Hard time finding a Renter for Executive Condo

[Chris Luger]

Hello!  Thank in advance to anyone that has some advice on helping find qualified tenants.  This year is my first year has a landlord, and I now have 4 properties.  The first two, a townhome and a single family, rented very quickly and things were smooth. However, my third unit is a freshly renovated condo, with a ton of amenities. Two bedroom comps in the area were renting for $1900/mo.  This unit is near many employers such as Boston Scientific, Deluxe, Land O' Lakes and others.

I started my listing at $1825, and then dropped it to $1795, when I didn't get any leads or contacts after the first two weeks. 

It has been another two weeks, and I've now paid the first month mortgage on the unit, and still have no renters.

I've listed in Facebook Marketplace, Craigslist, TenantCloud (including the third party sites ie: Zillow, Trulia, Apartments, etc..)

My listing reads as such:

Enjoy Lake Owasso, tennis or the pool with this architecturally designed remodel. This open living concept kitchen dining and living room area has 2 Bedrooms, and 1 bath with Shower, and 1/2 bath connected master Bedroom. Has Owens corning insulation was added to the ceiling and a sound deafening highend cork floor to keep the place peaceful. The kitchen has Quartz counter tops and stainless appliances. The east facing balcony has great sunlight in the morning.

Some Shared Amenities include: Pool, Tennis Courts, Sauna, Beach Access, Car Wash, Heated Underground Parking

Tenant to pay electricity utility.

I've recently mailed 45 Postcards to all the other tenants in the Condo building offering a $200 Referral. Ya know...  "Pick Your Neighbor, Earn $200"

I have worked a vacancy rate into my numbers, however this unit has a $368.00 HOA...

I'm starting to panic a little bit. I have some strict criteria for my properties, one of which is at least $200 per unit in cash flow.

I've spoke with a couple other investors, and thought I'd toss it to the group, and any advice would be greatly appreciated. 

Next Steps might be:

1) Lower rent below my min criteria for cashflow. (offer $1695/mo)? my cashflow would be $128.00/mo 

2) Offer shorter lease terms rather than annual?

3) Allow Pets? 

4) Offer 1/2 off, or a Month Free as an incentive?

Or... Any other ideas on how to attract more leads into the pipeline, that can convert to qualified tenants.

Thanks a ton for any advice...

-Chris

[James Mc Ree]

Consider listing it on the MLS where realtors will get paid to find you a tenant. It will cost you a commission, but only if the realtors are successful and it gets them marketing your property for you too.

Otherwise, it is the holiday season.  Expect nothing and you won't be disappointed.