Rent Price Decreases

[FayWong]

QUOTE (holymoly @ Nov 14 2008, 12:52 PM)
Here's what I came up with:





Sparkling 3-bedroom with urban convenience + nature's beauty!

$1225 monthly plus gas and hydro



Get 15 days rent FREE when you sign a one-year lease by Nov. 15!



Who knew city living could be so easy? With Redhill Valley Parkway only 1 km away, and city busses just a 5-minute walk from your doorstep, you're all set to spend less time commuting and more time relaxing!



Your low-maintenance, high-convenience home in a desirable condominium complex is ideally located in a friendly, family-oriented East Hamilton neighbourhood. A lush ravine with wooded trails is the gorgeous backdrop to your own landscaped backyard. With outdoor maintenance taken care of by the condominium corporation, your exterior surroundings are no work, all enjoyment!



Inside your immaculate, 3-storey end-unit, extensive renovations and upgrades make coming home a pleasure. Think "new and sparkling" ` from floor to ceiling. Fresh paint throughout, plus new carpeting and main-floor laminate, are just the start! Your kitchen, full bathroom and windows are all new, and feature stylish updated lighting and dÃcor. In your bright kitchen, the fridge, stove and dishwasher are all newer and well maintained. The finished basement rec room is a comfy place for busy kids or a cozy getaway for adults, steps from the adjoining laundry room equipped with washer and dryer. Count on being toasty-warm all winter, and cool in summer, thanks to your updated furnace with central air conditioning. Your home is not only well cared for, but also safe and secure.



Peace of mind, ease of transit, nature's beauty and a lovely 3-bedroom home with space to unwind` what a pleasure!



And now, for a limited time, the welcome is warmer than ever` Sign a one-year lease by the end of November 2008 and receive a $100 Christmas GIFT CERTIFICATE plus a FREE DVD player!



To view this lovely home at 10 Angus Road, please call Ed at 905-329-1460.


Nice Ad

 

[EdRenkema]

QUOTE (holymoly @ Nov 14 2008, 12:52 PM)
Here's what I came up with:





Sparkling 3-bedroom with urban convenience + nature's beauty!

$1225 monthly plus gas and hydro



Get 15 days rent FREE when you sign a one-year lease by Nov. 15!



Who knew city living could be so easy? With Redhill Valley Parkway only 1 km away, and city busses just a 5-minute walk from your doorstep, you're all set to spend less time commuting and more time relaxing!



Your low-maintenance, high-convenience home in a desirable condominium complex is ideally located in a friendly, family-oriented East Hamilton neighbourhood. A lush ravine with wooded trails is the gorgeous backdrop to your own landscaped backyard. With outdoor maintenance taken care of by the condominium corporation, your exterior surroundings are no work, all enjoyment!



Inside your immaculate, 3-storey end-unit, extensive renovations and upgrades make coming home a pleasure. Think "new and sparkling" ` from floor to ceiling. Fresh paint throughout, plus new carpeting and main-floor laminate, are just the start! Your kitchen, full bathroom and windows are all new, and feature stylish updated lighting and dÃcor. In your bright kitchen, the fridge, stove and dishwasher are all newer and well maintained. The finished basement rec room is a comfy place for busy kids or a cozy getaway for adults, steps from the adjoining laundry room equipped with washer and dryer. Count on being toasty-warm all winter, and cool in summer, thanks to your updated furnace with central air conditioning. Your home is not only well cared for, but also safe and secure.



Peace of mind, ease of transit, nature's beauty and a lovely 3-bedroom home with space to unwind` what a pleasure!



And now, for a limited time, the welcome is warmer than ever` Sign a one-year lease by the end of November 2008 and receive a $100 Christmas GIFT CERTIFICATE plus a FREE DVD player!



To view this lovely home at 10 Angus Road, please call Ed at 905-329-1460.






Very nice holymoly and with your permission I will post that plus a few minor updates.

