Price, price, price, pric
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Price, price, price, pric (by NE [PA]) Aug 12, 2017 8:25 AM
       Price, price, price, pric (by Amy [MO]) Aug 12, 2017 9:00 AM
       Price, price, price, pric (by Jeffrey [VA]) Aug 12, 2017 9:03 AM
       Price, price, price, pric (by Sisco [MO]) Aug 12, 2017 9:48 AM
       Price, price, price, pric (by NE [PA]) Aug 12, 2017 10:59 AM
       Price, price, price, pric (by NE [PA]) Aug 12, 2017 11:01 AM
       Price, price, price, pric (by TERRY [ID]) Aug 12, 2017 11:06 AM
       Price, price, price, pric (by David [MI]) Aug 12, 2017 12:03 PM
       Price, price, price, pric (by TERRY [ID]) Aug 12, 2017 12:31 PM
       Price, price, price, pric (by NE [PA]) Aug 12, 2017 12:40 PM
       Price, price, price, pric (by WMH [NC]) Aug 12, 2017 12:51 PM
       Price, price, price, pric (by NE [PA]) Aug 12, 2017 12:59 PM
       Price, price, price, pric (by WMH [NC]) Aug 12, 2017 1:17 PM
       Price, price, price, pric (by NE [PA]) Aug 12, 2017 1:48 PM
       Price, price, price, pric (by Robin [WI]) Aug 12, 2017 7:27 PM
       Price, price, price, pric (by Deanna [TX]) Aug 12, 2017 8:18 PM
       Price, price, price, pric (by NE [PA]) Aug 12, 2017 8:24 PM
       Price, price, price, pric (by BillS [CO]) Aug 13, 2017 5:42 AM
       Price, price, price, pric (by WMH [NC]) Aug 13, 2017 5:58 AM
       Price, price, price, pric (by RB [MI]) Aug 13, 2017 6:00 AM
       Price, price, price, pric (by WMH [NC]) Aug 13, 2017 6:01 AM
       Price, price, price, pric (by David [MI]) Aug 13, 2017 12:11 PM
       Price, price, price, pric (by Renne [TX]) Aug 13, 2017 12:33 PM
       Price, price, price, pric (by Luba [NY]) Aug 13, 2017 3:05 PM
       Price, price, price, pric (by Jason [PA]) Aug 13, 2017 3:25 PM
       Price, price, price, pric (by Nicole [PA]) Aug 14, 2017 5:55 AM
       Price, price, price, pric (by Jeffrey [VA]) Aug 14, 2017 7:06 AM
       Price, price, price, pric (by NE [PA]) Aug 14, 2017 7:24 AM
       Price, price, price, pric (by WMH [NC]) Aug 14, 2017 7:49 AM
       Price, price, price, pric (by NE [PA]) Aug 14, 2017 8:05 AM
       Price, price, price, pric (by Deanna [TX]) Aug 14, 2017 8:21 AM
       Price, price, price, pric (by Jeffrey [VA]) Aug 14, 2017 8:39 AM
       Price, price, price, pric (by WMH [NC]) Aug 14, 2017 8:46 AM
       Price, price, price, pric (by WMH [NC]) Aug 14, 2017 8:48 AM
       Price, price, price, pric (by NE [PA]) Aug 14, 2017 9:04 AM
       Price, price, price, pric (by WMH [NC]) Aug 14, 2017 9:42 AM
       Price, price, price, pric (by LisaFL [FL]) Aug 14, 2017 12:01 PM
       Price, price, price, pric (by Jeffrey [VA]) Aug 14, 2017 12:37 PM
       Price, price, price, pric (by WMH [NC]) Aug 14, 2017 12:57 PM
       Price, price, price, pric (by Jeffrey [VA]) Aug 14, 2017 12:58 PM
       Price, price, price, pric (by Jeffrey [VA]) Aug 14, 2017 1:05 PM
       Price, price, price, pric (by Pmh [TX]) Aug 14, 2017 1:15 PM
       Price, price, price, pric (by John [CA]) Aug 17, 2017 3:18 PM
       Price, price, price, pric (by David Krulac [PA]) Aug 18, 2017 6:57 PM
       Price, price, price, pric (by BRAD 20,000 [IN]) Aug 18, 2017 11:45 PM

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Price, price, price, pric (by NE [PA]) Posted on: Aug 12, 2017 8:25 AM
Message:

Everytime I try new tactics to get a higher rent, it seems to fail.

