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What advertising is pulling renters now? - Posted by TomR
Posted by TomR on October 17, 2008 at 11:16:42:
Been posting my ad on craigslist for 2 months now and last month I was pulling in about 3 requests every ad post. This month I have pulled one request from the ad and that is even after lowering the rent 50 dollars.
The rent amount was originally above market rent for the area, but was attracting too many that where either unqualified, looking for short term lease, or people with too many members for the size of the place.
The apartment is located in a good area and is in great shape.It has been rehabed with in the past 2 years.
What has been working for you to get decent tenants for this time of year?
I haven’t placed and ad in the major paper, because I have heard that you end up getting many unqulified interests.
Any insight?
Re: What advertising is pulling renters now? - Posted by Dave T
Posted by Dave T on October 22, 2008 at 15:03:16:
You don’t mention your location. In my area of the country, the rental market always softens after labor day. Lowering the price won’t change anything because all the experienced landlords are also lowering their rent prices and accepting short term applications.
Allowing pets and providing washer/dryer may increase interest.
Re: What advertising is pulling renters now? - Posted by Chris
Posted by Chris on October 21, 2008 at 14:33:49:
I just filled my vacant rental this weekend. It was only on the market for 3 days before I found a qualified tenant.
I used a sign in the front, craigslist, and a free ad in the pennysaver paper.
Craiglist gave me the largest volume of calls, the sign gave me almost as many, and the free ad in the pennysaver gave me zero.
Re: What advertising is pulling renters now? - Posted by jack E
Posted by jack E on October 20, 2008 at 14:25:37:
I have gotten a lot of good leads out of newspaper and other weekly throw around papers. Bandit signs are probably the best. Craft your newpaper advertising to your clientel.
Re: What advertising is pulling renters now? - Posted by Kristine-CA
Posted by Kristine-CA on October 17, 2008 at 15:36:12:
Do you have a sign on the property? In my farm that is what works.
The phone rings off the hook the first weekend. I was totally
unfamiliar with this as a major marketing tool for rentals. I didn’t have
any idea how many people drive around looking for rentals in their
desired neighborhood. I think this may be regional in nature, but you
might want to try it. Kristine
A couple of issues - Posted by Rich-CA
Posted by Rich-CA on October 17, 2008 at 12:22:04:
One is uncertainty. People tend to not change anything they don’t have to when uncertain. For example, I have a tenant who is moving out because with a room mate leaving, he can no longer afford the rent. He has to move.
My best responses have come from (1) the sign in the front yard and (2) the listing in MLS. The free advertising sites are much more variable in their ability to generate a response. MLS works because you pay a commission to the person placing the tenant, so they have a reason to spend the time doing it.
Re: What advertising is pulling renters now? - Posted by James-Ct
Posted by James-Ct on October 17, 2008 at 12:10:24:
I’m experiencing low response to an ad Ive had in a local newspaper the past 2 weeks. I’ve lowered, then raised the amount and reduced the security deposit but still have kept “Crdt Chk” in which may be scaring some folk. This is the first time in 17 years of renting this place that I haven’t had several calls. Any qualified prospect would probably jump at the place since it has been totally overhauled in the past month.
I believe there may be economic uncertainty to blame but haven’t heard a reasonable explanation for why. Maybe tenants are staying put or landlords are offering renewal incentives. Could be tenants are waitung until after the election when all rents will be free and working will be abolished:) Also, the pool of tenants will probably expand post-election as last-gasper foreclosurees give up the ghost and have to move. Then the places will rent.
Good Luck, James
Signs also work in all three areas I am in - Posted by Rich-CA
Posted by Rich-CA on October 17, 2008 at 16:40:36:
Which are in different parts of the country: Phoenix, San Antonio and Colorado Springs. In fact, it was only in the SF Bay Area where internet ads produced the majority of the qualified tenants for us.
Re: What advertising is pulling renters now? - Posted by jack E
Posted by jack E on October 20, 2008 at 14:28:06:
If it scares folks don’t put it in. I have always had better responce the simpler and less I tell them
Re: What advertising is pulling renters now? - Posted by TomR
Posted by TomR on October 17, 2008 at 16:10:30:
James,
Very interesting that you are experiencing the same thing in CT. My rental is located in central CT.
I agree that something is going on as I have never had any issues getting tenants in the place, in all the years I have owned it. Most of my tenants have come from referrals in the past, but this time around I haven’t been as fortunate.
Could be that people are holding off until after the election, but I just don’t see what would really change for them. Maybe they feel they are going to get a bail out package too in the form of 700 billion cardboard boxes. 
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