Attracting better tenants (by Mickie [OH]) Sep 26, 2016 8:44 AM
Attracting better tenants (by Dave [IN]) Sep 26, 2016 8:58 AM
Attracting better tenants (by Hippd [KY]) Sep 26, 2016 9:25 AM
Attracting better tenants (by S i d [MO]) Sep 26, 2016 9:28 AM
Attracting better tenants (by CDM [CA]) Sep 26, 2016 9:33 AM
Attracting better tenants (by Robert,Ontario,Can [ON]) Sep 26, 2016 9:54 AM
Attracting better tenants (by Roy [AL]) Sep 26, 2016 11:41 AM
Attracting better tenants (by Robert J [CA]) Sep 26, 2016 1:21 PM
Attracting better tenants (by Mickie [OH]) Sep 26, 2016 3:07 PM
Attracting better tenants (by Mickie [OH]) Posted on: Sep 26, 2016 8:44 AM Message:
I have a few nicer sfh's that are closer to 'B' than 'C' units (good schools & in decent neighborhoods850 to 950 rents). I want to make sure I keep attracting better tenants. I can tile. I'd like you opinion. Would it make good sense to you to tile the front door entry way and perhaps do some back slash in the kitchens?
I don't want to over improve but do want to keep attracting good long term tenants. --70.208.xxx.xx |
Attracting better tenants (by Dave [IN]) Posted on: Sep 26, 2016 8:58 AM Message:
You might look at bumping the rent up to attract a better crowd.
I bumped the rent on a place in the hood by $50 per month to reflect the extensive renovation after a fire. I was amazed at how much better the potential tenant pool was. --132.244.xx.x |
Attracting better tenants (by Hippd [KY]) Posted on: Sep 26, 2016 9:25 AM Message:
The few houses I have I charge more than just about any other rental in the area. Plus my deposit for the area is borderline ludicrous. Easily 50-75% of the feedback I get from a showing is either it's to expensive or I'm crazy.
It does take me longer to find a tenant(2-3 months sometimes) but when I do they stay for years, I don't have to raise the rents cause they're crazy high as it is and they rarely destroy anything in the house. Mostly it is just cleaning up and one coat of paint here and there.
By setting my criteria, move in/monthly costs so high the people I have are all well off and make decent money. I just do what feels right and could care less about anything else. Every year it seems to be working better. I rarely have to process any applications for a turnover. Usually 2-3 maximum. The rest don't even bother to apply because they cannot afford it. Location, location location. --74.132.xxx.xxx |
Attracting better tenants (by S i d [MO]) Posted on: Sep 26, 2016 9:28 AM Message:
I think you'll get your best result by identifying the characteristics of the tenant you want and marketing to their tastes using methods they will see (Internet). Tastes can vary greatly by location. Clean, functional units with non-carpeted floors are renting like hot cakes where I live so I can pick the best tenants. Back splashes are a "nice to have" but not a "got to have." I find the cost and time involved to add one doesn't generate me any more rent or reduce my vacancy time.
I try to avoid trendy/fashionable stuff that has to be redone every 5-10 years and focus on presenting clean & functional at a competitive price. But then again, I rent mostly Class C. "B" may be a whole 'nother market, and I suppose if that's the case then the expense of updating to look fashionable goes with the territory.
What kind of research have you done into other Class B units that are renting well in your town? What amenities make or break it for those tenants? I bet high-speed internet & WiFi is a hot one! Also the wall outlets that have USB charges built into them were high lighted at the convention in May. $15 a pop...install 1 per room. Cheap and functional! --173.19.xx.xxx |
Attracting better tenants (by CDM [CA]) Posted on: Sep 26, 2016 9:33 AM Message:
Nice appliances in the kitchen, updated kitchen counters, modern-looking bathroom -- I would start there if I wanted to upgrade to get better tenants. I also like Sid's ideas for wifi and good charging options. Better-quality tenants will all want to be be online at home. --24.130.xx.xx |
Attracting better tenants (by Robert,Ontario,Can [ON]) Posted on: Sep 26, 2016 9:54 AM Message:
Found that one has to do things diametrically opposed. First make improvements while cutting the cost of improvements. Found by shopping a few Habitat for Humanity restores it always possible to pick up a small quantity of ceramic or porcelain tiles for a fraction of the cost of the big box stores. There usually enough tiles to do a back splash or a bathroom floor with tiles. What is not available at one store then other stores have. --65.93.xxx.xxx |
Attracting better tenants (by Roy [AL]) Posted on: Sep 26, 2016 11:41 AM Message:
Sid,
You and I must have the exact same tenant pool and the LL MINDSET that goes with Class C houses. Clean and functional
is big here too. I can't buy/rehab Class C houses fast enough to meet the demand for them. Now that you have me thinking about it, I feel fortunate to have Class C units and not having to spend all that extra money that it takes to attract and woo Class B or A tenants.
Mickie - Do you have any Class C units? Do you ever cross the RR tracks and cruise the Class C neighborhoods? --68.62.xxx.xxx |
Attracting better tenants (by Robert J [CA]) Posted on: Sep 26, 2016 1:21 PM Message:
Another idea, it's not what you do to your rental but the applicants you attract. Case in point, I have many single family homes on main streets. Putting up a sign will get me greater exposure. But one house in on the way to the local mall and the people that drive by that property on the way to Walmart and the other bargain stores are not Blue Collar Workers making the big bucks with the high FICO scores. No, they are hourly workers with little to no savings. Not the kind of people I'd like to rent one of my half million dollar homes too. For those applicants to pay my rents, they need many working roommates putting a lot of wear and tear on the property.
Instead I advertise my property elsewhere, attracting my desired client tail / applicants. --47.151.xx.xxx |
Attracting better tenants (by Mickie [OH]) Posted on: Sep 26, 2016 3:07 PM Message:
Roy the few B class are the first few I bought. Over the last few years I've bought mostly C class that I rehab. Not in the hood but not on the popular side of town either.
I look for quiet areas that are low crime
--70.208.xxx.xx |
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