Posted by JPiper on January 23, 2000 at 10:30:08:
Interesting scenario?I?ve never had that happen. Here?s a few comments though.
First, if I found tenants ?bidding? my rent up?.I would seriously wonder if I had set the rent correctly to being with.
Second, remember that renting to a tenant is not the same as selling the property. In this latter situation, competing buyers bidding a property up definitely makes you a beneficiary subject of course to a lenders appraisal. But tenants bidding the rental amount up puts the tenant in at a ?price? which lasts only as long as he pays, unlike a sale which is permanent.
Personally, my focus would be more on who is most likely to pay and stay?..rather than who will pay the most. Having said this, if I had 2 tenants of equal qualification and one suddenly bid more for my rental I would probably go with the guy bidding more.
What I have had happen is more than one tenant apply?which of course gives me the advantage of selecting the best one for me?.but so far I have not had a tenant bid more for a property. I?ve also had a couple try to talk me down.