Consult friends: As I told in previous posts and later on a specific post I wrote about this property ...
Hi friends
Consultation: As I told in previous posts and following a specific post I wrote about this property that is currently vacant since the beginning of November seeking consultation with the Vacancy experts?
The property was actually purchased and renovated in late October and since then empty. In season the property can be leased at 1795 and this is the price that has come to the market. Of course we lowered the price of pulses until we got to 1700.Since nothing and the neighborhood since December 1 total assets were leased 2 and 1 in 100 dollars less, the parameters are the same. The management company insists that it's just a dead season and if we were in the spring it would have been easily leased at Pull Price
I just downloaded the price for 1650 (as currently offered to competitors this season) in the hope that it will be rented out.
I was offered to add ceiling fans to the rooms at a cost of 190 each, ie 590. I'm ashamed to spend more money on a property that doesn't put in. what do you think? Add more fans just to keep up with the competition? Really sucks issue that the property stands empty.
By the way suggests you try to sign a contract for 15 months so you do not get stuck again next year, this area is really seasonal
Hi Daniel. First where is the property?
Second, I would call other middlemen and check the rental demand in the area.
Three, offer a product that no one in the neighborhood gives, if for example you rent a furnished property you will have an advantage over everyone and you can rent quickly. And investing 590d for ceiling fans is worth more than not getting a rent that costs more…
Give a good product, you will have customers
Friends Following the Saga What do you think? Give a loan for collateral or delay?
Daniel
The application that we do have we would normally deny but I wanted to run it past you.
The wife had decent credit but the husband is lower than what we would normally approve. He has a lot of credit card debt.
I can go ahead and get rental history if you would like me to proceed and give them a try or we can deny and keep looking for something better.
This is exactly the reason why I do not purchase property alone, always with investors, and a reliable and professional local partner, and always know in advance a way out of the deal,
Good friends An update from the Duffel did wake up from mid-January as the friends here described. Below is an email I just received about Shawing and AppSchain.
Thank you for all the answers we hope will mature into this deal.
Daniel
We did 3 showings at Gallatin this weekend. And there is another showing scheduled for this afternoon.
Out of the 3 showings we did get 1 application in that we are processing.
I followed up with the other 2 showings and one said they loved this home but went with a home that had a bigger backyard in another city and the other didn't answer.
I will continue to try and get feedback from that other show.
Once we have completed this application I will update you.
We do have a sign in the yard.
We currently have the home listed on Craigslist and MLS. MLS does filter out a number of different advertising sites such as trulia, zillow, hot pads and more.
Thank you very interesting and waiting.?
Very interesting post
I learned a lot
Thanks
I know this area quite well, a great area for rent and the house looks good but looks like the other houses in the area. One of the things that I think is disturbing is that they offer the broker who brings the tenants only 30% of the rent.
If I work as an intermediary on this lease it is almost not worth me and sometimes offer 50-60 to a very influential agent.
In addition, the price you are asking is reasonable but there are alternatives to three rooms in the area in less (although smaller houses but renters more important number of rooms than the size)
Hang on, this area is important for the period and it seems that this house is definitely a good investment
Sharing here is rare.
Thank you very much everyone
A trick we once did was give a gift of a small amount to a tenant who could choose to furnish the house. A marketing trick should not be more than 200 dollars and can catch the eye of the renters. and to conclude the next lease agreement in the good period of the year
Also in the same situation in Cleveland.. Anyway did you notice that if you purchased appliancrs? An oven and a refrigerator are suddenly easy to rent, is there an incentive or not? Do you recommend new stainless steel ones or do tenants steal them and destroy them... was there a change following the addition of only an oven + refrigerator... the property managers say they don't need a dryer and a washing machine as well?
LiorLiorchik
Real Estate Rental Home Promotion
Some of the tips here are directed to Daniel… but this is actually the agent's job… no?
Well I checked independently on Google and the house is famous on a large number of sites.
I have excellent experience with the company and always positive. Let's hope this season goes by and is fine
Hi Daniel Dahan
Okay then so. You have a lot of work. The rental process works like this:
1- *Preparations for advertising the property*. Ask the management company RENTAL COMPS. In addition, invest in quality photos of the property.
2- * Advertise the property *. Ask the management company for details on where the property is advertised, and make sure it appears on all boards online and also a physical sign in the yard.
If you see that not a lot of people are coming to SHOWING, then this is a strong sign that your problem may already be at this early stage.
3- - * Shoing * - If you have a normal influx of people coming to the property, ask the management company to get feedback from any potential candidate. It's your key to understand why the property is not rented. Do not assume that this is the season because people come. If the problems are in the state of maintenance of the property and can be changed, then you will offer the tenant to repair and if he enters, usually one month of rent will be enough to return the investment and if it remembers well it pays off
4- * Application * - Ask the management company for a weekly update on how many came to the property and how many of them submitted an application. That way you are with your hand on the pulse to respond and not wait, and also fix and respond quickly. If the feedback you receive concerns the configuration of the property, it is a sign that you should consider selling the property. In very much on this issue both non-conform at the micro environment level and non-conform at the configuration level.
Gil Weinbaum
Some things might help.
First thing is to check which sites the management company advertises the property, they may not be taking full advantage of the media.
Many companies only advertise on sites such as Zilo and Trolley and do not upload the property to MLS.
Second, is there a sign for rent in the front yard of the house? It can be very helpful. Third, try to check what they did not like in the property Everyone who has seen it so far, ask the realtor to call these people and ask them, it happened to me that we could not rent a property because of the color of the carpets in the house.
I don't know where your property is, but with us this winter has really caught on. Getting down to minus 10 degrees and even south, no fun walking around, showing and seeing properties in the snow.
