Buying A Home
lorist202
member
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Good Marketing or Corny Idea?
DH and I still own my "bachelorette condo" and can't sell it right now due to the state of the real estate market. My tenants broke their lease to buy a house, so I've had the place advertised and shown all month. Some takers, but no applicants that I would consider, due to unstable income, criminal history, etc.
At this point, we're facing the possibility of paying the mortgage ourself for at least next month, which we really can't afford. So here goes my idea:
I'm considering marketing the condo with a giveway (i.e. "Free Gift Card, etc. for the successful applicant prior to Nov. 1). $100- $200 that I would spend on a giveaway would surely be less expensive then paying a second mortgage.
Opinions?
Re: Good Marketing or Corny Idea?
I have to agree with the above. A month of free rent, or covering a utility would be much more appealing to me.
I don't think it would hurt, but honestly most qualified people looking to move by Nov 1 have found a place by now. Maybe you should have this listed for moving prior to 11/15.
We found that list in the last few days of the month was what really moved our place. (eg. we listed on 9/30 and we'll have a renter for 11/1).
Once you get it rented I would start building up a small fund to carry you between renters. It sucks but when you're a landlord you usually have some period of vacancies every year or two particularly if you cycle ends near the holidays.
DS1 born June 2008 | m/c at 9w March 2011 | DS2 born April 2012
You will probably just attract more unqualified tenants. As a landlord, I would be asking myself why no qualified tenants are applying for the condo. Is there a location issue, rent too high, etc?
I doubt if a couple hundred $$s will do the trick.
Hmmf! My a-hole tenants broke the lease. They just renewed in April and asked if I would do a 6-mo. lease. I indicated to them that I needed a year commitment or they need to move on. They agreed. Then on 9/26 they gave me their notice. Nice. Now I'm stuck looking for renters. I really hate this.
What are your lease terms for them leaving early? What was the penalty? Many landlords will hold them responsible for rent for the remainder of the term, or at least 1-2months, unless they find the new tenant to take over their lease. If you don't have a clause like that I would definitely suggest it for the future.
Maybe you can offer for the renter to only give first and security deposit and you will wave the last month deposit.
Or you can also say you will pay for the processing fee to do a background and application!
Hope that helps!
We offer our tenants $1000 (the equiv of one month's rent) cash back at the end of a 2 year lease if they meet all of the terms of the lease, including returning the property in the same condition received and paying on time. We've had it rented 4 years straight without issue and I think the incentive has a lot to do with it. I figure $1000 over the course of two years is a minimal amount if it guarantees you timely payments and a clean house.
ETA: We required a two year lease for our incentive. We don't have property managers since the house is down the street and still under structural warranty, so we take care of everything. We figure it's worth our time and effort to find someone long term to rent the home. And ditto what pps said about checking your lease. I'm surprised you don't have something in your lease re: a penalty in the event that they break the lease and you are unsuccessful in finding a tenant.