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lotta red flags in this but my first question is are you SURE that the guys showing the place are the real landlords? this kinda deal bothers me no end really because it smacks of shady deals .. money right now with longest lease ? uhhh.. no ..
Sounds a lot like a showing I attended for a small house. Same type of deal, but not quite as organized. It was definitely a rally to get the best renter. We took ourselves out of the running quite early. The house was as great as it appeared on paper (well, Craig's list) and there were way too many people there offering all sorts of crap. We ended up in an apartment, and there are actually a lot of perks to where we are. It's pricier, though, which definitely isn't a perk.
The folks that are "organizing" these "events" want to do the same thing that the folks that run the "flash sales" or "one day, one deal" marketers are trying: create the impression that this things is SUCH A SCREAMING deal you gotta LINE UP to get your shot at this. In the field of behavioral economics this is known a "herding" or false bargains -- https://www.psychologytoday.com/blog...budget-busters
This is of course is NOT GOOD for renters, because instead being able to rationally compare the VALUE of each apartment and decide which one really is the most fairly priced the irrational desire to get to the front of the line / top of the list drives them to bid more than asking price.
I would also argue that since landlords should not care about just what happens on the day that leases are signed but having responsible renters that live up to the terms of the lease for its duration this sort of artificial event will not serve their best interests in getting renters that behave in a way that is fiscally rational.
I'd offer an example of something that is instead a "win-win" -- landlords that "allow" tenants to use a credit card to electronically pay every month. Such an incentive allows a savvy renter to get bonuses like airline miles or cash back from their card issuer and ensures the landlord gets their payment in a timely manner on a set date with no bounced checks or mail delays. That too has a term in behavioral economics and online commerce: "reducing payment friction" -- Understand the Science of Paying Rent that affects decision making
So, would a good long them tenant, someone you would actually want, be able to move in on one days notice? Maybe if they loved your place so much, they were willing to pay rent and then move a few weeks later or something, but even then it's a bit of a red flag on less you truly had some kne of a kind property.
So, would a good long them tenant, someone you would actually want, be able to move in on one days notice? Maybe if they loved your place so much, they were willing to pay rent and then move a few weeks later or something, but even then it's a bit of a red flag on less you truly had some kne of a kind property.
This is exactly what they were counting on. Someone to start paying tomorrow and then can actually move in whenever they can find time. They created this circus-like atmosphere to create an artificial demand for their product. It obviously worked because people were nearly fighting to get a chance to speak with the Oh Holy Landlord about said rental. These people all acted and looked like people I wouldn't want to rent to as a first choice. Landlord will get his tenant but I'm betting there will be problems very soon.
I actually did experience something like this a few years ago while looking for my first apartment. One guy led several people through the house while there was another person getting people to give their information. It looked like one girl was getting ready to take it then and there. Very weird.
I know a lot of landlords who just do an "open house" and the house is open for viewing between specific hours on a specific day. If you are interested, show up during those hours. I suspect that the landlord was not expecting such a big turnout. It sounds to me like the place was under-priced to bring out so many hopefuls.
Underpriced and oversold in the advertisement, if it advertised a certain amount of square feet more than it was.
I also wonder if they are not trying to get as many application fees as they can. 20 application fees at $50 each is a chunk of change.
Anyone else use to seeing this Disney style approach with lines snaking through houses? I'm in a hot market in Southern California but I did a ton of research and this places wasn't priced THAT great (especially since it was a 500sq foot house and not 1000 as advertised).
I had a 300sf studio advertised in June that I had put on Zillow. Zillow pushes the ad to other sites, so I had a lot of interest. I told the prospects that I would be showing it on X date & X time. I only allowed an hour for the showing because I had to get to Little League.
I only expected 4 people to show up, but I had 13 people show up and I was quite overwhelmed. I have learned to NOT set individual appointments because it ends up being a waste of time when prospects cancel or just don't show up.
My preference is to NOT take a fee until I have reviewed the application in peace and quiet. I hate returning money.
In some states you don't have to.
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