 Thinking creatively (by MariaB [CA]) Mar 2, 2009 11:53 AM
 Thinking creatively (by Wallace CPM [VA]) Mar 2, 2009 12:05 PM
Thinking creatively (by MrRational [MD]) Mar 2, 2009 12:21 PM
Thinking creatively (by Susan [OH]) Mar 2, 2009 12:45 PM
Thinking creatively (by Natalie [CA]) Mar 2, 2009 12:52 PM
Thinking creatively (by sid [MO]) Mar 2, 2009 12:57 PM
Thinking creatively (by MariaB [CA]) Mar 2, 2009 1:52 PM
Thinking creatively (by Keith [MN]) Mar 2, 2009 2:56 PM
Thinking creatively (by BP [TX]) Mar 2, 2009 3:16 PM
Thinking creatively (by MariaB [CA]) Mar 2, 2009 3:31 PM
Thinking creatively (by Susan [OH]) Mar 2, 2009 3:43 PM
Thinking creatively (by Virden [OH]) Mar 2, 2009 4:14 PM
Thinking creatively (by Natalie [CA]) Mar 2, 2009 5:17 PM
Thinking creatively (by MariaB [CA]) Mar 2, 2009 6:21 PM
Thinking creatively (by Erin [FL]) Mar 2, 2009 8:19 PM
Thinking creatively (by Smitty [VA]) Mar 3, 2009 7:02 AM
Thinking creatively (by MariaB [CA]) Posted on: Mar 2, 2009 11:53 AM
Message:
State Specific Question About: ARIZONA (AZ)
I'm a long distance landlord: yeah, I KNOW!
Anyway, would like to brainstorm with fellow Arizona landlords (whomever is left, haha) on what you are doing to keep your properties filled and vacancies reduced in this challenging market.
We have a good loan although we are upside down value-wise. We have no plans to sell and as long as we can keep the place rented we're fine. The challenge is the turnover is so great right now. I'm trying to think outside the box - I'm offering a month free rent with a year's lease. I'm thinking about rent to own, but nervous about whether that is legal in Arizona anymore (I will be consulting with my Pre-paid law firm in Arizona bout this). Any ideas?
My current renter is going to buy but I don't think I could be competitive with what is out there right now, REO's, etc. --71.84.xx.x |
Thinking creatively (by Wallace CPM [VA]) Posted on: Mar 2, 2009 12:05 PM
Message:
Forget the one-mo rent free and pre-paid legal service....Why are you giving up so much money? Let a local property manager handle and get more bang for your buck. --205.188.xxx.xx |
Thinking creatively (by MrRational [MD]) Posted on: Mar 2, 2009 12:21 PM
Message:
you need to focus on the TYPE of tenant you are attracting. no pat solutions (they are all local) but try to focus on solid steady responsible plain vanilla folks. teachers nurses rookie cops who work near to your locations and will settle in to your place for a while.
What they pay is the next variable but in general 12x500 is better than 10x600
--96.234.xxx.xxx |
Thinking creatively (by Susan [OH]) Posted on: Mar 2, 2009 12:45 PM
Message:
I think you need to have the best-looking and best-kept unit, priced slightly lower than the competition.
Jeffrey, who is the master of marketing, has a lot of great suggestions in his book, The Landlord Kit". --204.210.xxx.xx |
Thinking creatively (by Natalie [CA]) Posted on: Mar 2, 2009 12:52 PM
Message:
I understand what you're going through...we have an apartment in a duplex we are trying to rent and having a really hard time. I have tried all kinds of things advertising wise. Offering half a month rent free didn't do much.
What seems to be working at this point, at least in terms of bringing people to view it is basically I am advertising it for a $100 less then regular rent and in the body of the ad I explain that this is 4 months special promotion.. seems to be working much better then offering half a month rent off. --98.210.xx.xx |
Thinking creatively (by sid [MO]) Posted on: Mar 2, 2009 12:57 PM
Message:
Avoid gimmicks...and btw, not to belittle your idea about free rent, but this is not outside the box. Everyone and their uncle is doing that these days, especially apartment mega-plexes with double digit vacancy rates. And they'll move in anyone who can fog a mirror.
You need to look hard at your property as if you were a prospective tenant. What are the positives, the negatives? Are there comparables renting for less? If you were going to rent your unit, what would you expect to pay for it?
I know I just said avoid gimmicks, but I heard of a land lord in town who advertizes like so:
Wanted: responsible long-term renter with good references, good credit for nicely kept and updated 2-bed house. Make me your best offer!
Essentially, he's willing to trade long-term and good credentials for some wiggle room on the price. Negotiated rents are fine with him. I don't know all the in's and out's of this kind of a deal and whether or not there could be descrimination charges since rent is 'fluid' but no one else is trying this. It's about as 'outside the box' as you get in my area.
