Assessing Reasons For Ongoing Vacancy

[Benjamin F.]

I have a property that's been vacant for almost three months, which happened previously about a year ago.  Given the rental comps in the area (Northern Virginia near Dulles), it seems the property should be earning more and be filled faster.  I'm not sure where the problem is although one thing that worries me is the realtor who seems to be too late in starting to advertise the vacancy, which then results in a need to lower the rent.  So I lose money on the vacancy as well as the ultimate rental income.  Of course there could be problems with the attractiveness of the property that are out of the realtors hands.  How have others handled this type of situation and are my concerns about the realtor justified?

[John Schmidt]

Hi Benjamin

I agree with Michaela!  As a Nova Realtor, renters do not historically use realtors to find rentals, nor do realtors every care to list rentals - There's no money in it!....maybe a few hundred bucks, thus do not expect any marketing cash outlay or grand efforts from the realtor. You wont find many experienced realtors messing with rentals.   You're better off renting it by owner.  

I do not know the Herndon area, i work mostly in Alexandria and Arlington and the rental market is always bustling here, but for more 1 or 2 bedrooms.  If your rental is large, it could have an adverse effect on the traffic as well.   

Again, my 2 cents -  Do it by yourself