I'm having trouble finding a tenant for my rental

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I'm having trouble finding a tenant for my rental

Pedro Padierna
Member since 2019 · 68 posts · 16 votes

Dear BP community,

 I recently bought and rehabbed my first rental, we left it in great shape and its ready to rent. The property is in a nice neighborhood and a good school district. But unfortunately, we are struggling to get a tenant; it has been in the market for 29 days (already more than the average for the area), and since then, every single day we have done a showing, but no one has applied yet.

I have one theory: The next-door neighbor decided to start a hobby of reconstructing old trucks, and one partially destroyed truck is sitting in their driveway next to the entrance of the property (there is no HOA to regulate the area). So when people visit the property, they might get turnoff by this sight.

Do you have any ideas of what can I do to help get a tenant? 

If you are curious, here is a link to the property, and picture of the truck in the driveway.

Thank you in advance for your thoughts.

Best,

Pedro P.

1Reply
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Most Popular Reply

Diane Tycangco
Member since 2019 · 120 posts · 26 votes
7y

Hi I am a newbie to all this but would to offer my two cents.  When I clicked on the link you provided and looked at the property info, I noticed that the Zestimate rent for this property is $1295.  If I were looking for a rental and don't know anything about real estate, comparing that to your rental price will give me pause - you are too expensive.  Secondly, I entered your address into Rentometer and it did come up with $1376, which I think is how you came up with your price, but if you look at the comps below, most of the properties upon which Rentometer based their median recommendation are a lot bigger than yours.  The property closest in size and location to yours at Purlane and Blanco 1056 sq ft .98 miles away is only renting for $1150.  It also has 3b2b.

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  • Account Closed
    Investor · Milwaukee, WI · Member since 2013 · 1k+ posts · 1k+ votes
    7y

    I too paused when I noticed the high security and high cleaning deposit. Kudos to the other posters for researching your market value for you too.

    I might try saying less in the ad about how you intend to nickle and dime the renter, sometimes less is more.

    That said, having showings and no applicants is disturbing. Something is off. It seems people would not view it if they were not comfortable with the price in the first place, so my guess would be it's something when they get there. The place sure is nice, and I don't think a truck-junkie is going to turn off everyone (I dunno...). Unit size maybe? Bad layout?

    Or maybe, just a spot of bad luck? Looks like a nice place to me. $1300 is cheap for that up here. All it takes is that one buyer. Maybe you just need to up the marketing and get more people through the door or, just be patient and wait it out a bit. Last thing you want to do is be desperate and rent to the first person who hands you money.

    2Reply
  • RJ Dixon
    Rental Property Investor · Sarasota, FL · Member since 2018 · 112 posts · 23 votes
    7y

    @Pedro Padierna

    People might get turned off by the truck but they should get turned on when they walk into a properly rehabbed home. Without knowing much about the property it can be your marketing or maybe prices.

    1Reply
  • Candyce Ed
    Investor · Fort Collins, CO · Member since 2016 · 11 posts · 4 votes
    7y

     Did I read correctly that you are not local? I looked at your property and comps on Zillow. Given that you’re getting so many showings, I don’t think the problem is the rent price. Prospects can see the size and rent before scheduling a showing. 

    The place looks like it shows pretty well and should be fairly competitive with the local market, based on my very brief analysis on Zillow. I agree with some of the other posters that the yard is in bad shape. I do think that fixing the sod issue would be beneficial. 

    But I also wonder if there is an issue with the person who is showing the property? I’m pretty surprised that you would get that many showings and no applications. Have you got the ability to show it yourself?  Tenants are going to be wary of their interactions with a property manager, because that’s the person they’ll be dealing with. If they don’t get a good first impression from your property manager, it could negatively affect your ability to find a tenant. 

    I do agree with other posters about the high security/cleaning deposit. That could be a deterrent.

    3Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Davido Davido Thank you so much for all the good ideas. I followed your advice and talked to the neighbor, and he will start by moving the trash bins, we will speak again an see what we can do about the truck. Also, I like your idea of a giveaway for feedback, I will find some gift cards. I will get a quote for the privacy fence you are suggesting, and its clear I need to spend some money on the landscape. I will post when rented!

    0Reply
  • Jonathan W.
    Los Angeles, CA · Member since 2019 · 512 posts · 301 votes
    7y

    @Pedro Padierna I could nit pick at this or that about presentation or marketing and maybe other stuff by that isn’t why your property isn’t renting. it’s simply the price is too high. I looked on Zillow and found much better offers from your competitors. If the kitchen was a bit more then what it is or you a certain special wow factor about the place then I could see you maybe getting this price but from what I see

    1. People priced like yours also have their house on the market for a while

    2. If I was renting, I would keep looking because I see much better deals in that price point

    2Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Jason Gaunce Yes, that a great idea, thank you. I will offer it right away and see if we get someone.

    1Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Steve Milford Thank you for your input! We are getting a lot of showings, so the price is an issue but after they see the property. Regarding the neighbor, I did speak with him, and he agreed to move the trash bins, for now. I will talk with him again to see what we can do with the truck. 

    0Reply
  • Jonathan W.
    Los Angeles, CA · Member since 2019 · 512 posts · 301 votes
    7y

    @Pedro Padierna also I recommend putting what you pay or what they pay in the description. It could be to your advantage if there are things you don’t charge them for such as sewer or trash.

    I have future tenants ask me if they pay HOA fees. Someone out there I charging their tenants for HoA? That's a thing? Never knew, so it could work to your advtage or make the price seem better if they knew that kind of stuff. Hopefully it'd lead to a few more inquiries

    1Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Jesse Ramirez The property is at 78247, this is ranked as a good neighborhood. I'm not having issues getting people to the property; I'm having problems getting applications for the property. San Antonio is an active market, so I wouldn't worry about it, make sure your property is a good value for renters, and you should be fine.  Good luck with your duplex!

