Anonymous wrote:I have an applicant asking for $125/mo below the listed rental price (I'm asking for around $2600/mo which is what the Redfin estimate is). I'm open to the price they asked for since it'd be a 24-month lease. However, I'm wondering if it's an indicator of certain type of personality, e.g. are they likely to be difficult to deal with once they become tenants? That would be a scenario I wouldn't want to deal with.
Please advise. My experience as a landlord is relatively limited (I've had three long-term renters before and none of them had asked for lower price), so I'd appreciate your feedback!
Anonymous wrote:Why not do the background checks, make it a one year lease with a percentage escalator? That way if they suck, you don’t have to renew and if they are terrific, you keep them and can either raise the rent or not.
Anonymous wrote:Anonymous wrote:Anonymous wrote:What is her credit like? What kind of job does she have? What does her social media look like? These will give you a better sense of the tenant.
+1 . THIS.
Also, apartments are hard to rent in November. I assume you're asking on DCUM because you're limited in the number of interested tenants. If everything else is a green light, I would go ahead and reduce the rent for a longer term contract.
Why would OP want to be stuck with a low rent tenant for years in a seasonal market that usually commands higher rents in spring/summer?
Anonymous wrote:Anonymous wrote:Anonymous wrote:How long has it been on the market? I would be inclined to tell them you'll get back to them and look for a full price renter.
One month (there was another offer but the credit score was too low), which is surprising b/c it took me less time to find a good tenant last year. And I've already cut the price. So with this applicant's offer it'd be $200/mo lower than what last tenant paid. I guess it's not a big deal in the grand scheme of things. But I'm wondering if it's because of the market (with government shutdown and everything)...
I think the potential tenant is probably choosing between your place and another rental that is less expensive. It’s not a red flag for the tenant’s personality, you’re just overpriced for the current market conditions.
Anonymous wrote:I’ve had good tenants and PITA tenants. They all asked for a discount. It’s not an indicator.
Anonymous wrote:Anonymous wrote:What is her credit like? What kind of job does she have? What does her social media look like? These will give you a better sense of the tenant.
+1 . THIS.
Also, apartments are hard to rent in November. I assume you're asking on DCUM because you're limited in the number of interested tenants. If everything else is a green light, I would go ahead and reduce the rent for a longer term contract.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:How long has it been on the market? I would be inclined to tell them you'll get back to them and look for a full price renter.
One month (there was another offer but the credit score was too low), which is surprising b/c it took me less time to find a good tenant last year. And I've already cut the price. So with this applicant's offer it'd be $200/mo lower than what last tenant paid. I guess it's not a big deal in the grand scheme of things. But I'm wondering if it's because of the market (with government shutdown and everything)...
I think the potential tenant is probably choosing between your place and another rental that is less expensive. It’s not a red flag for the tenant’s personality, you’re just overpriced for the current market conditions.
It's possible but not always true. Sometimes it's just the person who always wants a bargain and would not ever want to pay the price listed, some people just want to haggle or buy things only on sale even if in reality they aren't getting a deal, it's psychological. Sometimes it is indecisiveness and person wanting a sure sign that your rental is the place for them to have them pull the trigger. People ask for discounts even on things that are below market value.
Also, in general people who ask a lot of questions or for certain concessions will continue being needier than those who just make their decision after shopping around and pull the trigger. Often times people who ask a lot of questions, drag their decision end up not giving you the business.
So, yes, I'd say in general it can be a red flag that you may be dealing with a potentially problematic customer. It's true for any business, not just RE.
Anonymous wrote:What is her credit like? What kind of job does she have? What does her social media look like? These will give you a better sense of the tenant.