Need help finding a tenant - What am I doing wrong?

Question

I recently completed construction on a brand new home (1700 sf) 3 br, 2.5 ba house and want to rent it out.  I have placed ads in our local newspaper (online), craigslist.com, Postlets.com, Rentals.com and AHRN.com (the military rental site).  I had it listed a bit too high, I believe early on, so I lowered the rent (Started at $1365, lowered it to $1295, then $1199, then $1095....).  Once I got it to $1095, several investor friends told me that they thought this was way too low as they have 1300 sq. ft. rentals renting for $1300.  Also, the only people interested in the property were drug dealers and people with evictions, I even had a convicted Meth Fellon apply!

So I have now bumped it back up to $1225, trying to avoid going too high.  This is one of the larger homes in the subdivision, but there are a few getting higher rents than this.

I just don't understand why I'm not getting any response.  I do have yard signs and even have a big sign on the highway (a very busy highway) with an "info" box where people can grab a flyer.  I have a QR on the sheet, as well as website where they can go to look at photos.

Does anyone out there have any ideas to get my place some attention quickly? The house has been ready for renting since late July.... only 2-3 serious inquiries.

Help? Please!

Russell Brazil · Answer

@Janne Zaccagnino If you are having this much trouble getting it rented, maybe it is time to hire a Realtor to get a tenant placed.

Mike S. · Answer

Don't be desperate. Wait for the right tenant. It will happen.

Chirag Parikh · Answer

Lets not forget that we're heading into the end of the year... there are fewer people moving around this time of year so that may play a role.

Brian Karlow · Answer

Hey Janne

Ok...pump the brakes here a minute and don't freak...I have to agree with Russell and think you may want to work with a Realtor. It's been my experience that my higher priced properties/top end of a certain market price point trend to do much better through the MLS than off line marketing attempts prove. This will also give you a chance for another market opinion for the going rate. The commission paid should be worth its value provided you work with a knowledgeable broker.

Hang in there...you'll get this place rented!

Brian

Meg K. · Answer

I'm having a similar problem but i live downstairs in the duplex I am trying to rent.  I ve been screening and glad i read about it because most of the people i've been getting don't seem responsible or good quality.  I am also located in a not so desirable part of the city...when i talked to a PM i asked him where he advertises and it turns out he would have used the same sources i am using and he also has vacancies of his own as well...so i decided to save the money and do it myself...the previous tenants just moved out and i am giving myself the month of Oct. to fix up the place and continue screening...after that I'm sure i will get desperate...Good luck!

Garrett F. · Answer

Call a few property management companies and see what their vacancy rates are.  If you don't mind taking less money you may just want to hire them (property management) to fill the unit for you.

Sometimes our eagerness to fill a unit arises suspicion in others. Have an impartial party show the home on the next appointment and see if the results change

Hope that helps

Garrett

Dawn Anastasi · Answer

@Janne Zaccagnino

Are you using your home phone, cell phone, or a Google voice number?  Have you tried calling the number you're using to make sure it's working?

Kathy Johnson · Answer

Compare the high points of your listing with the high points listed for recently advertised/rented units in your area.  Before I place Craigslist ads when we have a rental coming open, I check the ads for comparable houses in the area.  It gives me a good idea of both comparable rent rates and the things that I might want to list in our ad.  For instance, access to local services, the kind of heat source(s) in the house, if applicable the local school district/college district and if open to pets or not.  One of our units is targeted to those who do not drive (an efficiency unit near downtown services such as senior center, library, county offices, public transportation, located on ground floor but no parking.)

If you are targeting a specific market, sometimes you can let the appropriate organization know of availability.  Because our efficiency unit was a good fit for a disabled person, we notified the local social services agency and a couple of churches.  For some of our other houses, we also put listing up on the local laundromat bulletin boards in addition to the craigslist listing.  We have seen better responses from laundromat and craigslist than the newspapers in our area.   We have also gotten good responses from the local Pennysaver paper but our units are targeted as affordable.

Need help finding a tenant - What am I doing wrong?

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