First Rental - Not getting rented since April 2022

[Saurabh Kukreja]

Hello Folks, I closed my first rental property in Mid April in Zip 38141and since then Have been trying to market the home for rent with a PM company but its June Now and no luck so faar.

My PM keeps asking me to lower down the price and now I am a point where I cant lower it down anymore. 

Any advice on how to handle this, please?

Should I try a new PM?

Should I furnish the home with appliances ( right now it does not have anything other than cooktop )

I have seen the video and it does not look too bad which PM also mentioned that home is rent ready!

Thank you

[Brad S.]

Quote from @Saurabh Kukreja:

Hello Folks, I closed my first rental property in Mid April in Zip 38141and since then Have been trying to market the home for rent with a PM company but its June Now and no luck so faar.

My PM keeps asking me to lower down the price and now I am a point where I cant lower it down anymore. 

Any advice on how to handle this, please?

Should I try a new PM?

Should I furnish the home with appliances ( right now it does not have anything other than cooktop )

I have seen the video and it does not look too bad which PM also mentioned that home is rent ready!

Thank you

 Ok, could be due to many different issues. Your job is to figure it out which one/s and address them.

* Ineffective property management - not properly marketing, not available for showings, not responsive to prospective tenants, etc. - SOLUTION-find new PM

* Asking price too high - possibly over market rent - SOLUTION - research rental comps and adjust asking price accordingly

* Your property may have less appeal than competing properties, this could be due to lack of supplied appliances, bed/bath count differences, gla size,  yard size, location, quality, condition, and many other characteristics. - SOLUTION - once again, check out the competing available and rented properties, also call competing property management companies in the area, they have the best data and view of the rental market. Tell them you are shopping for new management and ask their opinion. And if the factors are "curable," then cure them, if incurable, you can either hang on for the ride till they get curable (if that is possible), or you can dispose of the property, hopefully not at a loss.

Ok, that's all I got for now.

By the way, this should all have been done BEFORE you bought the property. I mean that as a lesson, not a criticism. But, maybe you did do the research as thoroughly as you could. In that case, that is part of the risk of REI and why the rewards can be great as well. Good luck!