Hard time getting my property rented

[David Ingram]

Hi, Bought my single family home back in May, spent 3.5 months rehabbing it(back and forth from Columbus to Dayton on weekends only). The house has been on the market for going on a month and a half. It is getting foot traffic, but no one is applying. The house is small, like 550 sq ft, but all of the homes in this neighborhood are this small. Im getting tired of paying on this mortgage, im ready to see some income. I can't sell because id lose my butt on it. I have a property manager who suggested we did first month half off as an incentive. Has anybody been in this situation before? Should I just keep at it and know itll eventually get rented? Thanks,. 

[Nicholas L.]

can't tell you what to do but you should at least try lowering the price

how do you compare to the other rental listings?

[Brandon Goldsmith]

How are you advertising it, Zillow, Facebook? @David Ingram

[David Ingram]

Quote from @Nicholas L.:

can't tell you what to do but you should at least try lowering the price

how do you compare to the other rental listings?

 Yep ive lowered the price over $100. My starting point was what rentcast had for my house, Ive lowered it so much already and its well below what rentcast has rent set at for the area. Comparable to other houses in the area I am only $100 more on average, my house is rehabbed and ready to go compared to those other houses.

[David Ingram]

Quote from @Brandon Goldsmith:

How are you advertising it, Zillow, Facebook? @David Ingram

My property management has me on Zillow, showmojo, realtor, their own company website, trovit, rentable, and zumper. I think I will add it myself on FB marketplace and see what happens.

[Michael Smythe]

Have you gone onto Zillow and actually looked at the interior pics or the competition compared to your house?

Also, Days On Market (DOM) are up across the USA.

[Matthew Masoud]

Either it's priced too high or you're not marketing aggressively enough. 

Zillow, Craigslist, FB marketplace, even a sign out front.

All my properties in Dayton are apartments but I rent them in 2-3 weeks once renovations are done. 

[Tom T.]

@David Ingram

Since you are getting traffic then Advertising seems to be working so it must be price. .

Whomever is showing the property should attempt to gain feedback. Something is keeping people away.

How are the schools in that area?

How is the crime?

Internet access?

I'd concentrate on more advertising and then selling people on the benefits of living there once they arrive.

That is IF they are qualified renters....

[Robert Ellis]

Quote from @David Ingram:

Hi, Bought my single family home back in May, spent 3.5 months rehabbing it(back and forth from Columbus to Dayton on weekends only). The house has been on the market for going on a month and a half. It is getting foot traffic, but no one is applying. The house is small, like 550 sq ft, but all of the homes in this neighborhood are this small. Im getting tired of paying on this mortgage, im ready to see some income. I can't sell because id lose my butt on it. I have a property manager who suggested we did first month half off as an incentive. Has anybody been in this situation before? Should I just keep at it and know itll eventually get rented? Thanks,. 

It sounds like you've put a lot of effort into the property. Offering a limited-time incentive like the first month's half off could attract more interest. Keep monitoring the market and working closely with your property manager for the best strategy.

[Ian I Leinwand]

@Robert Ellis

Ask your property manager to get feed back following showings.

Do you have any restrictions for tenants like pets?

If the property shows well it is usually price and timing.

The Fort Collins CO market where I manage properties and investment is very seasonal for rental demand. Peak rental timing is May to August.

[Dan H.]

If you post the Zillow listing, we could give suggestions about your specific listing rather than general answers.  

I have never used Rentcast and do not know how accurate it is. I started a work instruction with intent to pride to VA but never finished it. If you PM me with your email I will send it. It uses both tools (Rentometer, BP rent estimate tool, and Zillow) to get price a start price and then specifies how to remove poor comps to adjust the tool price. Even if you have no need for the work instruction, I suggest you use multiple tools as I have experienced large variations between the tools.

Good luck

[David Ingram]

Quote from @Michael Smythe:

Have you gone onto Zillow and actually looked at the interior pics or the competition compared to your house?

Also, Days On Market (DOM) are up across the USA.

 Thanks, ill have to check CL, not sure if the property management has it on there. 

There is a sign out front. 

[David Ingram]

Quote from @Ian I Leinwand:

@Robert Ellis

Ask your property manager to get feed back following showings.

Do you have any restrictions for tenants like pets?

If the property shows well it is usually price and timing.

