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Updated almost 6 years ago on . Most recent reply
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Not able to find tenant for almost 2 months in Colorado Springs
I'm owning a 4 plex in Colorado Springs (CO 80906), that's my first investment property and I'm located outside of CO state. There was a tenant eviction before Christmas time in one of my properties. After that, my PM spent time in cleaning the property and listed the property around early/mid Jan. It's a 2 bed in 4 plex, the current list price is $850. The price had been lower down since the beginning.
Since then, there were a few showings to the unit but none of them became a real inquiry. What should be my next step? I'm thinking about upgrading, but it will take a long time and I can't guarantee that this will attract more interests.
Most Popular Reply
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@Meridith Om so I would echo what others have said mostly.
1) Few showings means bad pictures or no advertising or both. That is assuming that you mean people calling to request a showing are "showings". If there are lots of calls but few turn into showings then it's your PM's screening process or your PM's ads are attracting low quality callers (that can be because of bad pictures of a good unit or good or bad pictures of a bad unit). Get an objective 3rd party to review your advertising.
2) Why do you say that upgrading won't attract more interests? Nice properties always attract more interest than the same priced properties without upgrades provided they are advertised the same means.
3) Secret shop the PM. Have a friend call and go through the process with them. See what the friend's experience is. If it's anything but easy, it's your PM that is the problem.
4) Along the lines of item 1) above. Is the property listed on Zillow? If so, post the link here and people can give you feedback.