Thank you

 

[DonCampbell]

Ours in Edmonton have moved upwards again this month.

 

[RussellWestcott]

It looks like this thread has taken a couple of different twists and turns.Ed is the challenge you are having:- Lack of number of people contacting you? or
- Lack of conversion once people contact you?

If it is a lack of people contacting this is marketing issue, as you do not have enough lead generation sources running to attract more potential clients

If it is a lack of conversion from the people contacting you, it is a potentially a product (property) issue, as what you are offering is not appealing to the people you are sending your marketing to.

Couple of things for you to dive into:

#1
Your current mindset, you mention you are angry and frustrated, from those states of mind are very difficult to come up a solutions that will be helpful... unless feeling angry and frustrated gives you an edge. Perhaps the mindset of excitement to learn something new and resourcefulness to get the task completed will help you attract what you are looking for.

#2
You mentioned that people have rented out properties in your area. What are they doing that has worked? Have you contacted these successful landlords who have rented out properties to ask them what worked for them? Have you asked these people if they had any other applicant other than the ones they selected so you can run your screening on the prospects?

#3
Have you read this post, plenty of insights into renting properties, Click Here

#4
Rental Sites... you mention 3 sites. Once you hit at least 10 different sites then you are starting to get coverage. Couple of my last campaigns have been focused around multiple sites and multiple messages, at least 10 different locations as a start.

Couple of pointers over and above the ones in the link given above.

A) Online ads

What are your candidates seeing when they searching online... run all the different search terms you think your potential prospects will type into Google. Remember to put yourself in the shoes of your potential client and you will get more of an understanding of what they are looking for

For example the Google search terms of:

apartments for rent in Hamilton
Click here...

homes for rent in hamilton
Click here...

places for rent in hamilton
Click here...

Do you have coverage on the sites that are in the first page of Google?

The key thing, is the place you are placing your online rental ads, where they are appearing in the top search ranking locations? You need to be all over the top sites, even if you have to pay for the placing.

Couple of things regarding Kijiji (and Craigs list), you can have multiple sections where you post your ads ie. sections - house rental + Apartments for rent (2 posting on same site), plus you can also pay (I believe) $10 to get a sponsored or top ad location... on the same site you can have multiple spots.

As well, with some paid sites you can pay some money and get the `featured spot`

B) Pictures and multi-media

Have you reviewed Carla Johnson`s presentation on /forums/index.php?autocom=downloads&showfile=382" target="_blank">magnetic photo tips?You may want to consider hiring a professional photographer to take some pictures for you. You will only have to pay for this once and they can be used every time you have a potential vacancy (hopefully you will never have to use them again... but that’s ok too).

As well I have heard many members have had success with virtual tours
as an example click here


c) Offline
Have you considered running some ads in the local papers... we still get a good response from well written classified ads, you may want to consider running a display ad and make your ad stand out different from everyone else`s on the page.

#4
Rental Copy
Benefit laden copy that creates emotion/ a story/ empathy/ solution to your potential clients problems will create a better filtered candidate. Remember the goal of the copy is not to not generate hundreds of unqualified people that waste your time, but the goal is to identify a well filtered fully qualified person, that wants to rent YOUR place.

If you do not believe that the strong benefit laden copy works ... test it for yourself. Run 2 different ads one bullet point only and one with benefit laden copy... see which one produces the desired results you are looking for.

The key to the copy is not to make it long just for the sake of having lots of words. Your ad copy has to be interesting, addresses the specific issues your clients are having, compelling enough for people to read the entire message, and after they read the copy be moved to take action and call you because they are perfect for your place.

Make sure you speak to the values of the people you are trying to attract. The ad that has been suggested on this thread has some great compelling copy that you should incorporate to your message.

Best of luck; let us know your actions you implement and the results you achieve.

