Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 1 year ago on . Most recent reply

User Stats

3
Posts
1
Votes
Jamieson Brady
  • Chicago, IL
1
Votes |
3
Posts

Having trouble renting townhome

Jamieson Brady
  • Chicago, IL
Posted

We recently bought a SFH to live in and decided to rent our townhome instead of selling it. I hired my realtor we used to buy the house to rent the place, his fee is first months rent plus $300.

Fast forward 3 months and he has only brought me 2 applications, both of which were tenants without a stable job and horrible credit.  I think he priced the place too high.

Originally he was asking $2250/mo, the price has now gone down to $2100 and still not getting alot of bites.  There are not a ton of rental properties in the area but the price seems decently competitive based on the few other townhomes I see on realtor.com 

The photos in his listing are not great.  I am considering just trying to rent the place myself- take better photos, post some "FOR RENT" signs around the neighborhood.   I might drop the price significantly- my main priority is to find a good tenant who pays on time and does not trash the place.

Does anybody have an opinion on how I should proceed to get this place rented to a good tenant?  Should I stick with the realtor or try to do it myself?

Most Popular Reply

User Stats

84
Posts
35
Votes
Replied
Quote from @Jamieson Brady:

We recently bought a SFH to live in and decided to rent our townhome instead of selling it. I hired my realtor we used to buy the house to rent the place, his fee is first months rent plus $300.

Fast forward 3 months and he has only brought me 2 applications, both of which were tenants without a stable job and horrible credit.  I think he priced the place too high.

Originally he was asking $2250/mo, the price has now gone down to $2100 and still not getting alot of bites.  There are not a ton of rental properties in the area but the price seems decently competitive based on the few other townhomes I see on realtor.com 

The photos in his listing are not great.  I am considering just trying to rent the place myself- take better photos, post some "FOR RENT" signs around the neighborhood.   I might drop the price significantly- my main priority is to find a good tenant who pays on time and does not trash the place.

Does anybody have an opinion on how I should proceed to get this place rented to a good tenant?  Should I stick with the realtor or try to do it myself?


 I would highly recommend reaching out to a property management company to help with the leasing. First of all, charging the first month's rent PLUS $300 is insane. At MOST leasing should cost the first month's rent. Second, realtors don't know the rental market. My guess is the agent had it listed too high. Dropping the price can be a red flag to prospective tenants because it can cause them to think there might be something "wrong" with the property. I would take the listing down and reach out to a PM, and allow them to handle it from there.

Loading replies...