I was asked the other day how the wintertime is affecting our rental rates. Even though we are entering the late fall period, we are still renting all of our properties without a problem, so traffic is still there. Instead of averaging 21 days on market in the summer, we are now at around 32 days, however.
A few of the added days on market could be eliminated by us being stricter with our owners on price competitiveness. One method that works quite well is to have a loss-leader rate in your advertising (e.g. $900 for 6 months), where you can negotiate a higher lease amount for the additional months. This is a lot better than waiting 2 months to get your desired $1,100.
The goal is to get eyeballs and calls on YOUR ad... not the others. Once you have a conversation going, the deal is typically yours.
Scott
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