How long should I give my PM to Rent a Unit before changing PM?

Question

I have a single family house in Detroit (I'm out of state) for past few years. This october the tenant left without warning and house went vacant. Repairs were needed and were finished by early december. Now the house has been sitting vacant for over one month despite PM putting it on zillow and other sites.

I'm curious, at what point does this reflect poorly on PM and suggest I should get antoher PM? On that note, any good PMs anyone would recommend in Detroit area?

Also concerning, I just looked at zillow post and the pictures are very grainy and unflattering, even though they should have access to the nicer photos (I have had these for years, see below)..

I've also been getting lots of calls form companies wanting me to sell my house. Anyone familiar with PMs who collude with house-hunting companys to purposefully make me more inclined to sell?

The picture they have on Zillow vs one of the several I have with the same view:

Greg Scott · Answer

Changing PMs is probably not the solution to your problem, and will likely create other problems. The pictures, while not great, are also not the problem.Across the country, it is hard to rent a place over the holidays. If you are not from this area, you should know it is even harder to rent a place when it is the holidays and it is cold and snowy outside, and the bad weather we had the first week of January hasn't helped you.I'd have a discussion about what it would take to rent your place. If you aren't getting any traction within about 10 more days, your asking rent is probably too high for this time of year. Consider lowering your asking rents before changing PMs.

Drew Sygit · Answer

@Luis Cerwin as others have stated, Nov - Jan is the worst time of year to have a vacancy. Majority of tenants live paycheck-to-paycheck, so all their income goes to Holiday spending starting with Halloween, then Thanksgiving, then xmas, then NYE. January is also historically the worst month for rent payments due to Holiday Hangover Spending. In mid February, many tenants get caught up when they start getting their income tax refunds (depending how fast they file). Income tax refunds also give tenants the needed funds for first month of rent + security deposit, so they can move. Check out this graph, which was created from tens of thousands of data points: Regarding your property, suggest the following: 1) Where specifically is it being advertised?- Many PMCs only put on their website and Zillow and do NOT put on MLS for max exposure. 2) How many pics are in the ads and what do they show? 3) Why isn't there a 3-D Tour?- Many PMCs are too lazy to do this! NOTE: we charge extra for this. 4) What about a floor plan, so prospective tenants can get an idea where their furniture may fit? 5) What feedback is your PMC giving you?- We send bi-weekly reports with: Webhits, inquiries, showings scheduled, showings completed, list of applications and status. 6) How often has your PMC discussed price reductions?- We recommend 5% after 30 days (or sooner). 7) What MoveIn Specials has your PMC discussed with you?- We have 5 to choose from, depending on the property and feedback. On another note, what is your PMC doing to secure the property against squatters and theft of mechanicals? Regarding all the calls you are getting: wholesalers know this is the worst time of year for vacancies. Thus, they will contact every owner they can that has a rental being advertised, hoping the owner is tired and just wants to dump a headache of a property for 60-70% of market value. @James Wise MICHIGAN UPDATE: new law went into effect January 2, that landlords can no longer discriminate on tenant income source. So, landlords can no longer exclude S8 vouchers, nor can they state "S8 only" in their ads.

Denis Ponder · Answer

I don't know who your current PMC is, but I had to switch from my initial one in Warren, MI as it was taking too long to get a renter placed. I am now working with Logical Property Management and they have done a great job thus far. I'm very pleased.

Drew Sygit · Answer

@Zach Howard the winter months are also the worst time to sell a property!So, yes, it can be the best time to buy as the sellers listing during the winter are often the most motivated.

Ken M. · Answer

Go to Redfin.com for your neighborhood. Find "like" properties for rent. Take a look at the pictures, is it higher, lower, middle quality compared to yours. Same number of bathrooms and bedrooms. Usually, a 3 bed 2 bath will rent a lot faster than a 2 bed 1 bath etc. It will tell you how much they are asking and how long they have been available. Go to Rentometer.com and check there. That should give you an idea of what to expect.

Laura Stayton · Answer

It's a very slow time of year, especially in the over $2000/month range. We tell everyone to expect it to take a little while, there is so much to choose from right now. Your home needs to be in good shape (sounds like it is) and very competitively priced in order to have the few looking choose it instead of another option. If you're getting zero interest it is almost always price.

Peter Tverdov · Answer

Its the dead of winter bro, who is moving during Christmas?We hate getting vacancies in Nov/Dec/Jan...its always brutal to move them.

Luis Cerwin · Answer

Thank you all for this helpful info thus far! Will work on some of these actionable items

Zach Howard · Answer

Great, thanks that's kind of what I was thinking.

Nathan Gesner · Answer

First, I recommend you understand the market. Colder climates see fewer moves in the winter, and things really slow down around Thanksgiving and Christmas when people are busy with the holidays and family.Second, talk to your PM. Ask them what they are doing to market the home. What's the activity level been like? Ask them to update your photos and put your best foot forward.If the market is doing well and your PM is marketing poorly, then you have a case for complaint and/or moving to a new manager.