One question that I'm asked every single day is "what are the chances of getting a tenant for my property?" This question is not only coming from numerous people who never envisioned themselves as future landlords but also from seasoned investors.
Our market is flooded with rentals due to the extremely dark sales market. If you go on Craigslist, you'll see the multitude of rentals posted every day. Considering many property management companies still fail in this day and age to post their rentals on Craigslist, we realize there is a glut of rentals out there.
How is it then that I'm barraged with inquiries from prospective tenants as well as from family and friends of prospective tenants every single day?
First of all, let me tell you that the average tenant is looking for a rental UNDER $1,000 per month. Secondly, the average person is between the ages of 35 to 44 years old and has at least one (1) pet (our second highest age bracket is 45-54 years old). The average individual has some form of secondary education, is technologically savvy and state they came here for the outdoor recreation. We also have a higher than normal amount of small business owners for a region this size. And yes, people are still moving here.
So why are there so many vacancies? Other than the fact that so many of the homes we built during the glory days was for the house "flipper" and not for an actual homeowner, we still have many people moving here looking for a place to call home. A significantly large portion of the calls I receive are from people outside of the area wanting to move to Bend and are afraid of buying in a sinking market. They want to relocate here, are able to telecommute or have a small business, want to get to know the area and wait for the market to stabilize. They express an intention to buy at a future date, so want to save their money and live in an inexpensive but NICE rental. The second highest number of calls I receive are from homeowners who were significantly invested in the real estate market and have lost everything. They have restructured their lives and are starting over with a steady income and want to live simply yet do not want to have to give up a minimal (to them) standard of living. Both of these groups are very savvy about the real estate market and realize the power of negotiation. Both of these groups typically contact a Realtor first when they start looking for a rental as they wish to speak with a professional who knows the local market and can help them find a home. Quite a large number of them may have better credit or more money than the owner they are renting from and do not want to lose more than they've already lost in this market.
This is where I come in. As a Realtor and Broker who manages property, I market the homes I manage as I was trained to do as a sales agent. I've found surprising enough, that this is actually very powerful experience. After receiving their license, many area property managers stop right there with their professional education. With a very strong internet presence and a wide network of fellow Realtors I refer to, I receive numerous inquiries through my website and reciprocal websites, through fellow Realtors and through personal contacts.
So, am I telling you all this as a marketing piece? Of course. But I'm also telling you this because I have some tenant needs and maybe one or two of you know someone who owns a home that matches one of my tenant needs and would be willing to work with me.
Needed (all non-smoking):
- Westside home. Around downtown. Under $1,000 per month. Single professional with one dog. Forever tenant. Works in the corporate offices for Les Schwab at Juniper Ridge. Met through my website.
- Westside nice home. Close to trails. Under $1,200 per month. Couple with dog. Strong work history and comes with great local references. Realtor referred.
- Home on acreage in Central Oregon. Has 3 horses. Around $1,000 per month. Lease for 6 months to 1 year. Realtor referred.
- Home in Bend. Under $1,200. Couple with 2 dogs. Lease for 6 months to 1 year. Realtor Referred.
- Home in Bend. Under $1,000. Individual who owns tech business. 6 month to 1 year lease. Wants to buy in the future. Wants a place that will allow dogs as he's ready for another one after the loss of his old dog. Facebook referral.
- Home in NE Bend. Under $1,000. Couple with 2 cats and 1 dog. Relocating with work. Starting over in Bend. Craigslist referral.
There are many more, however these people have signed up for my listing notifier. Any help would be appreciated.
Today, it's extremely important to provide high quality customer service to tenants and owners alike. Owners wish to have their property protected and tenants wish to live in their private home, not "someone else's house." We are asking tenants to move in and help us pay our bills, so it's very important to believe in customer service for tenants. When you are getting ready to rent your place out, do you think: 1. Would I want to live here? 2. How do I want to be treated? 3. What can I do to make their life easier thereby making my life easier? If you're not thinking about these things now, you will be.
For more information, please feel free to call me or send me an e-mail. I LOVE e-mail.