Just Finished a Duplex — Struggling to Lease It Up, Any Advice?

[Omar Hernandez]

Hey everyone, just finished my latest project — 5838 Beldart, a 3 bed / 2 bath duplex — and I've got two more projects coming up after this one. Right now my focus is getting this one leased up, and honestly it's been slower going than I expected.

I listed it about a month before completion hoping to get ahead of it, and while I got some traffic, I got a lot of "no's" — I think people had a hard time visualizing the finished product from photos/renderings of an unfinished unit. Rate is very competitive for the area, and I've got it posted across pretty much every platform I can think of.

For those of you who lease up new-construction units regularly — any advice on speeding up the process without dropping rent or loosening requirements (credit, income, etc.)? Curious if it's a timing thing (listing too early vs. waiting until it's fully done), a marketing/photo thing, or something else I'm missing.

Appreciate any insight — trying to get this one filled before I'm juggling leasing on the next two.

[Joseph Cacciapaglia]

I'm in San Antonio, but have done a decent amount of business and investing in Houston over the years, so take this for what it's worth. Here are a few thoughts:

1. I'd change pictures first. I'd take the first picture from the other front corner, so you get the front door, and the whole front, but at a similar angle. I'd use your virtually staged interior shots starting with picture 2, and save the floorplan and other exterior photos for later. I would include some of the actual progress pictures as well. A lot of people just look at pictures, and won't even realize it's a brand new home without those.

2. You have a ton of blanks in your MLS listing. This means that any searches other agents have setup with those specific criteria won't pull up your property. For example, the subdivision common name field is blank. A lot of people set up their searches by the common, not the legal subdivision name.

3. I think timing may be part of your problem. It looks like you initially listed it 100 days prior to completion. Most people who are looking to lease want to move relatively quickly. It hurts you to have the listing up too early, because then it gets "stale".

4. You may have to consider that your units are over priced. All of the closest comps are larger and single family homes. You're rarely going to get the same prices for half a duplex. Being brand new construction will counteract that a little, but it looks like you're higher than most of the recent rented comps. I know you mentioned the rate is very competitive. Are you looking to other subdivisions for comps?