Bottom line: PRICE!

Everytime.

I think I need to put the creative marketing in the BUNK folder with the pre-advertising.

Also, under price a bit and bank on raising at renewal. --50.32.xxx.xx




Price, price, price, pric (by Amy [MO]) Posted on: Aug 12, 2017 9:00 AM
Message:

I'm interested to know what you tried. If nothing else perhaps that specific tactic for higher rent failed. You never lack for creativity, for sure.

In another market, another niche--might work. --136.32.xxx.xxx




Price, price, price, pric (by Jeffrey [VA]) Posted on: Aug 12, 2017 9:03 AM
Message:

NE, have you tried offering a 50% discounted deposit (cutting it half) for a 5% bump in the rent? --72.214.xx.x




Price, price, price, pric (by Sisco [MO]) Posted on: Aug 12, 2017 9:48 AM
Message:

Tell us more about this. Are you saying that you must be the cheapest on z illow? Or, were you trying to move up to another price range? --107.77.xx.xx




Price, price, price, pric (by NE [PA]) Posted on: Aug 12, 2017 10:59 AM
Message:

I have taken an average of competitors rents since I first started renting units. I know THE AVERAGE rents for properties in my area. For apartments with and without utilities, for efficiencies, 1,2, 3 bedrooms. Also, houses with 1,2,3,4 bedrooms.

I try to get above average rent when I first kid t them for rent. Why not?

What I find really odd is the amount of interest at the higher rent when a unit is advertised as "available soon".

As soon as it's ready, the interested people seem to vanish. Then I end up playing the price reduction game.

Most of my apartments are really nice and totally redone.

The thing is, I'm not getting above average rents.

For example: the average 2 bedroom without utilities is $655 a month. So, obviously, there have been apartments advertised for more and for less.

Honestly, I don't know how else a landlord could effectively set the price of their rents unless they pay attention to the competition. Without an idea of the competition, it's nothing more than a guess. I'm open for ideas on that for sure.

I ALMOST want to underprice the market by 5-10%.

I should be able to hit the market at the correct rent where people are fighting over a unit. Not tire-kicking, not looking at anybody else's places.

I'm just not sure how to use the information I've been collecting for years to trim down the vacancy. Honestly, I should be able to fill a unit within a week of it being ready. That's a workable goal.

If not, then why not?

The 24 hour turnover is not a possibility here.

Jeffrey, I have offered lower SD's as well as $99 move in specials. --50.32.xxx.xx




Price, price, price, pric (by NE [PA]) Posted on: Aug 12, 2017 11:01 AM
Message:

**First kid should read first list. --50.32.xxx.xx




Price, price, price, pric (by TERRY [ID]) Posted on: Aug 12, 2017 11:06 AM
Message:

I'm not clear about what you are asking. Are you not attracting tenants because you think the rent you are advertising is too high? If this is the case, check Craig's List and see what the going rates are in your area for the same amenities. Does your place compare? Is it clean and updated? Curb appeal?

Or, are you referring to upping the rent for current tenants at the time their lease agreement is time for renewal? Are you asking, 'how much do I increase the current rent?' I have had that dilemma myself. I've had one tenant in one of the apartments for 12 years and just in the last few years I've started increasing the rent by $25/month every year. I feel bad because I haven't updated his apartment for 12 years, but I have been updating the landscaping and the outside areas. He is an excellent tenant and doesn't seem to care about new carpeting or paint! Mr. Landlorders tell me, if it ain't broke, don't fix it! --75.174.xxx.xx




Price, price, price, pric (by David [MI]) Posted on: Aug 12, 2017 12:03 PM
Message:

"Honestly, I don't know how else a landlord could effectively set the price of their rents unless they pay attention to the competition. "

Price on the high side then be willing to negotiate a discount on the rent depending on how much interest you get.

