Suggestions for getting a property rented in saturated market

[Tony Castronovo]

I've been sitting on a rental that I listed over 3 weeks ago.  I am getting a few bites but not overwhelming inquiries.  I held a couple open houses and had some positive interest from a few folks.  Normally, this would tell me that I am priced too high.  But I've monitored the area and I feel I am right where I should be.  I am willing to drop the price.  However, I noticed that my competitors have been steadily dropping their prices about $25/50 per week at over 30 days on market.  The area is just saturated with rentals.  And although mine looks awesome with a fresh rehab, many of the others look equally nice.

Should I wait it out?  Drop the price? Offer incentives?

Note: I am not listed in the MLS (I usually don't have to). I am on Zillow, Realtor.com, Trulia, Hot Pads, Doorsteps, and Craigslist. Have also marketed on Facebook. But another option is to list it in MLS (just hate to give up that first month's rent).

Thoughts?

[Dustin Lavender]

I use a website called rentalutions. It syndicates to a bunch of other sites that syndicate to others as well. It is awesome for a single property that you are having trouble with. Paid, you can list multiples with them, or you can do one for free.

I rarely put out a yard sign anymore due to the 3 am, Sunday dinner, and calls that go like this "oh hey dawg, this is so and so, saw the sign at your house yo, this place fo rent?" .......me:"Yes it is" ...... "Okay dawg Imma call you back, after I get with my baby momma boyfriend, see its be me, my girl, my baby momma, her brother, and her boyfriend. So Imma let you know." .....dial tone. Five minutes later .... " oh, hey dawg, what's the rent on this house we are super interested!?" ....me, "$750" .... "oh snap dawg, he said 750!, okay yes sir, so we are looking for one in the $500 range." .... me: " this is all I have open now and rent is $750, $550 deposit." .... "okay man, we'll talk about it." .......4 minutes later ...."hey man, so I get paid next Friday not this Friday, and baby momma ain't got a job right now, but we got like $317, and was wondering if you would let us pay it out." .....me:"no sir, we require the full deposit and prorated first months rent to be paid at lease signing." ..."okay dawg, it's all good, I'll let you know" ......2am, 5 missed calls .....2:05am voicemail....."hey dog, I know it getting late, but uh we was all wondering if we could come look at the house we are over here now if you are around... let's us know oh yeah man do you allow pets, cuz we got 3 dogs."

Day two, remove and burn yard sign.

Good luck buddy