    0Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Jason S. Thank you for your honest feedback. You are right, and I have to do something, I need to get feedback ASAP. Also, I will invest in the landscaping and the fence. Every day the property is not renting I'm losing money.

    0Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Encarnacion Gutierrez Thank you for your thoughts. I already drop the rent; it was 1,375. I'm thinking of following the advice of the community and offer a 50% off on the first-month rent. If that doesn't work, I will lower the rent like you say.

    0Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Diane Tycangco Thank you for the additional research on the rental area. You are right, the Zestimate is lower now, but it was 1,375 just a few days ago. The reason I'm not jumping right away to lower the price is, I'm getting a lot of showings, so right off the bat the price seems to be correct, but when they visit the property either the neighborhood or the property turns them off. Before lowering the rent, I would like to explore other options.

    0Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @JT Crownover Thank you for the link!, I spoke with the neighbor, and he agreed to move the trash bins, for now. I will talk to him again, and if we cannot agree, I will escalate the issue with the city.

    0Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Dennis M. Thank you for being direct. The reason I'm hesitating lowering the rent is, I'm getting a lot of showings, daily since we posted it. So the price is not an issue at the beginning, it becomes an issue when they visit the property

    0Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Account Closed Thank you for your comment. I hired an agency to do the showings, and they have multiple agents. But it's a good idea to explore other options.

    1Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Sid Jones Thank you for your comment. What puzzles me is, we have done daily showings since we posted it, so right off the bat, the price seems not to be an issue.  I want to explore other options before lowering the rent, and if they don't work, I know that at the end of the day I will have to drop it.

    0Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Keona Roberson Thank you for your comment. Yes, getting feedback is something I need to do right away, that should stop the guessing game. Good luck on getting started, I'm sure you will have great success. 

    0Reply
  • Cliff H.Pro Member
    Rental Property Investor · Nashua, NH · Member since 2014 · 607 posts · 485 votes
    7y

    @Pedro Padierna I didn’t read all the posts, but the original post said everything about the neighbor and nothing about how you have advertised it? Who is your ideal tenant? How are you getting in front of them? What matter most to them in a new home? Many have the wrong idea of how to rent a unit. It’s not yard signs, but knowing your market.

    Example: I survey every prospect. I also disclose there will be security cameras on site for their showing and review most video of walking throughs later. Even if you can’t hear, just seeing where folks stop and move around often tells you exactly what’s wrong with your property very quickly.

    Secondly, you’re fighting Zillow: your price is above their own Zestimate and that’s the first thing I see when I click through your ad. That’s OK, so long as you’re telling folks how/why this is above average.

    Lastly, inside pictures are fantastic. Outside, not so much. Too dark and looks dumpy and not because of the neighbor’s truck. Invest some dollar to up the curb appeal (grass, flowers, etc). First impressions go a long way.

    Good luck!

    1Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Janina S. Thank you very much for all the honest feedback on the property. I will rethink the deposits and see if that helps. And you are right; I didn't think about the microwave, I need to get one. I updated the stove, but the fridge was in excellent condition, that is why I didn't buy a new one, but this might be something to consider. I like your idea of offering a rent discount for the first months, and I will try it out before lowering the rent. 

    0Reply
  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y
    Originally posted by @Pedro Padierna:

    @Dennis M. Thank you for being direct. The reason I'm hesitating lowering the rent is, I'm getting a lot of showings, daily since we posted it. So the price is not an issue at the beginning, it becomes an issue when they visit the property

    They see it’s not worth the price hence why you need to lower it  

    2Reply
  • Cliff H.Pro Member
    Rental Property Investor · Nashua, NH · Member since 2014 · 607 posts · 485 votes
    7y

    @Pedro Padierna I see now you’re using an agency, which could be half of the problem. Have you worked with them before? What’s their track record of days to rent out their last 20 vacancies? How are they reaching the tenants you’re seeking? How are they sharing back the feedback on your rental? Are they showing prospectives other rentals outside of yours? In San Antonio, are you paying the fee or the renter? In many major cities it’s the renter. And guess who the agents then work for? In that dynamic it is the agent’s job is to find a tenant a place to rent, not yours, just anyone’s.

    Yes it could be the price too, but price is also the lowest common denominator when you have nothing better to offer than anyone else. Focus on the value and be sure the intermediary you’ve hired to handle the showings is putting that place in the best light, sharing all feedback, and working hand-hand with you to determine a marketing plan that meets your target market where they are. Traditional shotgun mass advertising on Craigslist/Zillow are great for upping boosting showings, but do little to filter out window shoppers, unqualifieds, and/or those looking for something different than what you’re offering.

    HTH

    1Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Account Closed Thank you very much for your comments. I agree with you; the price at the beginning seems not to be an issue; it becomes an issue when they visit the property. You have a good point about the ad; I will not start with the deposits and focus more on the attributes and benefits.  And I agree with you, before lowering the price I want to explore other options. 

    0Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @RJ Dixon Thank you for your comment. Yes, I think I need to review my marketing and value offer to see if it has the right price. 

    0Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Candyce Ed Thank you for your comment. Yes, I'm an out of town investor. I agree with you, I think the price is not an issue at least the beginning, but it seems to be an issue when they visit the property. I have a property management company that is helping me, I have another property, and they rented in three days at an excellent price, so for now I don't see them as an issue. 

    I think fixing the yard should help, and I will also look into reducing the deposit. 

    0Reply
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Jonathan W. Thank you for your honest feedback and research you did on my property. You might have a point; I either create a wow factor for my property, or I will need to lower the asking price. 

    0Reply
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