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Updated over 1 year ago on . Most recent reply
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Not Getting Enough Rental Leads
I purchased my first duplex on the last day of September 2022. I had to do some work to it and get myself situated in one of the units, as well as it has been a busy time for me work-wise. I just recently listed the one side for rent about 2 weeks ago and I am worried about securing a tenant. I have listed my unit on Zillow, Facebook Marketplace, Avail (and all of its partner sites), as well as have a "for rent" sign in the front. On my listings I have my minimum requirements stated and a link for people to fill out a rental questionnaire that touches on basic questions as well as these requirements (income, pets, evictions, smoking, credit etc). I have had only 6 people complete the form, in which only one of them checked out but they ended up not replying back to my calls/emails about a possible showing. I am wondering if maybe the rent is too high (although its in the middle of similar comps in the area), or the location just isn't desirable right now (I'd say it's a C or C+ area that is starting to change a little for the better), or maybe my minimum requirements are asking too much of the types of tenants that rent in this area. I would really like to get it rented out by December as I do not want to make the full mortgage payment again for an additional month. Does anyone have any tips or recommendations? Or maybe just some general info that might better help me market my unit or at least understand where we are with renters right now?
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Quote from @Thomas O'Donnell:
I purchased my first duplex on the last day of September 2022. I had to do some work to it and get myself situated in one of the units, as well as it has been a busy time for me work-wise. I just recently listed the one side for rent about 2 weeks ago and I am worried about securing a tenant. I have listed my unit on Zillow, Facebook Marketplace, Avail (and all of its partner sites), as well as have a "for rent" sign in the front. On my listings I have my minimum requirements stated and a link for people to fill out a rental questionnaire that touches on basic questions as well as these requirements (income, pets, evictions, smoking, credit etc). I have had only 6 people complete the form, in which only one of them checked out but they ended up not replying back to my calls/emails about a possible showing. I am wondering if maybe the rent is too high (although its in the middle of similar comps in the area), or the location just isn't desirable right now (I'd say it's a C or C+ area that is starting to change a little for the better), or maybe my minimum requirements are asking too much of the types of tenants that rent in this area. I would really like to get it rented out by December as I do not want to make the full mortgage payment again for an additional month. Does anyone have any tips or recommendations? Or maybe just some general info that might better help me market my unit or at least understand where we are with renters right now?
Hey @Thomas O'Donnell I was a bit nosey a went looking based on the above on zillow and it looks like this place is on Lockbourne correct? If so here are some thoughts on the listing:
- In general the pictures are great and the units seem to show well/photograph well.
Here are my major issues/suggestions with it:
I think your asking rent is too high. $1450 for this area is HIGH, and the only way to get that is to offer a premium product. While the unit looks nice and remodeled, the non pet friendly, located on a busy road, lack of an open concept, lack of dishwasher, small third bedroom, and only 1 bathroom are working against you when compared to competition in that price range. If you are most concerned with time, I'd consider dropping your price to $1200 a month where this unit presents more of a value proposition, and will likely draw in a bigger pool of candidates for you to screen and find that best one.
I'm happy to dive into the above further and explain my logic. For reference, we have a duplex north of 70 on lilley ave that we get $1400 a month per unit, its 2 bed 1.5 bath, but its completely rehabbed, we are pet friendly, we provide Ring doorbells, security cameras and security system for each unit, and the rent includes water, trash, sewer. So our "value prop" is quite high for the price which is what we aim for. That premium price for the premium product.
- Michael K Gallagher
- [email protected]
- 614-362-2231