Or price on the low side then bump up the rent at renewal.

--50.4.xxx.x




Price, price, price, pric (by TERRY [ID]) Posted on: Aug 12, 2017 12:31 PM
Message:

I'm still not clear, are you over-thinking the whole "for rent process"? Are you expecting tenants to break your door down and throw money at you trying to rent your place? In a slow rental market, I have had "For Rent Open House". I staged the apartment with plants and had light background music...I went as far as baking chocolate chip cookies in the oven, so the apartment was warm and inviting (this was in Oct or Nov in Idaho. I had all the lights turned on, just like you would if you were trying to sell your home. I started posting notices on Craig's List the week before, so people would have plenty of notice. I printed color flyers and a tenant criteria sheet; to hand out at the open house. I posted on Craig's List "Apartment for Rent" Open House, the times and all the apartment information. I had signs and balloons at all the major cross streets the day of the open house. Yes, it was a bit over the top, but it was a slow market, and I definitely stirred things up. Yes, I had allot of looky loos, but I think it was worth the extra effort. Before-hand, make sure you do your homework and you find out who your competition is...be in there. Application fees are always cash; I tell applicants, if their application is approved, I will refund their application fee (take away from the first month's rent). Just a little something to sweetin the deal. I only accept one application at a time, just to avoid chaos. --75.174.xxx.xx




Price, price, price, pric (by NE [PA]) Posted on: Aug 12, 2017 12:40 PM
Message:

Ya Terry, I've done the hype it up stuff. It's going back to my original post about price being the major deciding factor for tenants. In my area at least. --174.201.x.xxx




Price, price, price, pric (by WMH [NC]) Posted on: Aug 12, 2017 12:51 PM
Message:

I forget, do you take pets? Because in my area, accepting pets is the deciding factor. --173.22.xx.xx




Price, price, price, pric (by NE [PA]) Posted on: Aug 12, 2017 12:59 PM
Message:

I do take pets, I just don't take dogs in apartments. --50.32.xxx.xx




Price, price, price, pric (by WMH [NC]) Posted on: Aug 12, 2017 1:17 PM
Message:

Ah. May I ask why? And can you define apartment so I know what you are talking about? --173.22.xx.xx




Price, price, price, pric (by NE [PA]) Posted on: Aug 12, 2017 1:48 PM
Message:

Apartment, as in not a single family home.

Never have other than inherited tenants with dogs. , Dont want to get into the finger pointing of who's dog's doo it is in the yard and don't want unoccupied dogs barking all the time disturbing the neighbors.

Most of my units are extremely quiet any time you show up to them.

--50.32.xxx.xx




Price, price, price, pric (by Robin [WI]) Posted on: Aug 12, 2017 7:27 PM
Message:

NE, ignore the troll. You know what happens when you wrestle with a pig.

So, back to the topic. I think you're wise to adjust to your specific market. If you're renting to the working poor ($15/hr and under), you're right: you're not going to get more money out of them, no matter what. I've tried multiple ideas from the forum. Some have worked, some have not. Nobody has been interested in renting appliances from me. Nobody wants lawn service. They don't care whether there's a dishwasher or what color the tub is. They DO care about how many bedrooms and how much per month and which utilities are included.

Now, if you're renting to professionals or millenials, I think the upsell works because they have disposable income. It all depends on your market. --204.210.xxx.xxx




Price, price, price, pric (by Deanna [TX]) Posted on: Aug 12, 2017 8:18 PM
Message:

I used to be secretary to an assistant city manager of a major city. He retired to join the private sector. Several of us went out with him to a fancy restaurant that I'd never been to before. I still remember the waiter reciting the specials of the day. One of them had to do with "a tomato that was brought across the Atlantic on the Mayflower by the Pilgrims." My ACM's wife thought that sounded good, so she ordered it. When it arrived, she had... an artfully sliced tomato on her plate. With a little garnish. She looked at it like, "Ummmmm..."

