Rental Basics in 93063>Question Details

Clueless Chic, Both Buyer and Seller in 93063

Simi Rental market

Asked by Clueless Chic, 93063 Wed Apr 15, 2009

How is the current rental market in Simi. I am using a real estate agent, we have advertised in Kitty Letter,Craigslist and MLS. Its a nice home 3BR 2.5BA listed for 2350. Other homes in our neighborhood have gone for 2500 range. Its been 3 weeks but hardly 2 responses. What are we missing, what do other agents do to rent it sooner. Our agent said he can rent it out himself and so did not offer any commission for other agents, but yestereday we added that as well. We are told march - april times are good as lot of people are looking. Please advise. It is an 9 yr. old home, very clean but not too many upgrades, just tile flooring, home theatre wiring and crown moulding, 2052 sq feet, facing a nice park and close to shopping and good schools.

Help the community by answering this question:

Answers

5
Rent is to high. I have been looking at 3bedroom homes in Simi, average $1700-$1800
0 votes Thank Flag Link Fri Sep 23, 2011
SimiLady,

I am getting $2500 for my 1425 sq ft 3 bedroom two bath Simi Home near Heywood and Sycamore built in 1964. As far as I am concerned the Kitty Letter is a waste of money. I'd have to see your property and your craigslist ad to understand why your response rate is low.
Web Reference: http://www.homebuysblog.com
0 votes Thank Flag Link Wed Apr 15, 2009
Do your own poking around on the same resources you mention to deterime if you think the rental price is correct. Be careful not to overprice but also be careful not to underprice. People will usually set their budget for a rental and expect that a decent rental will cost them the price they have in mind and the going price of other rentals.

For example, years ago, I priced a rental attractively to get a "good tenant who would stay a long time and take great care of the place" because it was such an attractive deal. Instead what I got was a lot of people who were well below the standard of tenant I was looking for. When I discussed this with a seasoned property manager of more than 100 unit complexes, she asked me what going rents were and advised me to increase it to that amount, I did. Within two weeks I had received several applications from people who were well qualified to rent my unit. She explained that at the lower rental price the perception of well qualified renters was that my place might be a dump and they didnt even bother to inquire.

It does take time and I agree with Laurie that this is not an ideal time of the year for renting. Price it properly and wait for the right tenant. I have managed my own rentals for over 10 years. If you dont feel comfortable with the tenant that comes along be sure to consider what your gut tells you. I have not been burned on a single rental agreement but I am very particular. Having a Rental is not for everyone, consider that if 3 weeks is feeling like a long time to you, perhaps renting the property is not a good fit for your finances and rentals will try your patience, this may be just the beginning. However, rentals can be a great source of income. Good Luck!
Web Reference: http://www.SimiLiving.com
0 votes Thank Flag Link Wed Apr 15, 2009
First I would say that the rental market should pick up the closer you get to the end of the school year. Nobody wants to move while the kids are in school. You are right to offer a commission to other agents, the more you get the listing out there, the better off you are. Also, is there a For Rent sign on the property? How about having your agent set up a website with photos and more information about the home? Post the domain such as : http://www.1234mainstreet.com on the sign and let people who drive by log on and look at the home. Then, make sure that the comps for the size and condition of the home are accurate and price it below the others, maybe offer a gardener service as well. The Kitty letter and Craigs list are great ways to advertise, however more and more people are turning to the internet, make sure you have coverage there.
0 votes Thank Flag Link Wed Apr 15, 2009
Similady.... Rental Trends and Rent Comparables......http://www.zilpy.com/
http://www.rentometer.com/


Dunes
0 votes Thank Flag Link Wed Apr 15, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer