The aspect ratio and yield of PbSe nanorods synthesized by the reaction of Pb-oleate with tris(diethylamino)phosphine selenide are highly sensitive to the presence of water, making it critical to control the amount of water present in the reaction. By carefully drying the reaction precursors and then intentionally adding water back into the reaction, the nanorod aspect ratio can be controlled from 1.1 to 10 and the yield from 1 to 14% by varying the water concentration from 0 to 204 mM. P-31{H-1} and H-1 NMR show that water reacts with tris(diethylamino)phosphine to create bis(diethylamido)phosphorous acid. It was determined that bis(diethylamido)phosphorous acid is responsible for the observed aspect ratio and yield changes. Finally, it was found that excess oleic acid in the reaction can also react with tris(diethylamino)phosphine to create bis(diethylamido)phosphorous acid, and upon the removal of both excess oleic acid and water, highly uniform, nonbranching nanorods were formed.