Title:
Strategy for Renting Rentals
Summary:
In this episode, we discuss the different strategies and the why behind those actions that would help obtain the ultimate goal of "consistent rent". Finding the right person and match it to the right rental for the right price is key to having consistent rent payments and therefore PROFIT.
Host:
Kassandra Taggart / Dave Stohr
Recorded:
Jan 10, 2020
Links:
The Landlord's Almanac
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Book: Pain or Profit
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Sponsor:
Real Property Management Last Frontier
Show Notes:
Getting into the details of finding tenants
Introduction
Get your home rented quickly
What is a property management top priority?
Consistently receiving the rent.
When renting your home quickly how important is consistency?
A landlord must have discipline or things will slide.
Who determines the rent price?
The market expects the wall to be painted, they don’t care how much work it took you.
What are circumstances in the market that would change the rental market?
Supply and Demand will change
Does timing play into pricing?
Timing Lease renewals based on property type
Where do you go to find quality tenants vs just tenants?
Today we are in a different world which is digital
Zillow now charges
Middle market tenants care about speed, convenience
The C,D, tenants tend to be on billboards.
What are the tendencies of quality tenants?
Many tenants have lower credit scores.
Watching the behaviors of how money is spent is the key.
The truth of today’s reality with rentals
Are people surprised that you check the credit?
5-10 years ago it was difficult to run background checks but now we have the technology
Most DIY landlord – 80% don’t run background checks
Do you have to be a “tough” person to run background checks?
We are human and want everything to be great.
Do you respond saying why you accepted or declined a person?
There are federal rules on how you process background and credit checks.
You can’t use “feeling” to approve a person because we all need to follow Fair Housing Rules
What are you an expert at when you are trying to max rent price and keep costs down?
Being trained, using facts, and have experience makes the difference.
RPM completed over 950 applications, as a result you can see trends.
What happens when the rental rate is to high?
What If your qualifications are to low?
Everything will cost more
What is your overall experience with high risk tenants?
There is many problems, and there are tenants that went through rough patch and their background shows it. So they might be worth the risk.
Eviction costs $400-$2000 all day and 30 days