 

[EdRenkema]

QUOTE (RussellWestcott @ Nov 14 2008, 02:38 PM) It looks like this thread has taken a couple of different twists and turns.Ed is the challenge you are having:- Lack of number of people contacting you? or
- Lack of conversion once people contact you?

If it is a lack of people contacting this is marketing issue, as you do not have enough lead generation sources running to attract more potential clients

If it is a lack of conversion from the people contacting you, it is a potentially a product (property) issue, as what you are offering is not appealing to the people you are sending your marketing to.

Couple of things for you to dive into:

#1
Your current mindset, you mention you are angry and frustrated, from those states of mind are very difficult to come up a solutions that will be helpful... unless feeling angry and frustrated gives you an edge. Perhaps the mindset of excitement to learn something new and resourcefulness to get the task completed will help you attract what you are looking for.

#2
You mentioned that people have rented out properties in your area. What are they doing that has worked? Have you contacted these successful landlords who have rented out properties to ask them what worked for them? Have you asked these people if they had any other applicant other than the ones they selected so you can run your screening on the prospects?

#3
Have you read this post, plenty of insights into renting properties, Click Here

#4
Rental Sites... you mention 3 sites. Once you hit at least 10 different sites then you are starting to get coverage. Couple of my last campaigns have been focused around multiple sites and multiple messages, at least 10 different locations as a start.

Couple of pointers over and above the ones in the link given above.

A) Online ads

What are your candidates seeing when they searching online... run all the different search terms you think your potential prospects will type into Google. Remember to put yourself in the shoes of your potential client and you will get more of an understanding of what they are looking for

For example the Google search terms of:

apartments for rent in Hamilton
Click here...

homes for rent in hamilton
Click here...

places for rent in hamilton
Click here...

Do you have coverage on the sites that are in the first page of Google?

The key thing, is the place you are placing your online rental ads, where they are appearing in the top search ranking locations? You need to be all over the top sites, even if you have to pay for the placing.

Couple of things regarding Kijiji (and Craigs list), you can have multiple sections where you post your ads ie. sections - house rental + Apartments for rent (2 posting on same site), plus you can also pay (I believe) $10 to get a sponsored or top ad location... on the same site you can have multiple spots.

As well, with some paid sites you can pay some money and get the `featured spot`B) Pictures and multi-media

Have you reviewed Carla Johnson`s presentation on magnetic photo tips?

You may want to consider hiring a professional photographer to take some pictures for you. You will only have to pay for this once and they can be used every time you have a potential vacancy (hopefully you will never have to use them again... but that`s ok too).

As well I have heard many members have had success with virtual tours
as an example click here


c) Offline
Have you considered running some ads in the local papers... we still get a good response from well written classified ads, you may want to consider running a display ad and make your ad stand out different from everyone else`s on the page.

#4
Rental Copy
Benefit laden copy that creates emotion/ a story/ empathy/ solution to your potential clients problems will create a better filtered candidate. Remember the goal of the copy is not to not generate hundreds of unqualified people that waste your time, but the goal is to identify a well filtered fully qualified person, that wants to rent YOUR place.

If you do not believe that the strong benefit laden copy works ... test it for yourself. Run 2 different ads one bullet point only and one with benefit laden copy... see which one produces the desired results you are looking for.

The key to the copy is not to make it long just for the sake of having lots of words. Your ad copy has to be interesting, addresses the specific issues your clients are having, compelling enough for people to read the entire message, and after they read the copy be moved to take action and call you because they are perfect for your place.

Make sure you speak to the values of the people you are trying to attract. The ad that has been suggested on this thread has some great compelling copy that you should incorporate to your message.

Best of luck; let us know your actions you implement and the results you achieve.


Thanks Russ,
My challenge is the first - lack of people contacting me so it is a marketing issue.
I`m taking other suggestions such as more photos, and rewriting the ad.
I also posted a lawn sign on a nearby busy road as Rebecca suggested.
Being angry and frustrated does give me an edge perhaps not the type of edge I need here though

 

[EdRenkema]

QUOTE (Jack @ Nov 14 2008, 01:16 PM) You`re absolutely right; but, I don`t personally agree with their suggested marketing methods. And, clearly, it hasn`t worked for you in this case, either.

