I hate it when I under price things.

My rental house came vacant a couple of weeks ago. I've spent a lot of free time working on it and getting it ready to go back on the market. It's painted, cleaned, roof cleaned and checked, and A/C repaired, so we upped the rent by $200/month and listed it again Tuesday. We have had over 70 contacts in two days and my wife just ran 50 people through it at an open house this afternoon. Everyone wants it and wants to move in ASAP. Apparently I should have upped the rent some more.

Next time I'm just going to put it out for bid.

Duh, it's people wanting to get rentals cheap now before Volvo gets started.

No kidding. Earlier this year I was selling some of the old bike parts I've been accumulating for 20+ years. In one box were some old canti brakes I took off a complete bike I bought some ages ago. Didn't think anything of them other than wanting something that worked better. So I have these old brakes and don't really have a clue what they are (no labels). Put 'em up on a Facebook trading group for $15. All hell brakes loose. Turns out ONE of those brakes could have been cleaned up and sold for over $100.

Doh.

when I sold my Integra, didn't even get it on CL … just word of mouth… the second day, the first guy that looks at it buys it at list price … bet I could have gotten another $1000 for it

Here's a question, and it's never happened to me, but if I say "best offer", could I actually sell it above my listing price, and not feel like a jerk, if people keep offering more?

Joey

My wife took in over 30 applications yesterday. She's going through them now.

The good news, it will be rented by the end of the month, and we can be picky about who we rent it to, rather than having to taking the first person that comes along.

morally ? this is just my opinion, but if you've listed a price … then added the rider "OBO" and someone offers you your asking price .. then, in my opinion, you're morally obligated to sell at that price … but that's just me

if you've listed something and no price stated … then sure .. you've basically set it up for bidding

for the first scenario, again this is my opinion, "OBO" usually means the best price if no one meets your asking price

there's lots of difference in opinion about this … there have been several threads on many boards about this … so this is just my 2¢

Take all the money you can, anyway you can. Business is business, it is your product to sell however you see fit. People dont have to buy it if they dont like it.

I would have announced rent was being raised at the beginning of the day when people were coming through, but thats just me.

I had to edit an autotrader ad a couple of years ago to stop people from calling. I had about 15 calls and four people coming within the first six hours. I added $1500 to the price and people STILL called. Dammit.

In reply to Toyman01:

Plus... it sounds like raising the rent a bit next year won't be a concern.

Been there. Sold my 190E for what I though was a fair price. The day after the sale I got three offers all were for at least $1000 more.

So, you were content with your asking price, and now have developed discontentment because people are interested in your product, so you want to stick it to them and raise the price just because you think you can, and not honor the original price you quoted (and were content with)??

That's not business, it's greed. And it won't breed contentment.

Sell at the price you agreed to and appreciate the life lesson you just learned. Do your homework better next time.

I've got rental houses. I charge less for them than neighboring houses. But, it allows me to have a large pool of applicants that I can choose from, and for most of my houses I have not missed a single month of rent in five years. I make good money. My renters are happy with the house and appreciative of the price (which helps when things need repair). And they tend to stay a long time.

Stick it to whom?

He hasn't signed any contracts yet. There is also nothing stopping from somebody paying over "msrp" so to speak. If he had signed a contract, oh hell yea no reneging. But he hasn't. There is no ethical or moral qualms in this decision.

In reply to SVreX:

Wow! ASSume much?

No one ever said anything about changing any pricing or not honoring the advertised price except you.

SVreX wrote: So, you were content with your asking price, and now have developed discontentment because people are interested in your product, so you want to stick it to them and raise the price just because you think you can, and not honor the original price you quoted (and were content with)?? That's not business, it's greed. And it won't breed contentment. Sell at the price you agreed to and appreciate the life lesson you just learned. Do your homework better next time.

Uhh... He didn't ever say that he was going to do anything of the sort.

In reply to Toyman01:

Not true. Re-read Hightempguy's post.

I didn't say a word about you. Way to over react.

It was a generalization- don't get defensive.

You already said you intended to handle it appropriately. No issue.

So you guys actually read these threads, or just like jumping on someone's ass?

SVreX wrote: So you guys actually read these threads, or just like jumping on someone's ass?

Yes, we do read them. You came off as jumping down Toymans throat for something he said he was never going to do.

Both if you ASSumed I was talking to Toyman.

I wasn't.

In fact, he's one of the more respectable business folks around here.

SVreX wrote: Both if you ASSumed I was talking to Toyman. I wasn't.

We get that now, after the explanation. Which would imply that you should work on the clarity in your posts.

HiTempguy wrote: Stick it to whom? He hasn't signed any contracts yet. There is also nothing stopping from somebody paying over "msrp" so to speak. If he had signed a contract, oh hell yea no reneging. But he hasn't. There is no ethical or moral qualms in this decision.

He advertised a price.

Switching the price tags is not cool.

SVreX wrote: Both if you ASSumed I was talking to Toyman. I wasn't.

I retract my statement. Apologies.

mtn wrote:

SVreX wrote: Both if you ASSumed I was talking to Toyman. I wasn't.

We get that now, after the explanation. Which would imply that you should work on the clarity in your posts.

Fair enough. I work very hard at it, but will redouble my efforts just for you.

And you should work on temperance, and assuming positive things about the other guy.