I just have well-maintained, humble units that I price slightly lower than the competition. Going on 3rd straight month with no vacancies (not all rents are in yet, we'll see...). --204.80.xxx.xx |
Thinking creatively (by MariaB [CA]) Posted on: Mar 2, 2009 1:52 PM
Message:
Thanks, my rent price is already quite competitive. As for the free rent, I know it's not outside the box but so far I have heard nothing else here that is outside the box, no offense intended. It's kind of obvious that I need to find a good tenant, that is really not new information either!
The idea of "making an offer" is intriguing. As for Pre-paid Legal, the legal advise is free to me so I check with them on everything I do. I know some people don't like lawyers, for me they've saved me a great deal of hardship so I like them just fine. Like I said, nothing beats free legal advise in my opinion. Good luck to you all. I'll see if I can find some outside the box ideas on another board. --71.84.xx.x |
Thinking creatively (by Keith [MN]) Posted on: Mar 2, 2009 2:56 PM
Message:
You posted your question at 11:53 AM and didn't get the responses you wanted by 1:52PM and are going to post to another board. Some us of here work a few jobs so we can't always respond within the 3 hour time period you need your question answered. Good luck to you too. --209.68.xxx.xxx |
Thinking creatively (by BP [TX]) Posted on: Mar 2, 2009 3:16 PM
Message:
Get feedback from your tenants. They know what they like and dislike about your place.
Example:
One tenant mentioned higher than expected utility bills. Next time that unit is vacant, I'll replace all windows with high efficiency windows and sliding door. Also throw some additional insulation into the attic. Probably cost $1000 total, but makes a great marketing case. Tenants like saving money. If you can help them save it somewhere else, they'll pay a premium to do it.
I just wish that solar cells were cheaper. I'd have them up in a flash. Imagine being able to advertise solar-power and energy efficiency. They'd be all over that. Unfortunately solar cells are way too expensive to make any sense right now. But you have the idea. --66.137.xxx.xxx |
Thinking creatively (by MariaB [CA]) Posted on: Mar 2, 2009 3:31 PM
Message:
Wow, good grief Keith, can we not get sensitive here? My posting on another board is no offense to this one! No, I don't expect everyone to hop to and respond. Take it easy.
Thank you all to your responses. I am still listening... --71.84.xx.x |
Thinking creatively (by Susan [OH]) Posted on: Mar 2, 2009 3:43 PM
Message:
I think you are going to be listening a long time to hear anything else from me~
Good luck to you;I think you're going to need it! --204.210.xxx.xx |
Thinking creatively (by Virden [OH]) Posted on: Mar 2, 2009 4:14 PM
Message:
Take photos of the best looking, cleanest place and it will rent to good tenants, if ya have a dumpy spot it will like dumpy people. If you give a free month make it the 10th month, at least you will have a tenant wanting to get to the freeby month, do not bother with rent to own if you can not rent first, far too complex to break off when they have 20% interest and decide to quit paying. --99.160.xx.xxx |
Thinking creatively (by Natalie [CA]) Posted on: Mar 2, 2009 5:17 PM
Message:
Agree with Susan[OH]... complete waste of my post. --98.210.xx.xx |
Thinking creatively (by MariaB [CA]) Posted on: Mar 2, 2009 6:21 PM
Message:
Again, thanks all for your input.
I won't be posting on this board again. I really do appreciate those of you who were able to take the high road and get beyond the pettiness. Some of this has gotten really ugly. I do regret the tone this has taken. It was not my intention to offend anyone, although obviously I did.
Good luck to you all, and I really do mean it (despite the fact that I sincerely believe some of you do not wish me any luck at all). --71.84.xx.x |
Thinking creatively (by Erin [FL]) Posted on: Mar 2, 2009 8:19 PM
Message:
Depending on what is already included in the place, I would offer things that would be nice and new for the tenant and upgrades for your place, such as W/D or hookups if not already there, new carpet or new tile flooring, nice deck or fenced yard, etc. You can choose 2 things you think the place could use and offer a choice to the new tenant. I feel like tenants want the nicest newest place they can get for the best rent. It would be better for you to use your money for upgrades than just give away free rent. I think good tenants would appreciate it more and wouldn't mind so much about rent that they are willing to already pay, but the poor tenants would care much more about cheap security deposits and free rent. --24.250.xxx.xxx |
Thinking creatively (by Smitty [VA]) Posted on: Mar 3, 2009 7:02 AM
Message:
I agree with Erin. The upgrades that I did to my SFH had it sparkling next to the comparables. New flooring, fresh paint and bargain priced stainless appliances. I even replaced all of the receptacles and scratched up door handles. I still need new countertops, new windows and a few repairs on the outside, but I had lots of positive feedback and tenants within a few weeks. The look on my tenants face was priceless when I asked how did they think it compared to the competition. Oh, and I had no problem accepting a well mannered dog. --70.161.xx.xx |
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