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In your situation, I would recommend that you examine yourself and your approach to renting. You've had lots of traffic and interest. Based on what you said I don't think in your case the price is the reason. From what you described, you are way too passive and your process is too time consuming and difficult for the applicant. When people take an application at the open house offer to take their ap fee on the spot and let them fax or email in the completed application. Better yet, have it online and suggest that people complete it there or print it out and bring it to the open house filled out. Sure it takes a bit of time but compared to a month vacancy or $100 per month less in rent it makes the hourly rate a pretty good investment of your time.
I think a week, maybe 5 days to drop the price. The longer it goes on, maybe 3 days. I get those calls too, about more info. I think it's all they can request from an account on Trulia. When I get calls from those who saw the ad on craigslist or Hotpads and didn't read anything, I refer them back to the ad.
The PITA factor can't be ignored. If they have a list of issues when they first see the place, it won't get any better once they move in. So I really can't tell anything from that either. MLS feedback includes,"Nice home, my client wants something closer to work but you will get this rented". a few "bedroom sizes to small" but of course there are others that rented in primetime of summer for $1650, same model house with same bedroom sizes. Who knew August would be so much harder! School here started today so I am going to guess that's been a problem from the beginning.
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I create 2 different ads in craigslist; well, they are basically the same, with enough differences in content, price and subject line that craigslist doesn't flag it as a duplicate. The rental amount is slightly different in each.
to have an app fee paid, one of which I am not crazy about because they just want to rent for a year and then buy a house, the other is a long term renter who's agent says he is notoriously hard to get a hold of so I doubt I will get the app fee soon from him. No more agent showings scheduled. Just dropped the price today,9 days since the last drop,to $1575. Losing a month rent is a bigger hit than losing $25 $100/mo less over a year. Since I'm in Chicago, I am nervous about getting more into the slower rental season. So far we've always gotten a ton of foot traffic during the open houses. Ours is in tiptop shape too, some people say it's like brand new since we just repainted and recarpeted.
I tried out Trulia and Hotpads from the renters perspective, it's just a button they hit whenever they look at a rental property. They could go all digital slot machine style and hit buttons on 300 rentals in 1 minute if they wanted.
Are you only listing your rental on the MLS? We lowerprices incrementally every 1 2 weeks, depending on activity levels phone, email, apps, showing, etc.
Think of marketing your property like fishing. You will catch the most fish (inquiries/applicants) withmore lines in the water (different listing sources), proactively changing your bait (adjusting price), and recasting your line (revising ad content). You may also want to consider self showings. Regarding the ones who want to move in now, the lease will end July 1 so we don't get into this again next Nike Roshe Run Sneakers Black year, and they came in really aggressively with a whole list of stuff they wanted us to agree to (lower rent, lower security deposit,etc.) and are arguing about what documentation they need to provide since they are self employed so there is that PITA factor as well. Also, I don't plan to make the place brand new again in a year like itis now.
so; $50 if it's a harder area to find good tenants.
How Quick do you price drop your rental listings
I also tested out Hotpads from the renter's perspective, but it's been a while. I'll get to test it again soon enough, we're hopefully closing on a property at the end of September. That isn't an ideal time to look for tenants, but at least the property is in FL and there's no winter weather to contend with. I must get 10 15 calls the first week. If not I drop the price. When I drop the price it's to the next price point. Your first one from $1,650 to $1,599 is great. I hate to be the bearer of bad news but the next drop is to $1,499. Nike Roshe Run Ladies
Even $50 per month won't make someone look at a stale listing much less your puny $25.
I will drop the price in the first few days if there are no calls/email at all. Once the calls start regularly, I know I'm at the right price. If I get a strong candidate, and they ask for a reduction, I may go down $25 or Nike Roshe Run Black Anthracite
Once someone says they want your place, move fast. Don't give them time to shop, to ponder, to consider, to change their mind, or to find a place that is easier to apply to.
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I list my properties in MLS and also do rental open houses 2x/week. I have a newer rental property that I rented out for the first time last year, in July, got it rented in 2 weeks for $1600. This year, listed it August 1st for $1650 after looking at comps, got only 1 app from someone that didn't work out, so 11 days in on August 11th dropped the price to $1599, got WAY more MLS showings (24 in total scheduled which probably means 12 actual showings),2 paid for applications we had to deny, 2 applications that have yet Nike Roshe Hyperfuse
I've also listed properties at $5 or so below the next big price point like $995 instead of $1000.
They can customize whatit says since I see them saying somewhat different things, on at least one of the websites they can put in ranges for their credit score and how much money they make. I had tried setting up a canned email with filter response on Google mail and found out when I was experimenting that it didn't work; the emails look like they get sent as far as what you can see in Google email, but they never actually get there, you need to click the reply buttons and get linked to Hotpads or Trulia and then put in your response.
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