Whenever people talk about creative marketing, I always remember that tomato. You can make it sound as fancy as you want, but at the end of the day, you're ordering a $30 tomato dinner. Some people can afford to order a $30 tomato dinner. Other people want at least a steak dinner for their $30. Me, I'd spend $15 on steak, $15 on lobsters, and have a nice $30 dinner-for-two by cooking at home. And my tenants would probably go out and buy a week's worth of groceries for $30.

Same thing for houses. If your tenants are of a particular socio-economic strata, in a particular geography, it's hard to sell them the housing equivalent of a $30 tomato dinner. That's not to say that no one can make a living off $30 tomato dinners (or the housing equivalent), but at the end of the day, that niche isn't my niche. --96.46.xxx.xx




Price, price, price, pric (by NE [PA]) Posted on: Aug 12, 2017 8:24 PM
Message:

Deanna, that's a great way to put it. What I try to do with my places is make them nice enough that people are renting a really nice place versus just having a place to stay. The more I watch the different results during turnovers and lease signing, the more I am seeing that they don't want $30 tomatos. So it's ok, it's more of just a realization after exhausting different methods. --50.32.xxx.xx




Price, price, price, pric (by BillS [CO]) Posted on: Aug 13, 2017 5:42 AM
Message:

NE saddened by the personal attack. At any rate I believe your stories and don't mind your stream of thought posts.

I think in your clientele, you need to up-sell rather than start high and work down. Personally, I think the starting high in real estate, unless you are marketing to a group with lots of discretionary income, is a waste. In the end it hurts you as you have found out. My tenants have a bit more disposable income than yours so the up-sell works good for me. I add pet rent and pet fees as well as rent washers and dryers. I have storage too. I collect a water fee in multi-unit properties where I pay the water even if it's $5 per month. I once found a book on the psychology of pricing. I read it and one takeaway was that my rent of $495 was no different in the "buyer's" mind than $499. The end result was I added change my offer price and the only thing that changed was my income. The bottom line is that all humans have behavior that is not rational you have to find and tap into that for your target tenant.

Now your pet policy. If you are willing to work a bit harder, you can add dogs to your apartments. The thing you have to do is screen the dogs and the owners. Just because they have the money doesn't make them a good dog owner. It takes time to screen pets. If you don't have time for that then the extra money is not worth it.

Another thought on the starting high and I said this before. When you start high, it sours your property to the buyers. Most everyone shops on-line before "buying" so when they see your "coming soon" at market plus $x and it's still there when they start actually calling, they call the ads for the market rent that just came on the market and fit their time frame. If your your price is slightly below market you get more calls and better applicants. You can also "make up" some rent with your extras to where you end up slightly above market. --73.34.xxx.xx




Price, price, price, pric (by WMH [NC]) Posted on: Aug 13, 2017 5:58 AM
Message:

As far as pets in non-SFH, it DOES work if you screen the pets, as posted above. And it opens up a whole new pool of renters to you. Possibly renters that WILL pay a little more.

99% of our places have pets, even the apartments.

We have a quadplex that has two GIANT dogs in one unit, none in the second, two SMALL dogs in the next and I think 4 cats at the other end. I've never had one complaint about the pets from anyone.

Downstairs we have a tenant with a black lab. You would never know unless someone enters the yard. In other words, appropriate barking.

However, we did once have a tenant with a tiny Pomeranian that barked non-stop whenever they left. I did get complaints and I did have to tell the tenant to get rid of the dog. --173.22.xx.xx




Price, price, price, pric (by RB [MI]) Posted on: Aug 13, 2017 6:00 AM
Message:

A LL friend offers his SFH's with ALL the bells and

whistles. ( Amenities )

I offer Basic,Code Compliant SFH's,

without Anything Fancy. (lower than market)

While he enjoys collecting Higher Rents,(at or above market)

His personal stress level is much Higher, (than mine)

because of Turnovers,Damages, Repairs, Visits,

Accounting and Administrative time / costs.