I maintain my position that you`re over-selling it. Your ad sounds way too desperate, and, thus, who do you think will win that negotiation? If one party is desperately trying to find a buyer/tenant, and the tenants aren`t responding, who`s in the position of power?

Reality is, any tenants with anything between their ears aren`t looking for their "dream home" to rent; that`s for the eventual purchase. All they want/should want while renting is a roof over their heads with a responsible cost of living tied to it so that they can put some money aside to eventually buy their dream home.

Vague it out, and get people on the phone!

Sorry I don`t agree, getting people on the phone is pointless unless they are 1. literate and 2. want a decent place.
I`ve already had a scattering of calls from people who can`t read because they ask how much the rent is and I posted it in the title, the first paragraph and the last paragraph. I am now renting for slightly below market rent and I have gone the extra mile to make the property comfortable, clean, and safe. What I want to convey is an above average property in a good neighbourhood.
If you want to talk to hundreds of functionally illiterate people who waste your time on the phone then please do so on your rentals, I`ll stick with the positive marketing suggestions I`ve received in this thread from those who speak on my level.

 

[Thomas Beyer]

QUOTE (EdRenkema @ Nov 14 2008, 04:45 PM) Sorry I don`t agree, getting people on the phone is pointless unless they are 1. literate and 2. want a decent place.
I`ve already had a scattering of calls from people who can`t read because they ask how much the rent is and I posted it in the title, the first paragraph and the last paragraph. I am now renting for slightly below market rent and I have gone the extra mile to make the property comfortable, clean, and safe. What I want to convey is an above average property in a good neighbourhood.
If you want to talk to hundreds of functionally illiterate people who waste your time on the phone then please do so on your rentals, I`ll stick with the positive marketing suggestions I`ve received in this thread from those who speak on my level.
Why don`t you state this in your ad:

OPEN HOUSE
This Saturday, Nov X from 10 to noon and again on Monday Nov. Z night from 6-8 pm .. (or whatever time you wish to set)

Please bring:
a) ID (driver`s license)
b) cheque or cash for 1st depsoit
c) relevant information to fill out a rental application (job history, ISN #, previous landlord ..0

no phone number !!

Then YOU guide the process .. and of the 8 folks that show up you pikc teh one that you prefer .. after reviewing their credit history and rental application and the interview with them ..

 

[holymoly]

QUOTE (EdRenkema @ Nov 14 2008, 05:24 PM)
Very nice holymoly and with your permission I will post that plus a few minor updates.

Thank you


Of course, feel free to post it.

 

[GarthChapman]

QUOTE (holymoly @ Nov 14 2008, 07:08 PM)
Of course, feel free to post it.






Good decision Ed. Don't edit your current ad. Kill it. And post a new one.

Good luck with it!

 

[ZanderRobertson]

And let us know what happens.

 

[mcgregok]

I am renting my 2 bedroom townhouses in Griesbach Edmonton for $1150 per month plus utilities. In Sept I had 30 calls from kijhi.com

 

[RebeccaBryan]

QUOTE (thomasbeyer2000 @ Nov 14 2008, 04:57 PM)
Why don't you state this in your ad:



OPEN HOUSE

This Saturday, Nov X from 10 to noon and again on Monday Nov. Z night from 6-8 pm .. (or whatever time you wish to set)



Please bring:

a) ID (driver's license)

b) cheque or cash for 1st depsoit

c) relevant information to fill out a rental application (job history, ISN #, previous landlord ..0



no phone number !!



Then YOU guide the process .. and of the 8 folks that show up you pikc teh one that you prefer .. after reviewing their credit history and rental application and the interview with them ..






Thomas, have you used this method before and if so, how has it worked for you?