The Fort Collins CO market where I manage properties and investment is very seasonal for rental demand. Peak rental timing is May to August.

 Thanks, most feedback are the rooms are small. 2 bedroom, no basement. But big back yard, detached 1.5 car garage. I accept pets up to 10lbs.

[Matthew Paul]

Big part of why it isnt renting is people dont have any money . Inflation is hitting hard . 

Fall is also a hard time to find tenants . 

I am in a similar situation with a 2/1 with a large yard .  But I am getting single mothers who are wanting to rent , BUT when they realize they have to cut the grass or pay a landscape company they dont want it . 

[Marcus R.]

Lots of good thoughts here. Here’s some additional advice…

1) Really evaluate dropping your rent or incentives. One month of lost rent is almost always greater than dropping $200 a month. Figure out what it’s costing you a day and start there. 

2) Increase pet limit to 50lbs. 10lbs is an extremely small pet. Would you rather someone have snakes and lizards or a medium sized golden doodle? If you’re nervous tell people you have to meet the pet but I wouldn’t automatically assume smaller equals better and larger equals worse. 

3) If landscaping is the dealbreaker just pay for it. Some tenants will half a** and only cut it every 8 weeks. 

[Theresa Harris]

Find out where it is being marketed and how long comparable homes in the area are taking to rent.  Also talk to some of the potential tenants to find out what they liked and didn't like about the home.

If you do give a half month of rent for free-make it on the 12th month of the lease, NEVER do the first month.

[Jacob Hornberger]

Definitely make sure it gets listed on Facebook. You should get tons of interest from there, as long as it's in good shape and not way overpriced. Check other rental listings in the area to compare quality of rehab and price to see how close you are to the competition.

[James Hamling]

@David Ingram there is a lot more that goes into the science of property rental than just price alone. Namely, there is 2 major factors, price and TERMS. And you havn't detailed your terms. 

The pet term you detailed I'd call novice. I'd put that at 20lbs. Most small dogs fall into the range of between 10-20lbs. 

Next, what minimum requirements to lease are you putting out there? Are you saying 740+ fico? Are you saying 540? It matters, a lot. 

What length of lease terms? Who pays what utility? 

Your unit size is microscopic, telling yourself "many are just like this" is only making excuses for yourself, small is small, and that's tiny. 

Next, do you know your target market? I'd say no, because of this post saying in short don't know what's going on or what to do, which all comes from not knowing ones target market. My "average" time to lease is 17 days. A very big reason for this, I know my target market's with pin-point precision. 

Being such a tiny place I'd say your competing with apartments, and looking at apartment type persons. With either very young or no kids. And few kids to boot. The yard space could lend to "like an apartment but with room and convenience of privacy". So, what are the competitor apartments priced at? 

I never EVER offer any free-rent, EVER! It's a horrible conditioning to lend a tenant, and i don't want to attract tenants who would be incentivized by any free-rents. No thanks. And doing on average ~50 new tenant placements per yr, myself personally, I'd say I know what I am talking about. 

Than how your marketing could be with impact. I see so many doing absolute trash listings, with these photos of a wall, a cabinet, a door way. I mean seriously, has nobody ever heard of wide angel before? People want to see the room, not a wall in a room.    And than video, should always have a walk through video tour, a decent one, not some shaky running around spinny spinny thing. YT is free to use, super easy to do. 

I follow a very simple 4 step process: 

- Have clear, informative, directive marketing message. What it is, what it takes, who we'll take, how to get it. 

- Have very clear informative marketing material. Clear room pics, walk-thru video tour hosted online done to a manner where a person does in-person walk through and says "yup, exactly what I saw in video". 

- A clear, step-by-step process for filtering and pre-screening interested persons. I won't detail mine here because that's a short book itself, long story short I use a scheduling system, video system and CRM with auto features to nurture and direct prospects. At any given day I am having conversations with 200+ prospects, while actually only talking with 3/4. 

- Know your market. This is for users and asset. Everything is with intelligent design. My credit scores, rents, even listing with above market rents, what photos come first, it's all with intelligent design that is far FAR deeper than "this 1 system told me this rent price so I will regurgitate that out there". 