His Tenants seem to think they are renting

Maintenance Free, Country Clubs.

He and I compare Notes and walk away with a

to each his own conclusion and neither would be willing

to trade.

Note : Our Rental Homes are located in the same Cities and Neighborhoods.

--71.13.xx.xxx




Price, price, price, pric (by WMH [NC]) Posted on: Aug 13, 2017 6:01 AM
Message:

Which is one more reason I prefer medium-to-big dogs over the small ones. Small dogs bark non-stop sometimes. We have a tenant right now in one of the studios with two small dogs. Sometimes one of them will just stand on the deck and bark for no reason at all. Just bark bark bark.

Big dogs never seem to do that in my experience. --173.22.xx.xx




Price, price, price, pric (by David [MI]) Posted on: Aug 13, 2017 12:11 PM
Message:

Rb what are the bells and whistles you refer to --50.4.xxx.x




Price, price, price, pric (by Renne [TX]) Posted on: Aug 13, 2017 12:33 PM
Message:

Hi NE. We borrowed an idea from Deals on Wheels author Lonnie Scruggs. Lonnie was selling used mobile homes and his theory was the buyers didnít care about the final price of the home, but rather if could they afford the monthly payment. Fixer Jay Decima also speaks of good terms being more important to him than price.

I donít know if you do this or not; We offer our Residents weekly, twice a month and monthly rental options. Our homes are not at all the least expensive, but we offer our Residents terms they like.

Our current vacancy is a single-wide mobile home that we have advertised as $240/week, $507.50 twice a month or $995/month. $240/week ( $12,480/year); $507.50 twice a month ($12,180/year) or $995/month ($11,940/year).

In looking at our past numbers, 2 Residents chose weekly, 3 chose twice a month, 5 chose every month and 1 chose to pay a year in advance. More than Ĺ of our Residents wanted something other than the traditional monthly due date.

We had a very bad experience early on with damages left by a Resident so we would never offer a lowered security deposit option. In fact, we get above market security deposits for our properties ($1,600 no pets or $1,800 pets when $800-900 would be market) because we allow our Residents to pay out their deposit over three months.

There is not a huge risk to us with the security deposit payments as we have already been inside their previous home for our pre- approval in-home visit and we visit our homes every 3-4 months. We borrowed an idea from Jeffrey and we return $50.00 of their security deposit to the Resident on each of these scheduled security deposit return visits.

Because of the options we offer Residents, we are able to get above average rents with above average security deposits and a little extra over the course of the year for weekly or twice monthly options.

All the best!

Renne

--96.8.xxx.xxx




Price, price, price, pric (by Luba [NY]) Posted on: Aug 13, 2017 3:05 PM
Message:

If ''tis is NOT a smoke free property, make the price bigger and advertise as "Smokers Welcome!"

Smokers will be forced to come to you because other landlords will not allowed smoking. --70.214.xxx.xx




Price, price, price, pric (by Jason [PA]) Posted on: Aug 13, 2017 3:25 PM
Message:

Are you listening to what your market wants? I know you got your properties and rewire and do everything over and that's fine but a lot of The Times I have noticed that the people really just won a bare-bones place that is cheap. I can maintain a bare-bones cheap place and run it cheaper also and often get long term tenants mainly due to price. A lot of the properties that I rent I wouldn't want them to have real nice appliances or real nice cabinets, I will worry about those upgrades when it comes closer to time to sell, when IO little to nothing on the property . I'm not talking all properties I'm just saying some of them --152.208.xx.xxx




Price, price, price, pric (by Nicole [PA]) Posted on: Aug 14, 2017 5:55 AM
Message:

for about 10 years, at every turn over I spent money making my lower end places the nicest of that level units in my area. I charged at the higher end of pricing but not the top and not over the top for the neighborhoods. My thoughts were that I'd get "the best" of the tenant pool for that area/price. At turn overs, I'd find that I again needed to spend money refurbishing.

bottom line as others above have said ... they are going to pay only what they have in mind when they start looking. if they want to pay $600, they are not going to pay you $640 just because your place is cleaner, has a bigger yard, new tub surround, etc.

