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I put an ad in the paper for a rental...guess how many calls.....
Old 03-20-2008, 09:54 PM   #1
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I put an ad in the paper for a rental...guess how many calls.....

The ad is 5 lines long (thats the min. length) and it ran for the first time today...a thursday... in our major metropolitan newspaper. It reads :

FIRESTONE PARK
4bd 1 ba updated ranch,
fenced yard, garage,
new insulation. $595+sec
+util 330-xxx-xxxx

Guess how many people I talked to from 9am to 7pm.
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Old 03-20-2008, 10:17 PM   #2
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Zero?
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Old 03-20-2008, 10:26 PM   #3
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$595? Sounds cheap! I guess.... 23

Is there a prize?
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Old 03-20-2008, 10:36 PM   #4
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100?

I just rented my ground floor 1 bed apt for $1200 a month plus utils.

FYI Craig's List is cheaper than the paper, it's free! I had 4 replies in 2 days and let it to a young couple who work within walking distance.
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Old 03-20-2008, 10:36 PM   #5
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I'm guessing a lot. Maybe you should up the rent....
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Old 03-20-2008, 11:02 PM   #6
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4 bedrooms for $595? Dear Boyfriend and I are selling our possessions and moving to Ohio. The check's in the mail.
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Old 03-21-2008, 12:23 AM   #7
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You mean you are moving to the hood...right ??


19 calls in the first day. Geez. I am not excited to see what Sunday/Monday brings me.

I am working on some sort of phone screening to avoid running over there 10x/day.
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Old 03-21-2008, 12:27 AM   #8
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I'm guessing a lot. Maybe you should up the rent....

I am considering this. however, I think that if I offer the place at a great price, I am not necessarily leaving $$ on the table. I think someone would think three times about being late on the rent if the home is nice AND cheap....as opposed to not thinking twice if it were the same dump that i bought 2 yrs ago.

One month of vacancy is like dropping the rent $50/month for the entire year.
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Old 03-21-2008, 05:05 AM   #9
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I would suspect with the current subprime mess... rentals are doing OK with people being evicted.
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Old 03-21-2008, 06:44 AM   #10
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Imagine how many calls there would be if you listed the full phone number.
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Old 03-21-2008, 07:53 AM   #11
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Imagine how many calls there would be if you listed the full phone number.
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Old 03-21-2008, 08:59 AM   #12
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I am considering this. however, I think that if I offer the place at a great price, I am not necessarily leaving $$ on the table. I think someone would think three times about being late on the rent if the home is nice AND cheap....as opposed to not thinking twice if it were the same dump that i bought 2 yrs ago.

One month of vacancy is like dropping the rent $50/month for the entire year.
$595 sounds like a lot for Akron/Youngstown.....you'd have to pay me to live there

Seriously the big differences between rents and housing costs across the country is amazing. $1200/mth for a 1 bed apt in the NE is pretty good. I really worry about places where house values have crashed, or there's too much inventory. Part of the issue was sub-primes and products like interest only loans, but I also blame TV shows like "Flip this House" and all the DIY shows that encourage people to spend money on designer kitchens, they stoked up the insanity of the recent housing market.
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Old 03-21-2008, 11:34 AM   #13
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[quote=thefed;631840]You mean you are moving to the hood...right ??

For a four-bedroom ranch house, we are happy to move the hood.

...okay, Dear Boyfriend just informed me that we might have a difference of opinion on that.
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Old 03-21-2008, 11:45 AM   #14
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The advantage of so many calls is that you can afford to be picky.

We found that Craigslist was the best place to list rentals. Less calls from the clearly undesirable. Plus you can post pictures.
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Old 03-21-2008, 11:55 AM   #15
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My sister just rented a 3/1 in Ballard (a desirable, old Seattle neighborhood) for $1450 per month. 1 bedroom is upstairs/attic. Crappy old house. Looks and feels like a rental.
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Old 03-21-2008, 12:27 PM   #16
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I really worry about places where house values have crashed, or there's too much inventory.
Seems that the current "mess" has held rents high. Those who bought high, have to rent high. Those foreclosed will now be renting. SF rent inventory is very tight. Price it right, your phone will ring off the hook.

I would expect when we're closer to the bottom (bank owned inventory is low) rents will drop ... but it hasn't happened yet.
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Have you considered having an "Open House"?
Old 03-21-2008, 07:17 PM   #17
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Have you considered having an "Open House"?

Quote:
Originally Posted by thefed View Post
You mean you are moving to the hood...right ??


19 calls in the first day. Geez. I am not excited to see what Sunday/Monday brings me.

I am working on some sort of phone screening to avoid running over there 10x/day.
Rather than running over there endlessly, tell all callers that the house will be open for their inspection from 4-5 on one day (and possibly 5-6 on the next day). Ask them to indicate which day they plan to show up.

You'll know who is serious by the ones who show up and fill out an application. Then you can run their credit and decide who qualifies as your renter.
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Old 03-22-2008, 12:23 AM   #18
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Quote:
Originally Posted by thefed View Post
I am considering this. however, I think that if I offer the place at a great price, I am not necessarily leaving $$ on the table. I think someone would think three times about being late on the rent if the home is nice AND cheap....as opposed to not thinking twice if it were the same dump that i bought 2 yrs ago.

One month of vacancy is like dropping the rent $50/month for the entire year.
And you would think that someone would simply pay their rent instead of having their landlord call their office looking for unpaid rent, or to avoid being evicted, or to avoid _______...I know what you mean about someone going out of their way to pay the cheap rent to be able to stay in a great place - but people who are users/don't take care of things will do so regardless of the cost or how much it hurts someone else.

How do you plan on judging who is nice enough to respect your bargain-priced apartment?
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Old 03-22-2008, 08:40 AM   #19
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How do you plan on judging who is nice enough to respect your bargain-priced apartment?
I visit where they currently live. Use the visit to tell them: they got the apt. or I've accepted someone else (based on what I see).
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Old 03-22-2008, 08:55 PM   #20
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Here's some before/after pics













CLICK HERE FOR MORE PICS OF THIS HOUSE
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