It could be that really in the spring - just around the corner in another month and a half it will be easier for you to rent at full price.
Call me a year ago. We lowered the rent and gave a half month gift rental. It seems to me that it reads more in families' areas.
Wow, some tips, an amazing community, I've been educated, Daniel, good luck?
It is very important to me, so as not to find yourself after a year off again with a property vacating around January, to make a contract until around May (ie a one and a half year contract). From personal experience, that's what I did, and it's a different world in terms of rent. As of June, the assets are leasing quickly.
Request this from your management company
Also in rentals that happen anyway in November / December / January I recommend making a contract longer than a year in a few months (for example from the first of January to the first of April) so as not to end a contract during the difficult winter period. It is also easy to explain the rationale to the tenant ("No one wants to move apartment during the Christmas period, so the contract will be one year and 3 months")
Indeed, an important post.
Another element that needs to be taken into the equation - how much does an empty house cost me in a month.
Taxes, insurance, water / electricity / other, and very important - HOA
There are cheap condos where you have to pay HOA (home committee) for regular maintenance.
You pay the owner's house committee (and not the tenant like in the country), so it's important to know how much the HOA will cost me, can reach hundreds of dollars, so it's important:
A. Ask if there is a significant HOA to add to the business plan of purchase.
B. Add to the "risk" component when the house is without a tenant (both no rent and high expenses)
Successfully.
Your post is very important… and why ???
Because this is a standard story about a delay in entering a tenant, paying taxes out of pocket…
Things that erode the annual return and therefore take into account the expected calculations
Hi
Unfortunately I too with a property standing from November… quite frustrating.
If there was an arrangement of tax exemption for a certain period… (as in the country exemption from property tax for 6 months)… Hea definitely stick….
A conclusion from the whole story that if you buy a property at the end of a year, consider Wakensi in winter. Another property I bought from the seller rents the house from me for the winter period and will export Vin Vin
Depends on what area I am in Cleveland and I have rented to 7 properties in the last month. In Charlotte North Carolina I had a hard time finding a tenant in October it took two months… in an excellent area
Ari Frank
Hi friends Thanks for the answers.
So like I thought you did confirm what I knew was dead holidays etc. and indeed from the end of January there is awakening.
I lowered the price as I described in the post, gave up ceiling fans (apparently it is standard in Texas at least one in the living room) and asked that they find a tenant with at least 15 and if you find someone serious who will be in January already ready to give even a few days free and provided a relatively long contract.
First, the decision regarding the price depends on your individual situation, I remember that you take out a mortgage, so a month that the house is empty is difficult, more so than a house purchased with equity. I had times when I preferred to rent quickly and download a lot and there were times when I did not download at all and waited patiently and got what I wanted.
At such prices, I send a professional photographer to take beautiful professional photos of the property that will increase the enthusiasm of potential renters and will serve you in the future.
Ceiling fans - in your area it may be standard so I would not rule out the issue.
Management Company - On the one hand one should not press too hard not to skimp on background checks, on the other hand one should understand that serious management companies work with inventory of potential tenants and they offer them a number of properties and redirect them to other homes if one is not suitable. Be sure to remind them every few days that you want to know how many have shown the house and how many have been interested, you may want to consider announcing an “open house” that several potentials are coming at the same time.
Ask the management company what has bothered potential renters and could possibly be improved? (Sometimes it's a crap to do) Is the house clean at showtime? Is the smell good?
And there were lots of great suggestions from members before it was worth considering.
And most importantly, composure ……. Is real estate the name of the game?
Best of luck!
The holiday season is always more challenging with rentals... they don't tend to make changes, usually from January + they get refunds for their tax filings and have a deposit to put so it's easy for them to move
I don't know about the area of the property in terms of location, employment, schools or crime that can also affect
In such "dead" months, it is possible to offer a special Mob In of 25-50% for the first month, ie a discount on the amount of the rent.
You also need to consider where the property is being advertised and if they are working with agents who locate and reward them.
Successfully:)
Hey friend,
From mid-November to mid-January it is indeed a dead time. (Holiday season, people do not make changes and the cold does not create a desire to move, you will also add that everyone is shorter in money because they spent at Christmas).
Starting in mid-January there is a resurgence of the market. I don't advocate lowering the price, at the end it affects a whole year of rent. (Which is assuming that the initial price you asked for makes sense for the region) In addition, it sends a bad message when you see prices drop on the various sites.
2. Your management company is just a joke. First of all not ceiling fans is what will affect a quick rental (if a potential tenant sees interest in it - he will just flood the matter and ask if it can be added, but it is completely not a game changer). I also charge you too high a price for my taste for the fans (assuming we did not plan to install quite luxurious fans).
Make sure you post on the right media, and faith is required too! The hard part of December is behind you.
Successfully
See how much the management company offers co-op fees, which means how much it pays to an agent from the other side who can get them a renter. Sometimes when we feel that a certain asset is stuck, we raise the fee to the other side and usually it urges agents to bring us a tenant.
1. Check with your management company - call or ask someone to call and ask if they have rental properties.
2. See where they advertise your rental property
3. Publish yourself in addition - Craig List, Zilo, Apartments Dot Com, etc.
4. Change strategy and make a living
The winter period from December is indeed slower and requires patience…
It happened to me, too, with one of the assets
Do you have experience with a management company?
There are statistics of how many people arrive? How does the management company publicize the property ?!
People come and do not close? Or are they just not coming?
Ceiling fan to enter the tenant? Sounds like a funny joke to me. Feel free to send me a specific address if you'd like and I'd be happy to give you a more specific opinion. I do not believe large drastic reductions of rent. But in general, in the winter a little harder to get tenants