First rental not renting

[Patricia Soto]

Hello Everyone, hoping to get some insight that will hopefully lead me in the right direction. I purchased my 1st rental in Houston, Tx. I have listed with a property management company and has been on the market for 41 days today. It's a 2 bedroom 1.5 bath Townhome, 1,341 sqft with an HOA. Mortgage and HOA total of $1120. Originally the property was listed for $1600 according to their comps, a second company comps and I did my research as well (I came up with the same thing). I have not had any leads, so 2 weeks ago I reduced the price to $1500 and still nothing. The home is in good condition and move in ready. They have it listed in about 19 websites. Anyone have any suggestions? Family is saying to dump the company and list it myself (not sure I want to do this). I know the market has slowed down but not sure what to do. Should I reduce the price more? It even crossed my mind to sell it? Which I don't not want to do. And if I don't get it rented then I don't get to build my portfolio. Any recommendations are appreciated. Look forward in hearing your insight.

Thank you in advance.

[Drew Sygit]

@Patricia Soto glad you know the PMC has your property on 19 websites - but, which ones?

The easy path is to "churn & burn" PMC's.

A better idea might be to ask your PMC a LOT of questions about what they are doing and try to brainstorm fixes:

1) Are they offering self-showings?

2) What MoveIn Specials do they suggest?

3) Have they analyzed the KPIs of Webviews, Inquiries, Showings Scheduled, Actual Showings and Applications to find the pressure point?

4) Have you reviewed the ad type and pics on your phone (how most prospects will look at) to verify acceptable?

5) Is it on the MLS so other agents see it?

6) Along with 3-D Tour, what about a floorplan?