Filling rental property vacancy

Filling rental property vacancy

Jordan HarrillPro Member
Rental Property Investor · Tulare, CA · Member since 2020 · 23 posts · 19 votes

I am currently waiting for my first rental property out of state to be filled with a tenant. I am anxious to get it filled but know these things take time. I have my property manager sending me updates weekly with how many showings they have done on the property. To be specific , it’s a sfr , 2 bed 1 bath in Indianapolis. As Covid continues to be a thing and slow us down, I know that impacts the speed at which in-person showings can be done. So my question is while I wait for my property management to do their thing and market my property, what do I do? I feel like I need to be doing something , I’m not the type of person to sit around and wait, but it seems like that’s exactly what I need to do seeing as I’m thousands of miles away. Alas, has anyone else had this issue before? Guess I’m just anxious and excited, or possibly scared, that no one will apply. Love to hear people’s thoughts and what they did while they waited for their first property to be filled with a tenant.

Thanks! Cheers!

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
5y

Take this time to learn your PMC's processes and go over any statements or reports they give you.

You'll want to learn them backwards & forwards so you can glance at them and understand what's happening.

This will make it easier to trust your PMC.

See this reply in the discussion

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  • Property Manager · Denver, CO · Member since 2021 · 667 posts · 587 votes
    5y

    Congratulations on your first property! There isn't anything for you to do other than be available if they need anything from you. You need trust that the PM knows what they are doing. That's why you hired them in the first place. If the property is in a good area, is in satisfactory condition, and priced correctly, it will rent. 

  • Tracy StreichPro Member
    Real Estate Broker · Tulsa- OKC Oklahoma · Member since 2017 · 868 posts · 801 votes
    5y

    @Jordan Harrill Patience!   You are right waiting is hard but there is nothing you can do.   Price is critical.   Let your PM who is the expert price it and do what they do.   No action in a week lower the price. 

    Good Luck!

  • Jordan HarrillPro Member
    OP
    Rental Property Investor · Tulare, CA · Member since 2020 · 23 posts · 19 votes
    5y

    @Julie Hartman

    Thank you Julie! I trust my PM, it’s literally only been on the rental market for about a week lol, it had 8 showings this past week, but no pending applications yet. I am confident that it will rent. It’s listed at the same price as the previous owner had it rented for, that may not matter as markets fluctuate but it was a good barometer to set my cash flow numbers at. It’s also winter in Indy, and I know that winter months are typically harder, but I am confident we got this. Thank you. I’ll be patient and wait.

  • Jordan HarrillPro Member
    OP
    Rental Property Investor · Tulare, CA · Member since 2020 · 23 posts · 19 votes
    5y

    @Tracy Streit

    Thank You Tracy! You’re right it’s hard to wait, but I will. Have no choice haha.

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    Take this time to learn your PMC's processes and go over any statements or reports they give you.

    You'll want to learn them backwards & forwards so you can glance at them and understand what's happening.

    This will make it easier to trust your PMC.

  • Real Estate Agent · Cumming, GA · Member since 2020 · 8 posts · 5 votes
    5y

    Familiarize yourself with their process while you wait. As an agent, I follow the 2/10 strategy with my clients. If we aren't under contract in 2 weeks or 10 showings it's time for a price reduction. I'm in Atlanta and currently getting a lot of rental leads but I always recommend my landlords to offer a contract that will end in late spring or summer. 

  • Hersh ShahBusiness Member
    Realtor · Atlanta, GA · Member since 2016 · 120 posts · 79 votes
    5y

    @Jordan Harrill Waiting is certainly the hardest part, but in this case its the best thing you can do.

    Id suggest continuing to analyze deals to improve your speed and accuracy. The better you get at that, the easier everything else will be.

    Congratulations on the firsy deal!

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  • Jordan HarrillPro Member
    OP
    Rental Property Investor · Tulare, CA · Member since 2020 · 23 posts · 19 votes
    5y

    Thank you all for your insight and advice. As of writing this morning, a tenant was placed in my rental property!!!

  • Real Estate Agent · Cumming, GA · Member since 2020 · 8 posts · 5 votes
    5y

    Congrats, Jordan! 

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