New Investor in a Sticky Situation

[Account Closed]

Hi, all! I’m a relatively new investor and just bought a property near Savannah, GA a few months ago. Due to some life changes, I ended up moving out of the home a lot sooner than anticipated. Now that I’m no longer in the property, I’m facing some issues trying to get it rented due to it now being the slow rental season.

Seeing as how I just bought the property, I can’t sell it without taking a huge loss. I also can’t refinance now without taking a loss. However, the property has been vacant for a little over two months now with no sign of when the rental market will pick back up.

II’m not really sure what my best option is (besides just moving everything back into the property and staying for the next few months/year).

If anyone has any general ideas or suggestions or any specific advice for anyone who knows the area, please feel free to chime in. Thanks!

[Drew Sygit]

@Account Closed

There are really only two main reasons a property doesn't rent out:

1) Not enough exposure to the right target audience

2) The audience doesn't like the price-value relationship

To drill down on what the problem is:

How many views are you getting?
---Not enough is a sign that the property is not getting enough exposure, has a bad initial view or is priced way to high

How many inquiries are you getting?
---If a decent amount of people are viewing it, but not inquiring for more info or a showing, then they are not liking what they see when they view the ad. Either price is too high for what it is, or has bad pics or bad description or not enough showing availability.

How many showings are being scheduled?
---Not enough is another sign that price is too high for what it is or has bad pics or bad description or not enough showing availability.

What percentage of showings actually happen?
---If too many showings are cancelled, curb appeal may be an issue or may be part of the market and more confirmation is needed.

Lots of showings but few applications?
---Usually a sign that price-value is perceived to be out of line. Need to lower price or improve the product.

Some more ideas:

1) Is it on the MLS so other agents can show it?

2) Are self-showings being offered for more showing schedule flexibility?

3) Have you reviewed the ad type and pics on your phone (how most prospects will look at) to verify acceptable?

4) What MoveIn Specials are being offered?

5) Is there a 3-D Tour? What about a floorplan, so prospects can envision where their furniture may go?

Ask your PMC a LOT of questions about what they are doing and try to brainstorm fixes.

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