In every rental I list I know who I am targeting, why, why they'd want my unit, who my competitors are, what they are doing, why. I get to the point of targeting a divorcing, male tenant with 2-3 kids, age 32-45, who makes between __ and ___, who currently live in ___ radius. Yes, I get that focused in knowing my target market. And it comes from knowing who your asset best connects with as a housing solution, that also works for us as a tenant solution. Sometimes I may only want a 1-2yr tenant, a divorcee is great for that. Other times I want a "forever" tenant, well a trash credit is good for that. 

Each target market has their own uniqueness about them, which lends strategy of how to target them, market to them etc.. 

I say get focused, or hire someone who is. And strategic with everything. 

[Andrew S.]

Quote from @David Ingram:

Quote from @Ian I Leinwand:

@Robert Ellis

Ask your property manager to get feed back following showings.

Do you have any restrictions for tenants like pets?

If the property shows well it is usually price and timing.

The Fort Collins CO market where I manage properties and investment is very seasonal for rental demand. Peak rental timing is May to August.

 Thanks, most feedback are the rooms are small. 2 bedroom, no basement. But big back yard, detached 1.5 car garage. I accept pets up to 10lbs.

 That pet restriction limits potential tenants rather significantly.  10lb doesn't even allow for many cats, let alone most reasonably sized dogs.  Of course it is up to you but you are really restricting your audience.  Small houses like yours are perfect for tenants with pets - you should capitalize on that.  Raise your size limit and charge extra $$ with pet rent. 

[David Ingram]

Thank you all for the responses and suggestions. I took it upon myself to post my house on FB marketplace and have been getting blown up ever since last night, I have directed each and every one of them to my property management. Hopefully Ill have a good tenant within a couple weeks. 

[Chantal Thomas]

Quote from @David Ingram:

Thank you all for the responses and suggestions. I took it upon myself to post my house on FB marketplace and have been getting blown up ever since last night, I have directed each and every one of them to my property management. Hopefully Ill have a good tenant within a couple weeks. 

 Any luck?

[David Floyd]

@Jacob Hornberger

I’m in the same situation, trying to rent a four bedroom 2 1/2 bathhouse in Florida. I have been getting very little interest on Zillow. I tried Facebook marketplace and I get interest but it’s not the kind of clientele I want. That used to be the case with putting a sign out front. But I think I will try that now.

[John Landskroener]

Quote from @David Floyd:

@Jacob Hornberger

I’m in the same situation, trying to rent a four bedroom 2 1/2 bathhouse in Florida. I have been getting very little interest on Zillow. I tried Facebook marketplace and I get interest but it’s not the kind of clientele I want. That used to be the case with putting a sign out front. But I think I will try that now.

 where are you located David?

[Carlos Scarpero]

Ask a local property manager. This is odd. Dayton has a shortage of good rentals right now.

[Jason Walsh]

Quote from @David Ingram:

Hi, Bought my single family home back in May, spent 3.5 months rehabbing it(back and forth from Columbus to Dayton on weekends only). The house has been on the market for going on a month and a half. It is getting foot traffic, but no one is applying. The house is small, like 550 sq ft, but all of the homes in this neighborhood are this small. Im getting tired of paying on this mortgage, im ready to see some income. I can't sell because id lose my butt on it. I have a property manager who suggested we did first month half off as an incentive. Has anybody been in this situation before? Should I just keep at it and know itll eventually get rented? Thanks,. 

Where is Dayton is the house located? Zip code at least. Not all parts of the area are created equal. Lots of people on BP talk about the area but unless you live here it can be difficult to evaluate the markets. 

[Shabeen Ali]

I'm in a similar situation in Richmond, VA. I just put two properties, a 3bed/1.5bath MTR and a 3bed/2.5bath LTR, on market about 2 weeks ago. I listed on zillow, apartments.com, and the MTR additionally on furnishedfinder and airbnb. The MTR isn't getting any leads at all. The previous owner of the property was successful on airbnb and I originally listed around the same price as him. But then, I dropped it by $200, cause I wasn't getting any interest; probably because I'm so new and don't have any reviews yet. The LTR is getting interest, but I'm not sure if it's real or not. People inquire about showings and when I respond, they go silent.

I've tried to cater to my target audience: working professionals for the MTR, and families for the LTR. Got professional pics taken for both, and descriptive listing.  Maybe I'm just being impatient, but 2 weeks feels forever.