I self manage four 6-unit buildings. I use Buildium Property Management software but prefer to pay for Zillow premium listings. Usually, the reason to avoid checking Zillow Group in the software (your software looks like Buildium) is that you can't have duplicate listings. Zillow Group will redistribute the listing to its member sites. Perhaps, your management company has a commercial account and prefers to list directly through the website.
I typically work 18-hour days when I have a listing. It's non-stop because I give every prospective my time and attention. My units rent within 24 to 72 hours of listing. My listings get about 60-100 leads. I usually remove the listing and stop showings and accepting applications at the seven day mark. My last listing received 6 applications. Based on the number of leads, your unit seems to be reasonably priced. A better gauge of that is how many leads you receive in the first 3-7 days. I think the distribution is important here. For example, if your unit received 80% of its leads in the first two weeks, you had a good listing that needed attention and an extra push. I know I get my best leads in the first 48 hours - people who are actively searching on a daily basis. I need to be hyper responsive during this time. Listings get cold. There will be 20 leads on Day 1; 3 on Day 7. This is also when prospectives form their first impression.
Responsiveness is where I think your manager is dropping the ball. I am not sure how to access your listing. Some units rent themselves. That's not the case with my Class C buildings. My 1962 builds look tired. I inherited some deferred maintenance and it shows (I don't do virtual tours; meticulous google phone photography only). There also isn't a manager on site. Demonstrating that I am responsive, accessible, hands-on, and hard working is critical. Future residents need to trust they will receive excellent service after move-in. A manager who can't be bothered to attend showings communicates the opposite message...I'm inaccessible and apathetic.
This just happened. My buildings are tract buildings on a street with only tract buildings, and all units are 1B/1B. I had a vacancy in July. Rented on the 1st day of showings at $1850. Building next door has a vacancy in August. The manager finally rented it two weeks ago at $1600. That unit is worth $1800-$1850. The manager just didn't do the work. It's a pretty unit.
I am not equipped to comment on numbers. I think you need to get your unit rented asap. I think you need a hands-on manager. There may be opportunities to get creative here - a trustworthy resident manager CAN be a wonderful option. Obviously, you need to review your existing contract, and start thinking of an exit strategy from this manager and hiring strategy for the next one. Alternatively, you might be able to renegotiate the contract to exclude leasing services and hire an outside agent. In the future, you might want to get some software and head a team from California - all you need is good boots...If you are in this for the long haul, it may be worth your time.
Your blind spot, as an out of state investor, is management. I think reaching out to similar investors and asking about their oversight techniques and management approaches would be helpful. I advise taking the time to visit the property and hire the next manager in person. It's important to know what's going on in your buildings. Are maintenance requests handled in a timely manner? Are your residents comfortable using the software? Is there an alternative reporting method?
I wish you the best. A good manager can make all the difference in the world.
