Suggestions On Making My SFR More Appealing To Prospective Renters-Results Follow Up
Hi all, a few weeks ago I posted a request for input on how to make my SFR more appealing to renters. The problem I was running into was I had closed on two houses around the end of Sept. and neither had rented for about six weeks. Of course one had several others for rent nearby, the second was in a softer rental area than I realized when I purchased. Bottom line: I was sitting on two vacancies at once and getting irritated.
I had some great responses to my request. You guys give good info. Ultimately I rented both houses within about one week of making my post. So in the interest of giving back to the community, I am posting what I did.
In Nashville I did not lower the rent amount. I did offer the renters a 27” T.V. AND I told the property managers I would send them the same T.V. if they had a contract to me before December. It was rented within a week. The leasing agent I spoke to was clearly excited about her new T.V.
In Raleigh, my competition was offering one free month of rent. I personally don’t like this tactic because I think it hurts all the landlords in the area, but you gotta do what you gotta do to protect your wallet. I made the same offer. It rented within a week.
I found it revealing that the moment I offered some prizes to renters and property managers alike my units rented.
A couple more items are now in my bag of tricks. Thanks again to those of you who responded to my request for advise. Brian
Nice job! Thank you for sharing.
Thanks for following up with us. Very smart move with the property manager gift.
Jim
I understand giving a "reward" to your new tenants, but your PM?? If it works for you then great - I would be worried they would fill the vacancy with any yahoo just to get the prize. I had to fire a PM because of that - the place would be empty and after a month or so, I would start to raise hell and it magically get rented. You guessed it...3 month later he was doing an eviction.
Obviously, your concern is not with the tenant since you have had this tenant for some time.
Section 8 is not a bad thing. Your property has to be inspected by the Section 8 housing authority and meet all health and safety codes before your tenant will be approved to live in your unit.
Once you have a Section 8 tenant, your rent increases must be approved by the Section 8 housing authority, but if they are normal cost of living increases, you should not have any trouble.
I have and have had several Section 8 tenants over the years. I have never had a reasonable rent increase refused by the housing authority.
Section 8 = Guarenteed RENT = Go for it!
Section 8 = Guarenteed RENT = Go for it!
I too have had (and still have some) Section 8 tenants, and I have never had a rent increase request refused. In fact in my area, they pay slightly over market rent . Section 8 pays most of the rent and the tenant is responsible for the balance. Rent is direct deposited into my account on the 1 of every month.
Nothing wrong with Section 8...
I would tell the property manager to tell the section 8 office (or tell them yourself!) that you are looking for market rent, which is $1400 or whatever you think market rent is... And have your property manager find some rentals that are renting for that much...
They will likely work something out with you...
Good Luck!
[addsig]
You need to get the original leases from the previous owner and get an assigment of lease for each of the leases.
Brenda
I would be interested too.
Thanks Sly!
stefano01,
I would check with a local real estate attorney about keeping the deposit. You really have to be careful with this type of deal. There are some people that know the law and are fradulent in the rental world. As stated before, you should of had her sign a lease which should entitle you to the money. I recently signed a lease for the same type of situation where he could not move in until the 10th. I prorated him from the 5th because of the cost and signed a lease that he agreed to the terms. If he was to say he could not move in on the 10th, I would consult with a real estate attorney about keeping a months worth of rent from his deposit. Hope this helps.
Stefano01,
My best guess is that since a lease agreement has not been signed, she has no obligation to do anything unless you can show that the money she gave was to hold the unit and was to go to you if she backs out. The closest I have had is a similar situation where the tenant had signed a lease but could not move in. The lease was in effect and I collected from them until a new tenant was found. [ Edited by edmeyer on Date 12/06/2005 ]
I would not wait for the LL to bring her to court, be proactive and seek the advice of a lawyer. Even if the LL does not get money from the tenant he can file a bad mark on her credit report.
Thanks but this landlord is an old farmer and is not in the business of renting a lot of places. He would never pay to ding a persons credit. I willpass on the info.
I had the same issue, I have a 2br, 1 bath 840 sq feet.
I had a married couple, with one child, and wanted to bring 2-3 more family members, i said no.
I have seen 6-10 people in a two bedroom, but they pay 1400-1600 a month, the owner does not care. Credit score is very important, when screening, bad credit = headaches with tenants , I have learned the hard way, but back to the question, a couple with two kids should be the max, 3rd child requires a 3 bedroom. (2 adults 2 children), hope this helps
Unless you are desperate to rent I would forget both of them. Yes, your apartment will be trashed, yes your liability increases,yes you may have to evict and evicting children is a long and hard process. I would really pass Think about it.
You cannot lend towards anybody unless you want a lawsuit. You must rent to the first people who pass your selection critieria. You can not pick and choose. There are federal, state, county, maybe even city laws regarding the number of people that are allowed per bedroom. And it has nothing to do with age, family status, etc. One single woman with three kids is the same number as four middle aged men - 4. Typical rule of thumb is two per bedroom. Now if have a health or medanical where the property can not accomodate 2 per bedroom, then you are OK. One I can think of is a small septic tank. But you must apply the same rules to all applicants.
I never ask the ages of any of the occupants during our conversation. I ask "and who will be moving in". I let them tell me. I then make no comment on any ages other than to ask "how many are over 18, because they must complete a rental application". Never discuss the ages, religion, family status, heritage, where they were born, what medical conditions, NOTHING. Just stick to the facts.
it simply comes down to one thing who is the best bet to pay yhe rent and take care of the property!
Actually, it comes down to having a selection criteria and being able to apply it towards each applicant equally and being able to justify your selection critieria and the result of applying it towards each applicant.
Brenda
I am not worried at all, because I am not in any of those "bubble" markets. Market rents in my area have stagnated over the past year rather than increase, but even then I still have a positive cash flow.