like we warn sellers not to over-improve their property. 
Sep 12, 2007 10:36 AM
Sam Miller
RE/MAX Stars Realty - Howard, OH
Knox County Ohio Real Estate Specialist

What you are describing is the difference between Value and Cost.  Many people simply can only afford a specific price range and anything above that range they simply can't make it regardless of how nice the rental is.  This may be what you experienced...it may have been nothing personal at all.  Money is tighter for many these days so this may become even more common especially for the mid price range for homes and rentals.

Sep 12, 2007 11:31 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor
Absolutely, but right now there are many good buys and nice houses available - so it is now how low will you go????
Sep 12, 2007 11:34 AM
Todd and Danielle Millar
Glenn Simon Inc. - Edmonton, AB
Nineteen years of excellence!
I think once you educate people on what they are getting they will understand the value to them.  You did a great job in explaining it to her and if your prices are in line with the area your place should rent.
Sep 12, 2007 01:19 PM
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
John, what is your rent range? What is the rent range for that area? what do you include in your rent that other landlord may or may not include.
Sep 13, 2007 06:58 AM
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
I treat them as an equal.  I am not there to be their friend but as a customer.  I offer good service when things break and clean comfortable apartments.  I don't tolerate trouble makers and I tell them up front.  I want my good tenants to feel welcome.
Sep 13, 2007 01:14 PM

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