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Updated over 2 years ago on . Most recent reply

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17
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Marvin Michel
13
Votes |
17
Posts

My apartment is not renting, my agent says price is not the issue

Marvin Michel
Posted

Hi,

I have a duplex property in Middletown Ohio. I spent the last few months fixing the foundation of my property, but now that's been completed and my home is up for rent, but it's been sitting on the market going on about 45+ days now and I have not been successful at getting any renters or even applications for that matter. 

Here is the listing on CL: https://cincinnati.craigslist....

and here: https://cincinnati.craigslist....

Can anyone reading this identify ways I can improve my listing? Both listings have professional photography, video tours, and I offer amenities like internet and parking space. It was my agent who originally suggested $850/$900 for these apartments. Unfortunately, I don't see that much action on it. While my agent says that the pricing is not the issue and that instead it's just the prospective tenants who see the apartment just don't follow through with applying, I just want to do what I can to get a renter in there. Given that I tried my best to make the property as attractive as it could be, what else could I try to generate more volume towards it? Am I right in following my instinct about the price being the issue? Also worth noting that I want to refinance the property and to a BRRRR as soon as possible as it's a race against interest rate hikes in this environment.

Thanks
Marvin

Most Popular Reply

User Stats

790
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Alexander Szikla
  • Real Estate Agent
  • New York City
624
Votes |
790
Posts
Alexander Szikla
  • Real Estate Agent
  • New York City
Replied

Craigslist isn't sufficient - he needs to be leveraging Zillow, Apartments.com, Facebook Marketplace and his own social media presence. 

Does the property have a big "for rent" sign with a phone number on it?

How about a few flyers in strategic locations (i.e. local grocery stores)? 

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