you’re kidding, right… - Posted by David S
Posted by David S on March 07, 2000 at 08:26:59:
It’s not that there’s a difference in the market Tim, but a difference in the marketing and management.
I would never rent to anyone that didn’t give the prior landlord proper notice, and yes I check with them.
Here’s the skinny, as I stated in a previous post: I do NOT hold property for anyone, PERIOD! If you want to rent from me, you must pay in full within 3 days.
I do NOT care if they have to pay double rent. I don’t always think it’s fair, but it’s not my place to lose money if they decide to move. These people are lucky to have an opportunity to live in one of my properties. I maintain them; offer rental DISCOUNTS for timely pay; FREE pizza’s if you pay on time for 3 months; FREE 19" color tv or a VCR when you’ve been a resident for 12 months (no lates), etc. Last year, I bought ALL of my tenants Apple Pies for Thanksgiving, even the (one or two) that pay late on occasion.
The bottom line Tim; I have a good marketing and management system. There are a ton of properties that are “cheaper and in better areas”, but few in my area have devoted as much time to their marketing and management as I have. It’s BIG FUN!
Prior to looking at property, my manager sits the prospect down and goes through the “system” with them explaining everything. When it’s over, they are SOLD on the system. Then, we ALLOW them to live in whatever we have available.
So, the question is, how bad do they want to live with us, in one of OUR properties, and be a part of our SYSTEM?
This doesn’t mean that I don’t have a vacancy on occasion myself, sure I do. But this type “mindset” not only increased my income, but reduced my tenant turnover. Did it cost me anything? Sure, a phone call and some time (ever negotiated to buy a truck load Apple pies?), but the increase in rents allowed by having such a system sure offsets any expense.
Develope a marketing and managment system Tim. Educate yourself. It will change the way you look at the rental market.