Filling a three family rental property

16 Replies

Good afternoon everyone, 

I was hoping to get some advice on the best ways to market a rental property.  I currently have a vacant three family rental property that I purchased about a month ago.  The realtor that brought me the deal off-market, is also the realtor that I have hired to try and fill the vacancies.  However, we haven't had much traction on this property which is surprising because one of my other properties had tons of traffic and wasn't nearly as nice as this one.  I should state that the realtor on the last property has been a real estate agent for over 10 years and owns her own brokerage while the realtor that I have trying to fill this new property is a new agent.  Just trying to determine whether or not this new agent is in over his head and if I should hire the previous agent instead.  Thanks in advance everyone.  Keep killing it.  

@Ryan Rea

Have a serious sit down with your current agent. I’d give them a time frame to get it rented by and if it doesn’t work out you’ll be looking for another agent to get it rented? Are you self managing?

hey tanner.  Right now I am self managing. I was thinking the same thing as you stated but how much time would you give the agent to fill those units?

i've always had good luck filling my rentals but if i were in your situation i would give the agent maybe 30-60 days since you have already given them time previous to this situation to fill the vacancy 

If you're local, do it yourself.  Post it on Zillow at just below market rate.  If you're out of the area, get a better management company and let them do it.

@Ryan Rea hey ryan, yea there is something wrong with how the agent is marketing the property. i lived in torrington for a while and have rentals in the central CT area. my phone never ever stops ringing. i get too many calls for me to handle and i’m probably at the top crest of the market rental rate. i use craigslist and apartments.com. i also post in specific groups on facebook too. like i have a property next to ccsu, so i post in the student group pages. i have never used an agent and probably never will. let me know if i can help in any way.

@Ryan Rea We fill 7-10 vacancies in the area per month between our management clients and our own units and never have issues with getting inquiries into our rentals. Sometimes the quality of the tenant base can differ based on where the apartment is located, but there are always plenty of people responding to ads. 

There must be something off with how your agent has the property advertised and/or is responding to leads. 

I agree with what @Ryan Deasy is saying. 

@Ryan Rea : Hi Ryan, Try to google it your self on Zillow with different filters conditions/ criteria and see if the property is show up right. And make sure the pictures are kind of professional and see proper description of the property and location are given.

Important look for the rental comps around make sure it’s not over makes.

I have listed my property with above criteria’s and I see lot of traffic.

Good luck !!

Thanks,

Trin

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