I'm having trouble finding a tenant for my rental

I'm having trouble finding a tenant for my rental

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.

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Most Popular Reply

Member since 2019 · 120 posts · 26 votes

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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Candyce Ed
Investor · Fort Collins, CO · Member since 2016 · 11 posts · 4 votes
7y
You might consider giving the tenant some incentives. For example, you’re planning to do some work on the landscaping. Perhaps you could let the tenant have some say in what you do with the landscape design (within a specified budget). Or since you’re considering purchasing a microwave, perhaps you let the tenant select the appliance within a specified budget. For some tenants, this won’t matter. But there might be someone who would consider that a really cool add-on. You could also be transparent about the plan to install a privacy fence. If tenants know that you are committed to keeping the property in great repair, it might help them favor you. If you decide to experiment with this, I would state it in the ad, and encourage the people showing it to reiterate these benefits.
1 Reply
Justin BonsignorePro Member
Investor · Conroe, TX · Member since 2018 · 4 posts · 2 votes
7y
@Pedro Padierna how are you marketing the rental? I had one of my rentals on the MLS for 3 weeks with very little action. Then I decided to post a paid ad on FB marketplace the interest skyrocketed! Also, instead of lowering the price, try to add some value. What I like to do is cover the lawn maintenance. Makes my rental stand out when comparing to others.
1 Reply
Jeffrey Bower
Member since 2019 · 94 posts · 50 votes
7y
It could be the rent price is slightly higher. Personally, I think a truck like that is a deterrent. Also, talk to prospective tenants afterwards to find the issues you probably haven't noticed.
1 Reply
Account Closed
Financial Advisor · CA · Member since 2012 · 128 posts · 76 votes
7y
My first property manager took a long time to get tenants. The manager I use now puts the listing on the multiple listing service. Usually I get a tenant straightaway now. It does cost a few hundred, but I am happy to pay. I think you as owner can also list on the mls. It has a huge exposure to potential tenants and their agents.
House looks fine. Getting the right tenant is a numbers/statistics exercise. AND....don't take the wrong tenant. I also do not believe in incentives. Incentives make you look desperate and "soft. if you are "soft" now, then tenants might think they can always push you further. Don't!
1 Reply
Jorge Pereira
Kensington, MD · Member since 2017 · 29 posts · 11 votes
7y
@Pedro Padierna offer an incentive like a lowere deposit, also explain the truck issue, better to talk about it
1 Reply
Kerryanne Henry
Union, NJ · Member since 2016 · 49 posts · 29 votes
7y
@Diane Tycangco great breakdown!!!
Based on my experience, the rent needs to align with neighborhood AND unit characteristics (i.e. size, finishes, amenities etc.) I agree with many others, lower the asking rent to match comparable units and/or offer an incentive... i.e. waive any application/cleaning fees... offer the 13th month free with a 12 month lease (assuming all payments on time)...through in free wifi (especially if you already need wifi for your security systems) etc. The numbers have to make sense for you of course but renting for less is better than no rent at all.
It may also be worth biting the bullet to list the unit with a local real estate agent familiar with the area, and who has success renting units quickly in that market. I'm sure you can find some great leads on BP. Good luck! Keep us posted when you get a renter!
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Judy Parker Thank you for your comment, I'm glad you liked the property. I will try to talk to the neighbor before escalating the issue to the city. I've added a discount of 50% off for the first full month, if this doesn't work I will lower the rent. Apparently, the cleaning deposit is a standard practice of my PM.
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Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Adrienne Green Thank you for your comments. I already updated the moving date from the listing. But you are right I will improve the description to make it a bit more appealing. For feedback, we will offer some $2-3 gift card to people that visit the property. We offer, 12, 18 and 24 months leases, maybe I should put it in the ad. We have some competing units in the area, but not that many. But, I bought a second property (after this one) and it rented in 3 days (different part of the city though). I'm offering a moving special of 50% off the first full month if this doesn't work I will lower the rent
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Randall Weatherall Thank you for your comment. You are right, I will try to solve the situation with my neighbor before escalating the issue. Covering the truck might be a good middle ground.
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Derrick E. Thank you for your comment. Showings haven't been an issue, we had daily showings since we posted it. I think price expectations vs reality is what is not working for potential renters. But you are right, it looks like I'm a bit overpriced, so I put a moving special of 50% off the first full month, if this doesn't work I will probably lower the rent. I will talk to the neighbor before escalating the issue.
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Grant Delmonte Thank your comment. I will talk to the neighbor before escalating the issue. I put a move-in special of 50% off the first month to see if this helps. Otherwise, I will have to lower the rent.
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Kyle Wells Thank you for your comment. Yes, I got the comps and rentometer and the $1350 mark seems to be spot on. But you are right, I need some landscaping.
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Matt Urbas Thank you for your comment and observations. You are right, attention to detail can make a difference, cleaning and taking care of the small details like the color of the outlets will improve the property a lot. The cleaning fee is a standard item the PM puts on, but I will challenge it since we are already asking for a deposit.
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Daniel DiGiacomo Thank you for your comment. Yes, I have gotten really good ideas from the BP community. I just added a move-in special for the rental 50% off for the first full month on a 13month lease. Hopefully, we get some traction. And yes, I need more detailed feedback.
1 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Kalanie Tran Thank you for your comment. I have a local PM, and we are getting a lot of showings, but were struggling to get applications.
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Candyce Ed Thank you for your comment and your ideas. I especially liked the one letting the potential tenants weight on the landscaping, I have to do it anyway so why not let them weight in.
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Justin Bonsignore Thank you for your comment. Paid post on FB is a great idea. But before getting more people to the property I need to do the landscape.
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Jeffrey Bower Thank you for your comment. I'm working with the neighbor to see what can be done and find a middle ground. And yes, I need feedback urgently.
1 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Account Closed Thank you for your comment. I have a PM that apparently is bringing a lot of prospects to the property, but the issue is we are not getting any applications. So I'm losing them further down the funnel and it seems to be something around the value for money of the property.
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Jorge Pereira thank you for your comment. I already have a move-in special to see if this help. And yes, it might be easier to be upfront about the truck.
0 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Kerryanne Henry thank you so much for your comment. I started to offer a move-in special, 50% off the first month for a 13 months lease. Let's see if it gets some traction. And I agree, having some rent is better than no rent at all. I will keep you posted.
0 Reply
Melissa Camden
Cameron, NC · Member since 2018 · 9 posts · 2 votes
7y
@Pedro Padierna
Just my two cents from a renter point of view: the truck wouldn’t bother me at all.
1 Reply
Pedro Padierna
OP
Member since 2019 · 68 posts · 16 votes
7y
@Melissa Camden thank you! Hopefully to potential renters either
0 Reply
Dennis Cosgrave
Rental Property Investor · Member since 2019 · 304 posts · 462 votes
7y
You have not provided much detail about the rental. Does your advertising accurately describe the property you are renting? If not, prospective tenants could be disappointed because their expectations have not been met. I might suggest you call a real estate agent and inquire what the rents for comparable properties are in the area. Then you will know for certain if the rent is priced at market value. You might also want to go and look at your competition and see what they are offering and how it compares to your property.
1 Reply
Dena Puliatti
Property Manager · Huntsville, AL · Member since 2017 · 302 posts · 246 votes
7y
I always advise potential tenants to call the precinct, check Family Watchdog, the school zones, and drive by at night before they sign a lease. I would run a quick check on your property and see if theses present a reason to not rent this particular home.
1 Reply

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