Lowering the rent is NOT always the answer to getting property rented
It is hard for new property owner clients to realize that lowering the rent does not always get their property rented sooner.
With 20+ available rental properties, when my phone is not ringing, I know that prospective tenants are not looking * they aren’t in town; they are still on vacation; they are waiting for the LAST MINUTE to see if their current home will sell before they commit to a rental home in the area - a small apartment for him or a house for the entire family.
Lowering the rent won’t make the phone ring. Individual property owners make the mistake that thinking that by lowering the rent, the phone will ring - if the people are not in town looking lowering the rental rate in Craigslist each week won’t work….it just means it will rent for a lower amount to lesser applicants (qualified at the lower rent) when prospects are in the area.
Knowing the rental market, when people MOVE and when people LOOK to rent a rental home homes is an integral part of being a professional property manager.
By keeping the rental rate AT MARKET RENT, prospects are qualified at the higher rent and THEN I will lower it for up front rent payments * 3 to 6 months in advance * a longer term lease or other consideration acceptible to the property owner……a win-win.
Just lowering the rent until it rents is a mistake many property owners make thinking they are getting their property rented when they are actually leaving hundreds if not thousands of dollars on the table that will never be put in their pocket.