 

[SusanPenner]

Hi all:
I`ve just read through the whole thread and would like to say nice ad holymoly and best of luck Ed!

I thought I would add my last experience at renting a house out.

I`ve noticed it was a bit harder to rent out a house in Q4 vs our first 3 properties. We received possession of our 4th property on Sept 3, did renos almost all Sept(on weekends), and started showing it late Sept for a Oct 1 possession. We charge top rent as we are pet friendly. In the past, within the first few showings I would find our new client however, things didn`t work out that way this time. The house is a 4 bedroom/3 bath walkout bungalow (approx 1600 of living space) in Millrise, Calgary and it`s within a 10 minute walk to the LRT. It`s a fenced yard and has an oversized double detached garage. We started out at 1950/month plus utilities but there were no clients for Oct 1. After showing it about 10-12 times, I was surprised that I had no takers. I rewrote the the ad to a combination of sentences and point form. I also dropped the rent to 1850/month at Thanksgiving. My ads on homerent.ca or rentfaster.ca have about 20ish pictures of the place. We had a family move in Oct 20.

What I learned was pictures make a huge difference in the ad. For the first week my ad didn`t have pictures and I had few hits. The hits increased to 20-40 /day when the pictures were included. By the time we rented the house, there were 850 hits on homerent.ca. When we asked for feedback from potential clients, we found that we were on the potential list .... our layout was not what they had in mind but the cleanliness of the house was a big plus and how we present ourselves as landlords was also commented on in a positive way. Responses received from Kiji and a sign outside weren`t my target market. In the future, I`ll try to avoid having leases ending in Oct-Dec knowing now they will be harder to rent.

I do believe you have to stay positive through the whole process....you just need one client to sign. I believe that they want more than just a roof over their heads...they want a place where they won`t be embarrased to have friends and family over (I know that from living in a "true rental" property because there wasn`t anything better in Calgary at the time).

We hit it off we our new client`s family. The husband may become our new handyman.

 

[EdRenkema]

QUOTE (ZanderRobertson @ Nov 14 2008, 10:25 PM) And let us know what happens.
Quick update: in the past 10 days or more I`ve printed and distributed 150 flyers in the neighbourhood offering $100 to anyone who brings me a tenant that signs a 1 yr lease-so far nothing.
I`ve constructed a good solid sign with the larget For Rent sign I could find and pounded it in the ground on a nearby busy street, 5 days later it has disappeared-no idea.
I`ve contacted several local property managers offering them half a month`s rent to bring me a tenant who signs a 1 yr lease, nothing yet.
I`ve reposted on kijiji, gottarent and viewit with updated photos and script:
- 2 calls and one viewing, this lady liked it, filled out application and left $100 cash deposit at my request (I recently read an article by Nick and Tom Karadza indicating once a potential tenant puts some money down, they have an emotional attachment to the property). Yesterday needing additional info from the potential I left one voicemail and sent an email requesting a SIN# from the boyfriend/coapplicant and a work reference phone # from him - no reply in either case, so the question is should I send further phone calls or emails or just wait them out? She indicated they have given notice to move out of their current unit Dec. 15.
I really need to get this one tenanted.

 

[mortgageman]

I don`t put my phone number in my ads. They email me and I control who phones whom and when. I learned that lesson after a couple of 7 am calls.
I did try an open house once. I even baked chocolate chip cookies in the suite to give it a nice homey feel. Alas, the only person who showed up was a really pushy person who set off the spidey senses and there was no way I was going to rent to her.
I do know of other people who have successfully rented based on open houses. And if no one shows, you get to eat more cookies.

 

[holymoly]

QUOTE (mortgageman @ Nov 21 2008, 03:05 AM) I don`t put my phone number in my ads. They email me and I control who phones whom and when. I learned that lesson after a couple of 7 am calls.
I did try an open house once. I even baked chocolate chip cookies in the suite to give it a nice homey feel. Alas, the only person who showed up was a really pushy person who set off the spidey senses and there was no way I was going to rent to her.
I do know of other people who have successfully rented based on open houses. And if no one shows, you get to eat more cookies.

