Help!!! Why won’t this SFH rent?

[Heidi Kenefick]

Hey BP! Need some advice!! I listed my SFH with a property management company back in May. The PM initially listed it for $1450 which was a bit high for the area, but I was not moving out until July, so he said there was some time to see if it could rent for a bit higher. The weekend I moved out, I had them lower it to $1350, and still nada. Today I spoke with them to have them lower it again, to $1300. They said in total there have been 55 inquires and 10 showings. The house was built in 2014, is in a very nice B+ neighborhood, it is a 3/2 with a fenced in yard. I can afford the mortgage payment, however, with being vancant for so long it is killing my cash flow for the year! I hired the PM to take care of it since I moved out of state. Should I look at getting out of my contract with this PM and get a different one? Should I start advertising it myself? https://www.zillow.com/homedetails/1221-Teakwood-Dr-GREENVILLE-NC-27834/102229016_zpid/ Any advice is welcome! -Heidi

[Jack B.]

You made extremely novice mistakes. You rented it too high to begin with. As a result it sat for months. Then you dropped the price out of necessity. Tenants and home buyers alike (if you were selling the place) are going to wonder what's wrong with the place when it has sat for so long and had a price drop to boot. Shortly, it sounds like your house is in great condition and in a great neighborhood, but your rent is too high and it has sat for too long on the market. If you don't rent it out by the end of September, good luck to you filling it in the fall and winter...not impossible but a feat.

I haven't been a renter for a while, but I use the same concept when I look at houses to purchase as rentals. If I see the listing sit forever, price drop after price drop, I know there is something off about the place. My favorite is when it goes pending and back on market 3-5 times. I stay away from those because I KNOW something is wrong....