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Updated over 4 years ago on . Most recent reply

User Stats

39
Posts
36
Votes
Ray B.
  • Flipper/Rehabber
  • Portland Maine
36
Votes |
39
Posts

What am I doing wrong?!

Ray B.
  • Flipper/Rehabber
  • Portland Maine
Posted

https://www.zillow.com/homedet...


I have been listing this home in Portland Maine for over a month now with very little requests from reasonable applicants. I just purchased this home and the first time I have tried to rent it. I have another home just down the road that rents for 1,500, two bedroom, one bath, and is half the size. I can't keep that place empty! I have tenants breaking down the door trying to rent it! This home is cheaper with three people, so much larger, off street parking, laundry, etc.

What is so unattractive about this house and my listing? 

Most Popular Reply

User Stats

1,059
Posts
541
Votes
Kevin Hunter
  • Rental Property Investor
  • Carlisle, PA
541
Votes |
1,059
Posts
Kevin Hunter
  • Rental Property Investor
  • Carlisle, PA
Replied

@Ray B., it looks like a nice house.  Unfortunately in about 90% of these instances, the answer is you are asking too much money for rent.  Really no other way around it.  The time of year is not on your side for sure right now either, and then throw in COVID as well...  I would take @Rick M. and @Ned Payne advice and get it on other mediums.  Hot pads, realtor, craigslist, instagram, facebook marketplace, etc....  Give it until Saturday, and then lower the price.  And don't do it soft, lower it substantially.  Would you rather lose five hundred a month or 2250 a month, which is what you are losing right now having it vacant?  Another option is offer the first month free to anyone who signs a lease through the summer.  Spread that 2250 over 7 months and it is only a 300 a month cut.  Then you bring the rent back to market value during the renewal.  I hope it gets rented for you soon!

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