Las Vegas / Henderson Property Management

[Mikey Liu]

Tenant just moved out, old property manager has single family home 3bed/2bath listed in henderson for $2050 with no bites after 35 days on market. 

Wondering if this is just priced too high or if I need to find someone who is better at marketing this unit to get it rented. Does this person need to increase the incentive fee offered to rental brokers who bring in a client (believe current is $400). 

Any referrals welcome for rental brokers or property managers that can rent the unit out and manage it on the back end. Thanks

[Eric Fernwood]

@Mikey Liu

As people stated in this thread, you need to talk to your property manager. Some questions for the property manager.

• To rent the property quickly, what do you recommend?
• Please show me the rental comps upon which you based the current rent.
• What do you see as competition for my property?
• How long have similar properties been on the market?

Several things about the property could make it unlikely to rent.

• Poor quality photos - People spend $400,000 or $500,000 and another $25,000 on renovations. Then, market the property with photos that look like a crime scene. Properties won’t rent unless you get people to see them. You will attract potential tenants with quality photos of a clean and attractive property. You must use a professional real estate photographer.
• Incorrect pricing - Did you set the rent or the property manager? Most people buy "an investor's dream" and demand the property manager rent the property for the amount they believe it should rent.
• The property is not market ready - Did you work with a property manager when selecting the property? Did they provide a list of necessary renovation items? Did you make all the changes during the renovation? Is the property clean and attractive? Does it smell clean? If you put a masking scent in the property, you are telling potential tenants that there is something bad smelling in the property, and they need to leave.
• Seasonal factors - See the chart below.

• Market factors - See the charts below. Note that the charts include rent data for properties that conform to our specifications.

While the $/SqFt and month of inventory remained stable or improved, the days on market significantly increased in December, indicating that rental activity was slow.

Rentals - Median $/SF by Month

Rentals - Inventory by Month

Rentals - List to Contract Days by Month

Mickey, I hope the above helped.