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Updated over 6 years ago,
How to Know When Rent is Appropriate During Turnover?
BP,
Going through my 2nd turnover. Previous tenant was in 1 side of duplex for under market rent as work was being done and now he is leaving and trying to find the maximum rent value. Since then, Exterior and Interior has been painted, Added some nice hurricane shutters and generally improved look of property.
Previous Rent: $800. Bumped it up to $900 and listed it on FB Marketplace. 60+ replies in 12 hrs so I bumped it up to $1,000. A few people dropped but I am still getting interest every hour from ppl wanting more info on the unit. Problem is I have already scheduled a group showing date for Sunday but want to get the most profit out of this as possible. Rentometer lists average rent in my area for $1,090. Prescreened and invited 25+ to see property.
Should I just wait until Sunday to see how many interested/qualified people actually show up? I don't want to practice bad etiquette but I do want to get as much value out of this deal as possible as it is my first and need money for future investments/repairs. If a large group shows up and I have multiple qualified tenants, is there a way to bid them against each other to get maximum return on this?
Thanks,
Tim