--72.95.xx.x




Price, price, price, pric (by Jeffrey [VA]) Posted on: Aug 14, 2017 7:06 AM
Message:

NE, I would dare say YOU are focusing on the wrong thing. Your focus should not be Price, price, price....

If your priority is higher rents, your focus should be figuring out how to reach out (and cater) to the right Target market, tarket maket, target market...

--72.214.xx.x




Price, price, price, pric (by NE [PA]) Posted on: Aug 14, 2017 7:24 AM
Message:

Jeffrey, how do I do that? --174.201.x.xxx




Price, price, price, pric (by WMH [NC]) Posted on: Aug 14, 2017 7:49 AM
Message:

I remember hearing Jeffrey talk about target markets several years ago and a light bulb went off for me.

Basically, in thinking over your many residents, does any group stand out as being overall better tenants? Or worse?

I realized that our best and longest term tenants were made up of a couple of specific groups...And it was NOT families that wanted 3-4-5 bedroom homes. THAT group ended up being uniformly horrible for us as tenants. So we got rid of the homes that attracted that group.

Once we focused on our specific target markets, our business was transformed. --173.22.xx.xx




Price, price, price, pric (by NE [PA]) Posted on: Aug 14, 2017 8:05 AM
Message:

WMH, I was just coming back to touch in that type of thing. My "target market" isn't an occupation. It's a personality. My target market is responsible people who appreciate the quality of unit I'm trying to provide.

Maybe my issue is provided what's not typical in my area, so that limits my target market?

With the above and below average pricing of my competition, the nice stuff is super expensive and the cheap stuff is garbage. That is my opinion speaking.

I don't know how to target a personality. I can easily target say: nurses or teachers. But there are all types of personalities within all occupations.

I really should look at my history of tenants and see who were the best and where they came from. --174.201.x.xxx




Price, price, price, pric (by Deanna [TX]) Posted on: Aug 14, 2017 8:21 AM
Message:

"Who do I want to rent to? Where do they want to live? Buy those houses." was one of the best pieces of advice I got on this forum. --166.137.xxx.xxx




Price, price, price, pric (by Jeffrey [VA]) Posted on: Aug 14, 2017 8:39 AM
Message:

"I really should look at my history of tenants and see who were the best and where they came from."

NE, Now you're thinking! You are beginning to answer your own question.

Not only seek to identify where your best residents come from, but also look to see if you can determine where they tend to work, shop or socialize (play)... Then take your advertising or marketing directly to where they are. --72.214.xx.x




Price, price, price, pric (by WMH [NC]) Posted on: Aug 14, 2017 8:46 AM
Message:

Exactly Deanna!

NE, yes, maybe it's that time in your career that instead of comparing yourself to the competition, maybe take a moment to compare your own units to each other, and compare the types of tenants they have attracted. Examine your own experiences.

I agree just saying "nurses" doesn't mean a thing, or "teachers." But if you say, "Hmm my best tenants have been older divorced women with pets and a career" that gives you a target right there. --173.22.xx.xx




Price, price, price, pric (by WMH [NC]) Posted on: Aug 14, 2017 8:48 AM
Message:

Whoops Jeffrey posted just what I was thinking before I posted. --173.22.xx.xx




Price, price, price, pric (by NE [PA]) Posted on: Aug 14, 2017 9:04 AM
Message:

Single guys with jobs and no girlfriends. Haha. Quickly remembering without breaking down each unit. --174.201.x.xxx




Price, price, price, pric (by WMH [NC]) Posted on: Aug 14, 2017 9:42 AM
Message:

One of our targets! Pick the right one and they take care of their places (many are cleaner than the women!) pay their rent, no sob stories, etc.

