Condo rental on market too long! : ezLandlordForms

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Mina H

started a topic over 17 years ago

My $800.00 per month advertised condo rental has been on the market since Nov '06. Partly, because I know it is a buyers market in Atlanta, Georgia. The 2 bd, 2ba, upper unit is of average to better-than-average value for the area. The large condo complex is very-well maintained and includes a club house and a tennis court, but the market competition is fierce. I have lowered the rent to 'rock bottom' price by offering a 5% monthly discount to citizens in good standing (details specified in ads). I am considering the addition of a washer/dryer in the unit, along with the other new kitchen appliances that are installed. Are there any other measures you can suggest as a consideration to attract a good tenant?

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James P

said over 17 years ago

Good morning! Are you advertising this yourself or are you using the services of a broker? Are you familiar with other similar units that have changed hands recently, and what the details of those transactions were?

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Denise S

said over 17 years ago

Interesting discussion--I would love to hear more as I have some questions also on whether it is better to sell something like this yourself or use a realtor. Does anyone have any first-hand experiences here?

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James P

said over 17 years ago

Good question, Denise. I have seen it go both ways. Selling something liek a property by yourself can be tricky. There are forms and information available through this website that may help, so I urge you to look. I would also suggest that this is a course for the more sophisticated seller, so education is important, (Educate yourself in these forums!). If you are looking for a 'cleaner' way of not having such a hassle, then go with the realtor, who knows the ins and outs.

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Kathleen M

said over 17 years ago

I agree that it really depends on the situation. An educated decision needs to be made based on the circumstances of each sale. What does anyone think about prices in their area? Have they stabilized or still changing? Mostly down?

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Kristie P

said almost 17 years ago

You should check out www.tenantmarket.com People list what they are looking for in your area and you contact them. It has worked great for me.

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Wesley N

said almost 17 years ago

Are you getting any responses to ads you've placed? If no, then are you advertising in the right place? If yes, then are people looking but not interested? If yes, Maybe there is something that that is turning them off? Like no washer/dryer or the paint color. You could change these things really easily. Other things, like stairs or small kitchen or location, you can't really, but it helps to know why people don't want to rent your unit. Instead of offering a discount, rather just lower the rent. $760 per month sounds much better than $800 with a 5% discount for good citizens. People don't like to be judged, so they steer clear of the situation. It goes without saying that you'd rent to a good citizen (clean credit and all that), you don't need to state it. You want to attract tenants, not turn them off. You know you won't be taken advantage of, so worry about it later in the process instead of in the beginning...good luck! It's hard to have a unit unrented for so long!