marketing 2br/1ba duplex (by david [GA]) Jan 6, 2015 4:29 PM
marketing 2br/1ba duplex (by S i d [MO]) Jan 6, 2015 5:27 PM
marketing 2br/1ba duplex (by Frank [NJ]) Jan 6, 2015 5:29 PM
marketing 2br/1ba duplex (by Pattyk [MO]) Jan 6, 2015 6:09 PM
marketing 2br/1ba duplex (by GA [GA]) Jan 6, 2015 7:36 PM
marketing 2br/1ba duplex (by Rr [WA]) Jan 6, 2015 10:18 PM
marketing 2br/1ba duplex (by RentsDue [MA]) Jan 7, 2015 5:02 AM
marketing 2br/1ba duplex (by D_L [MO]) Jan 7, 2015 2:30 PM
marketing 2br/1ba duplex (by david [GA]) Posted on: Jan 6, 2015 4:29 PM Message:
State Specific Question About: GEORGIA (GA)
Hi, My name is David. I'm fairly new at marketing properties.
I am trying to rent out a 2br/1ba duplex. I just posted an ad January/1st. Generally, how long does it take to get a good tenant
for this type of property. Im renting my unit for 600.00/month.
Could I be asking too much? What are deal breakers when it
comes to renting. Any help is greatly appreciated.
Sincerely,
David --99.2.xxx.xxx |
marketing 2br/1ba duplex (by S i d [MO]) Posted on: Jan 6, 2015 5:27 PM Message:
Hi David, welcome:
The question your asking is very broad and will depend on you local market conditions. Just to give you an example, a 2-bed SFH on northwest side of Springfield, MO goes for $400. Same size house on the southeast side available for $1200.
Different neighborhoods, different amenities, so many variables.
The best suggestion I have is to research the local free online ads for your area on Craigslist, Zillow, and Postlets. That should capture about most of the major online advertisers. Btw, I do NOT trust Zillow's rent estimate: I only look at the actual figures for places that currently are for rent.
Also drive the neighborhoods close to your rental and call on some 'For Rent' signs. This will give you a ball park figure to start working with.
This time of the year is also 'slow' in many markets, but in GA I would think the temperatures might not be too bad even given this current round of arctic mayhem.
Finding a "good tenant" is also very broad. Back when I first started it took me 3-4 weeks. Now I do turn over in 1-3 days, and have less than 3% eviction rate over the past 5 years. Like anything, the better you get the faster it goes. Start looking now at what services you will use to pull credit reports, check criminal background, how will you verify income? Also, how will you handle showings? Will you drive right over every time someone calls, or will you 'pre-screen' over the phone to weed out the looky-loos and obviously unqualified prospects?
Deal breakers to me are: unpaid judgments from previous eviction, multiple evictions-paid off or not, no or insufficient verifiable income (must be 3x the rent minimum), no felony convictions within past 5 years, and poor land lord references. I do pull credit, but I don't have a specific score I look for. I want to know what's on the report that makes the score high or low. There are a few others, but mostly it comes down to can they pay the rent and WILL they pay the rent?
You've got a lot to learn (we all did) and some of it will only come from doing it the first time. But don't be scared into accepting the first warm body that flashes you a pile of hundred $ bills and promises to pre-pay 6 months rent. Better to take your time and find a good tenant vs. get a bad tenant in. Once they're in, it can be hard to get them out.
Get your place advertised ASAP. Tax refund checks start coming in Feb 1st...sooner if the applicants get 'refund anticipation loans'. You want to "strike while the iron is hot" (i.e. people have money to move). --108.250.xxx.xxx |
marketing 2br/1ba duplex (by Frank [NJ]) Posted on: Jan 6, 2015 5:29 PM Message:
YOU have to know YOuR local market.
how would we know? [unless of course someone here is In your local area]
How are YOU marketing the unit?
Not getting antsy after 6 days are you? Do you have script ready for screening the suspects....ummm prospects....yeah that's what they are ,prospects
--70.192.xx.xx |
marketing 2br/1ba duplex (by Pattyk [MO]) Posted on: Jan 6, 2015 6:09 PM Message:
read the Q&A here, scrol thru the post and you will learn alot.
know your local market.
your phone should be ringing.
did you put up photos and a good description?
what are you going to do if someone wants to rent it? do you have a process in place to screen? --107.26.xxx.xxx |
marketing 2br/1ba duplex (by GA [GA]) Posted on: Jan 6, 2015 7:36 PM Message:
If you are too high for your market, you won't get calls, because people who can afford that rent are looking in a different n'hood where that is the normal rent.
If you are too low for your market, you won't get any calls either because people will think the reason your unit is priced low is because there is something wrong with it.
Your market is EXTREMELY local. Often, rents change block by block. You need to find other units in your area, and compare the quality of those units with yours, then compare price.
You must include GOOD photos in your ads. --74.190.xxx.xxx |
marketing 2br/1ba duplex (by Rr [WA]) Posted on: Jan 6, 2015 10:18 PM Message:
Look at craigslist, look at pricing for nearby apartments complexes, or talk to local landlords.
Give it time. Soon you will learn,
No matter what the rent price is, you need to get a good tenant. A good tenant is worth a slightly below market rent, because they won't trash your unit or have to be evicted with account in arrears.
--67.160.xx.xxx |
marketing 2br/1ba duplex (by RentsDue [MA]) Posted on: Jan 7, 2015 5:02 AM Message:
Craigslist gets me the most calls, but quantity is not quality. Zillow or Hotpads is a better prospective tenant because they went a little farther than Craigslist to find a place. Some real estate agencies deal in rentals and will send a qualified applicants your way for a fee. If you are new to this game, you may want to consider using a screening service and finding a LL group so you don't have to learn things the hard ( expensive ) way. Best way to know how to price your place is to know what your competition is and what they are getting. That's what you will get. Get the address of the comps from Craigslist and actually drive there. Sometimes you think it's a comp because the stats are the same- but them you drive there and see that it is a dump and your place is worth more. --166.137.xxx.xxx |
marketing 2br/1ba duplex (by D_L [MO]) Posted on: Jan 7, 2015 2:30 PM Message:
I was curious...
How did you end up in this situation? Did you buy a duplex and are renting it out?
This forum is by far one of the best places for information. I've learned a TON!! Gave me the courage to actually jump and be a landlord (read on here for about 2 years before becoming a landlord). --167.80.xxx.xxx |
Reply:
|
|