So how do you make your places more attractive to single guys?

Price WILL be a factor here. The single men renting from us are doing so because all they needed was a quiet clean place to hang their hats. Not a lot of stuff, don't care about storage. Just don't want to share housing with anyone else. So three of our four studios are now older (40+) single guys. Everything is included in the rent, but they reimburse me for electric as they are separately metered. All they had to do was move their stuff in. --173.22.xx.xx




Price, price, price, pric (by LisaFL [FL]) Posted on: Aug 14, 2017 12:01 PM
Message:

Some of my best tenants are single men. They don't call for every little thing like can you come fix a loose door knob and they don't care if the refrigerator develops a small amount of rust on it.

They may rotate a girlfriend in and out on occasion but when that doesn't work out they can still afford the rent on their own. They don't complain about mowing the lawn. --173.170.xxx.xxx




Price, price, price, pric (by Jeffrey [VA]) Posted on: Aug 14, 2017 12:37 PM
Message:

NE, let me add and emphasize something going back to your original question. Your original aim of this discussion was that you wanted to get higher rent. So when I suggest going after target markets, I'm also saying going after target markets who are able or willing to pay the price point you want.

It's not enough to simply discover who have been your best residents in the past. Because if you determine that one of those best type residents in the past are not willing or able to pay higher rent, then to accomplish your goal of getting higher rent, you will need to consider going after and cater to OTHER target markets.

For the purpose of this discussion, cater simply means to fix up and prepare the homes with your target market in mind. Or cater could mean to market where your target market socially interacts (where they will see or hear about what you have available). It should also be noted that just because a target market is not as huge as renting to "anybody", this can actually work to your benefit, because fewer landlords are probably catering and reaching out to them. --72.214.xx.x




Price, price, price, pric (by WMH [NC]) Posted on: Aug 14, 2017 12:57 PM
Message:

Based on what Jeffrey said above: we KNOW we are some of the only LLs on the beach offering Pet-Friendly housing. That's our main niche. MANY of our residents are with us ONLY because of that. There are certainly nicer houses out there! Ours are fine, we do our best, but there are much nicer spaces out there...but no pets allowed.

Also smoking. Many residents smoke. Fewer and fewer these days, but they are still out there. We allow smoking. Again a niche market because most of the nicer houses out there say, "No Pets. No Smoking!" Our houses are cute, and allow both.

We have ONE laundromat within 180 miles or something like that. Too many of the houses out there say, 'No Laundry Hookups.' Or don't provide them if there is. We do. Used machines, cost us almost nothing, but they work. --173.22.xx.xx




Price, price, price, pric (by Jeffrey [VA]) Posted on: Aug 14, 2017 12:58 PM
Message:

Warning! In depth training on Target Markets is usually reserved for landlord boot camps, where it can be taught and discussed in great detail with numerous interactive examples given and how to best market. Such marketing can be extremely effective and produce higher rents.

However, if it is done incorrectly, you can be guilty of fair housing and it can be very costly (thousands of dollars in fines). For this short discussion, let me at least state that when you are going after target markets, you do NOT in anyway describe or allude to the PEOPLE you are targeting in your marketing. You describe the housing features and related benefits that your target market would appreciate. --72.214.xx.x




Price, price, price, pric (by Jeffrey [VA]) Posted on: Aug 14, 2017 1:05 PM
Message:

Note: my last warning pertained to the overall discussion, not to WMH comments above, which I did not see to after posting. Her elaboration of the points in this discussion are right on the money. In fact, I liked the BIG point she brought out in regard to the fact that there may be nicer homes in her area, but because of how she "caters" to her target market (which others don't), they are attracted (and stay) to her properties --72.214.xx.x




