HOW TO IMPROVE THE RESPONSE TO A LISTING?
Improving the response of a listing is basically based on changes you make to the asking price. Although, the migration patterns of roommates is ever changing as it is effected by variables such as the economy/jobs and especially weather. A lowering change in price will usually attract more interest from roommates who are searching for a situation. In addition, updating the availability weekly will keep your listing on the top of the roster regularly and will help to place your posting in the best viewing position possible. The idea of optimizing your price is to post your listing at an amount that is closest to the average price of the listings in your area, while at the same time not lower than 50% of your total rent.
The average monthly roommate rent in Manhattan is approximately $1,000 and the average for Brooklyn, Queens, New Jersey, The Bronx and Staten Island is approximately $650.
So, changes to the price that are made relative to the average price in your neighborhood should be in-line with your lowest possible asking rent. For example, the rents of the shares that we receive in Manhattan range from the lowest price of $550.00 to the highest price of $1,500 or more. The lower rents can receive more responses and the higher rents can receive less and take longer to fill. For example, of all the listings in Manhattan, the average price is $1,000. The prices that will see the majority of responses are those that are lower than or closer to the average price. To improve your response rate for a listing in Manhattan at $1,200, you could consider lowering the asking price closer to the average of $1,000. If possible, you can test the market by lowering your price incrementally. Some may lower the price in increments of $50 to see how quickly a lower rent could improve the response rate, while at the same time keeping each roommate's share of the rent equal.
If 50% of the total rent is the starting asking price, the only option is to wait for those roommates who are willing to pay more (usually for higher quality) than the average in your area and to update your listing regularly.
You can email us your new price or call 212.757.2865 to edit your listing over the phone.
As always, please contact us with any questions that you might have
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