Renting out a duplex in Hilltop- need feedback

[Victoria N.]

Needing some feedback or ideas on how to market and get units leased in Tacoma. My husband and I recently purchased and rehabbed a duplex (1/1 and 2/1) in the Hilltop neighborhood of Tacoma, about two blocks from St. Joseph Hospital. We've had it on the market for a little over a week with very little response to our listings, and numerous no-shows from folks who schedule appointments to view it. Last time we listed a property in Hilltop, which was in June, we were absolutely inundated with calls and qualified folks wanting to view the property. We'd love any ideas or insight into how we can gain some traction.

What we're currently doing:

1. We have the 2 bedroom listed on Zillow (and all affiliated sites). When we attempt to list the 1 bedroom also, ZIllow recognized us as a multi-family property and removes any listing titles and descriptions and only shows select pictures of the property. Their support center says we can't change that.

2. We have individual unit listings on Craigslist and syndicated through Cozy.

3. We've reached out to JBLM to have them post availability for service members; no response here yet.

4. We reached out to the hospital and universities to find out if they help employees/students seek housing. We heard a firm "No" from each.

5. We reached out to tenants in other local properties to let them know we have vacancies and that we have a referral program.

6. We qualify prospects over the phone and set a meeting time. We contact them in advance to confirm the appointment. Still have had 3/3 no shows and 4/4 no shows on separate days.

We have the 1 bedroom listed at $950 and the 2 bedroom at $1150 (dropped $50 after a week on the market). We try to price competitively but fairly compared to other properties in the area. THis property has some rehab work done, including new carpets, windows, blinds, and updates in bathrooms. The 2 bed has a remodeled kitchen as well. The property is fully fenced, has off-street parking in back, and we are allowing pets. The folks who have seen the property seem to like it and are excited about the upgrades recently completed.

Thanks for any feedback that will point us in the right direction toward getting this leased up!

[Ryan Evans]

Hey Victoria, I've got some input for you. I'm not sure how much it will help exactly, but hopefully, another local perspective will be of some use. I live a couple blocks away from that property. I pay $1,200 for a 3 bedroom 1,000 square foot ground floor of a duplex that's almost as nice inside as your 2 bed unit. All vinyl floors, though. And I don't have a yard to take care of. That said, I think I've got a pretty good deal so I'm not necessarily saying you're charging too much. But I would find a cheaper screening provider. $40 is kind of high. Maybe offer to refund if accepted. And your list of screening criteria comes across as pretty harsh. Obviously, don't change your criteria, but maybe save that for the screening phone call so at least you won't scare anyone away from picking up the phone. 

I don't see either listing on Zillow, just Craigslist, so you'll want to keep looking into that issue. 

I might recommend spending a few bucks to upgrade the stove in the 1br. Even a used flat top would help out the kitchen and is a pretty cheap upgrade. 

And I'm not sure how much time you've spent at the property, but almost every time I walk down MLK and pass by 14th street I look over and see a bunch of people loitering outside the property to your left. Presumably, some of the same junkies always causing trouble at the convenience store on 15th/MLK. I'm not sure what they're up to, but I know it's not good things. If people are driving by the property before and seeing who their neighbors are, they might be scared to get out of the car and go in for a showing. 

I know that's the last thing any investor wants to hear, but Tacoma still has some cleaning up to do. But, it's an amazing location for when the light rail comes through in a couple years. 

You missed the window for most of the college students moving into town, but you'll find someone eventually. I think there are some local facebook groups you can try posting an ad to in addition to where you're listing now. 

Good luck and feel free to send me a message if you want any more neighborly insights!