I didn`t put a phone number in my ads either. Since all the ads are online, I figured the potential tenants are comfortable using the computer. Most of the people who emailed with questions or to say that they`d be coming to an open house (I held two) did show up. I thought it was interesting that of all the people who emailed, the best prospect (who`s now my wonderful tenant) was the only one to gave a first and last name and phone number in the email.

I gave a cellphone number to a few of the people who came, for specific follow-ups. By the way, I picked up a cell specifically for this, so I`d have a local number -- my usual cell would be long distance for potential renters -- and to let me turn the cell off at night knowing no emergency calls would be coming through it. (7-11`s Speakout phones are good for this; they often have a deal where you can get a free $74-valued phone if you buy $75 worth of pre-paid airtime.)

 

[rforgiel]

Ed,

I have used open houses and they have been successful. This was in the summer however. Around now is a little more difficult. You are getting people in a tight spot - transferees or recent divorces. They can be good tenants but it is pot luck.

I have gotten desperate and chased potentials applicants. It usually has not worked out. As a rule if you need to chase them they are not reliable and you will be chasing them every month for the rent. This does not mean you can not place a quick call to them to get the info or set up a time to meet to iron everything out. I like to have an excuse to meet the people at their current location to see how they live.

However don`t chase.

Regards,
Ramon Forgiel

 

[EdRenkema]

QUOTE (rforgiel @ Nov 21 2008, 08:24 PM)
Ed,



I have used open houses and they have been successful. This was in the summer however. Around now is a little more difficult. You are getting people in a tight spot - transferees or recent divorces. They can be good tenants but it is pot luck.



I have gotten desperate and chased potentials applicants. It usually has not worked out. As a rule if you need to chase them they are not reliable and you will be chasing them every month for the rent. This does not mean you can not place a quick call to them to get the info or set up a time to meet to iron everything out. I like to have an excuse to meet the people at their current location to see how they live.



However don't chase.



Regards,

Ramon Forgiel






This potential phoned yesterday indicating she and her boyfriend do not want to move before Xmas. I said I would process the application anyway and if it was still available and they qualified they could move Jan 1st. This is turning to be a strain on my finances, last Christmas was tough, this one will be twice as bad so I certainly need to try to minmize my losses.

 

[Thomas Beyer]

QUOTE (EdRenkema @ Nov 22 2008, 02:48 AM) This potential phoned yesterday indicating she and her boyfriend do not want to move before Xmas. I said I would process the application anyway and if it was still available and they qualified they could move Jan 1st. This is turning to be a strain on my finances, last Christmas was tough, this one will be twice as bad so I certainly need to try to minmize my losses.

renting in December is ALWAYS hard !

allow for normal turnover in your cash-flow analysis .. which is one/year with one month vacant as part of your analysis (i.e. 8% .. ... better 2 months / year !!)

 

[EdRenkema]

QUOTE (thomasbeyer2000 @ Nov 22 2008, 12:45 PM) renting in December is ALWAYS hard !

allow for normal turnover in your cash-flow analysis .. which is one/year with one month vacant as part of your analysis (i.e. 8% .. ... better 2 months / year !!)


Certainly true, this one however I closed on Aug. 29, totally reno`d, advertised since last wk of Sept. and only 3 viewings since, I`m looking at 4 month vacancy!
I`ve got it on kijiji, gottarent, viewit, my realtor has it on Royal LePage, and today I put in a 30 day ad in the Hamilton Spectator. I`m $25 below market rent and offering a $100 gift certificate with one yr. lease.
Today checked references on the potential and work reference turned out nonexistent and current superintendant indicated inconsistent payment of rent and poor upkeep of property, on it goes - this will be a tough one.