Price, price, price, pric (by Pmh [TX]) Posted on: Aug 14, 2017 1:15 PM
Message:

absolutely as Jeffrey said. I "target" my mkts by for example stating no smokers. big mkt of non smokers who don't want to live in a hse that has been smoked in. also target pet owners by highlighting fenced yards. I target those who don't have time to mow by providing lawn care included. I rent to anyone who meets the criteria. those criteria are: no evictions. no late rent payments with prior LLs and the ability to pay the rent (gross 3x rent). I just have houses and so I can see the possible issues with barking dogs in an apt complex. But anyone moving in there will know upfront if there are other pets and so they make that decision to be other pet owners. Since so many complexes do not allow pets then fence in an area for pets and raise rents as renewals or for new tenants. Many ways to skin the cat. All my rents are higher than comp set. bc whoever rents from me appreciate what I offer and stay on average 2-3 years. Also consider a referral fee to anyone who steers an applicant to you that you rent to. I offer $100 cash and it works.... --97.94.xxx.xxx




Price, price, price, pric (by John [CA]) Posted on: Aug 17, 2017 3:18 PM
Message:

Besides ones normal offerings to the general market, there is also a market for those who might normally qualify but find it hard to find rentals that meet their mental and or physical challenges.

Visit your local agency in charge of finding such properties for these people, they have been willing to pay for the modifications to your property to meet their needs in return for an extended lease contract. For some unknown reason if you maintain your property and visit them from time to time, they don't want to move. LOL LOL

I think it's a nice way to market to a niche market without Fair Housing issues. It's just a thought.

--65.186.xx.xxx




Price, price, price, pric (by David Krulac [PA]) Posted on: Aug 18, 2017 6:57 PM
Message:

Hi NE,

I have had some good success with tenant retention and long term tenants. I've had several tenants stay for more than 30 years.

I was at one of the 30 yearer's place and he was playing Powerball. I asked what he would do if he won, it was one of those $400 million jackpots. He said "I'm going to buy this place." And I said, "If you win I'll sell it to you."

Another 30 yearer told me the only way she's leaving is horizontal.

One of the things that I look for on the rental application is how LONG they have stayed at their current rental and previous rentals. I always ask why are you moving? A recent rental applicant told me that the house they had rented for 10 years was being sold and they had to move, didn't really want to, and they wanted to keep their kids in the same school. I verified that the house actually was being sold, and paid a visit to their current rental. several thing that I learned were that they were decent housekeepers, and that they didn't like to move and stayed places for a long time.

I like to rent houses in good school districts where people what to send their kids to school. At one house the people wanted their 2 kids to go to this school, they stayed for 13 years until the youngest one graduated high school, then moved so the Dad wouldn't have a 70 mile one way commute to his job.

you want renting to be a profitable venture they keep tenants for 10, 13, or even 30 years without a single day of vacancy. --152.208.x.xxx




Price, price, price, pric (by BRAD 20,000 [IN]) Posted on: Aug 18, 2017 11:45 PM
Message:

NE,

I agree with focusing on value rather than price.

I also know that newer appliances get our slows rented the next day.

The last 20? leases I signed have all commented how they chose our rental because the others had carpet.

But I'll offer a different approach:

You ARE listening to your applicants but not HEARING what they are saying.

When they say PRICE they are really saying "I don't have the money". This could be long term or short term money.

TERMS are just as or more important than price. 70% of our new leases COME to us for the PayDayPlan Rent. We advertise it heavily.

Win-win. They get in with less move in cost and we get it rented quickly. We get the rent with less hassle and we make more money.

Also revisit your system for bottlenecks. Our prospects can see it on our website, apply for free online, tour with a lockbox, and sign a lease with little or no contact.

We monitor our marketing expenses with the first question on the app "How did you here about us?". Eye opening how the newspaper only gets 2 out 10 apps. We only approve 1.5 out of 10. So where did the 1 that actually signs come from?

I have shifted and now track NEW LEASES. 90% of our leases (successful applicants) now come from Zillow/Trulia, 5% from signs, 3% from personal referrals, and 1% from newspaper. (the last 1% is a mixture of odd sources)

--68.50.xx.xxx



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