I started giving incentives the moment I got the property. I’m not cash poor by any means so if the
property goes vacant all year I can handle it. I just refuse to.
I totally understand your point on LLs waiting for a few dollars more per month, but their properties go
vacant for months on end. I normally have properties vacant no more than 6 weeks…in most cases, the
rehabbers get pi$sed so many people are coming by asking if they can look inside before the work is done.
They know who pays the bills, so it’s a short-lived hate. lol
I fill houses with great tenants…I work with those who need to be worked with (and I trust) and I reduce
rent when necessary. My last 5 bedroom I rented at 650 when 750 was market because it sat vacant for 2
months. Several people backed out even when I took a non-refundable deposit. I CHOSE the 650 renters
though. Good people. I’ll work with them any day of the week.
This was posted in commercial (apt buildings but no one has responded).
Do you guys have any insight?
I spoke with an intelligent regional manager from a mgmt company we are considering have manage our property. I know from studying in college, direct mail can be a sensitive topic. I had a question about one of the legalities about direct mail. Can I send out flyers to another apartment complex advertising our complex? We are upgrading and the rents we have are very reasonable but we are not getting the desired amount of qualified traffic. We list on CL, rent.com, huge billboard (free) on decent traffic count street and just put together a web page. I feel like we are doing everything possible just need a little extra help for the moment.
Direct mail to competing apartments is fine; I would suggest you use postcards or big one page flyers on card stock. Cheaper to mail, and the receipient doesn’t have to open an envelope to read the message. Also, have you tried “cheapie” newspapers like Pennysaver? I usually get good results from that, except for last time when I only got two calls.
Re: Legal question about Direct Mail - Posted by John Merchant
Posted by John Merchant on May 09, 2009 at 18:23:21:
If you didn’r obtain the names and/oe addresses illegally then you have the right to send them anything you want, provided it’s not defamatory or otherwise illegal per se.
However today with all the expert direct mail companies out there who have an astonishing knowledge of that business and the market, I’d tehink it’d make more sense to hire on of those to be your expert consultant on trhe subject.
And I’m thinking Craigs List may be more effectivc than any direct mail to s general market.
Think of it this way: If it WERE illegal to send out these mailers, don’t you think the credit card companies would have stopped a long time ago?
There’s nothing wrong with sending mail. It’s your 1st Amendment right. Just like when I get the mail from you, I’m gonna burn it in protest in my apartment.
o.O
Sometimes there is just nothing more you can do to get tenants…I’ve got a 4 unit just sitting there because of where it is located (great area…country). Getting showings, priced at 50% everything else…just no one taking it yet. Sometimes you just don’t get people right away even when you do everything you’re suppose to.
Posted by Kristine-CA on May 10, 2009 at 22:09:02:
Depending on the area, craigslist is not always the best option. In
some areas, it’s just not how it’s done (yet). Income, education…there
are variables that can make craigslist a less effective source of tenants.
Also, the original OP has a plans to market to tenants who are already
housed and most likely not looking at rental ads right this minute.
Marketing to them via mail marketing, with a competitive product/price
in the same neighborhood…or across the street…is a good idea, IMO.
He’s attempting to create a need where there isn’t one. That’s good
DM.
Re: Legal question about Direct Mail - Posted by Kristine-CA
Posted by Kristine-CA on May 10, 2009 at 22:15:40:
James: sorry to hear about your vacant quad. How long will you wait
for tenants before you change the price or add some incentives? I
agree that sometimes we do everything to sell or rent and nothing
happens, but how long, in your case, does it make sense to go vacant?
There is this weird kind of math I see in investors I know where they
hold out for more rent, kind of on principal. They end up losing more
annually by going vacant 3 months, than if they had reduced the rent
up front. I’m not talking about refusing to rent to less than qualified
tenants, but a belief/fear that renting for less will diminish their own
market and set a precedent for lower rents.
How long can you stay vacant and not freak out? Kristine
Kristine