Need advice: Taking too long to find renters

Baltimore, Maryland
General Landlording & Rental Properties
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Need advice: Taking too long to find renters

Cecilia Ann Jones
Member since 2021 · 5 posts · 3 votes

Hi, this is my first post since turning BP Pro a few months ago. I closed on my first rental property, a townhouse in the Canton neighborhood of Baltimore on 6/14. I am using a property manager, and there are listings through MLS and many other sites. I thought it would be rented by now, but there have been only 2 showings in 15 days. I fear that people are trying to request showings but there's some type of disconnect in the process. Does anyone have any advice?

If you want to see the listings, Google 800 S Ellwood Ave rent
 
Oh--and I also need a smart tax attorney, does anyone have a recommendation? 

Thanks!

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Scott Mac
Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
4y

I made an exterior mockup of what I think a more upscale exterior might look like.

Something that (to me) "feels" more a match to the interior.

Should you do this, probably not.

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  • Dan Maciejewski
    Realtor · PInellas County Largo, FL · Member since 2016 · 902 posts · 810 votes
    4y

    Hmm.  I don't know your market but the whole country seems to be in a housing shortage right now.  The first thing that always comes to mind is that the price (rent) is too high.  You're the 2nd highest price in the immediate area on Zillow.  

    You could have someone (or a few someones) you know request a showing through the various sites it's posted on to see what happens.  Have them do that and don't let your PM know -- that way you'll see the process and what happens.

    When I have vacancies, I just set all showings for an open house.  That way when half don't show, I don't want to yell at them, and it creates a little sense of urgency for those that do show.  I let them take paper applications with them and see if they actually follow up.  I do not charge for the application -- they will only pay for the background screening if they make it through our initial screen.

    Zillow screen grab below.  The one listed at 4,800 went up on 6/26.  It's a touch bigger and looks slightly nicer from the few pics I looked at for both listings.

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  • Cecilia Ann Jones
    OP
    Member since 2021 · 5 posts · 3 votes
    4y

    Thanks very much everyone for all the good suggestions! @Dan Maciejewski I really like the idea of open houses! The first one is scheduled for Sunday: https://pitina-stucky.homesale...

    I want to do open houses every weekend until it's rented. So excited! I lowered the price and the security deposit, maybe too much, given the low inventory and market conditions. Besides, the place is SO much more beautiful and inspiring than all the run-of-the-mill, soulless renovations available. The right tenants will appreciate the difference.

    @Sean Monahan I really love the idea of renting short-term to traveling nurses! This property doesn't have off-street parking; that could be a deal-breaker for nurses, given their schedules, but we'll see. I'm going to keep it in mind for my next Baltimore property.

    Does anyone have any thoughts about how to mitigate the lack of parking? I thought of maybe finding a nearby lot with monthly agreements, but that isn't looking good. Or a neighbor that isn't using their space and would rent it; also not very likely; most neighbors have only one parking space and their using it. Street parking is manageable, but tight after 7 PM. I always find parking right in front; parking in Canton is easier than some of the other nearby neighborhoods.

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  • Chris John
    Member since 2020 · 671 posts · 937 votes
    4y

    @Scott Mac

    This has been on my list of things to do for quite a while!  haha.  No hard feelings if it's been too long, but I'd love to see your mock up as we have a long ways to go to get this thing looking anything like we'd like.

    Thanks!

    1Reply
  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    4y
    Quote from @Chris John:

    This has been on my list of things to do for quite a while!  haha.  No hard feelings if it's been too long, but I'd love to see your mock up as we have a long ways to go to get this thing looking anything like we'd like.

    Thanks!

    I like the way it looks now, the smooth tans, the overgrown shade trees, the modern facade, and a three car garage, it looks rentable and peaceful (a nice HOME vs a house).

    I did a mockup for you, mainly focusing on a varnished gate, varnished front doors, less mature plantings and getting rid of the big dirty (sap dripping) pine tree over the left driveway (so it would not drip sap onto the new BMW=7 Series in the pic).

    These kind of things would fit in, in an upscale area, but not necessarily be better, just different.

    It looks like a nice house for entertaining, lots of parking. 

    I like the way it is now, and (for me) the mockup is simply different, and not better.

    Good Luck!

    1Reply
  • Chris John
    Member since 2020 · 671 posts · 937 votes
    4y

    @Scott Mac

    I really love it!  Thank you!  Honestly, I can't wait to show my wife!  haha

    She's really going to like the flower bed.  That looks great.  Also, I hate to pay for those trees to come down, but I may be looking at removal soon.  I love the shade, but the roots are destroying everything (including that retaining wall - which, by the way, what a difference it looks with that new wall.  Hmmm...).

    It looks so clean.  Thank you again!


    1Reply
  • Sebastian MarroquinPro Member
    Real Estate Agent · Pasadena, CA · Member since 2015 · 477 posts · 263 votes
    4y

    $3k times 3 months: $9k lost 

    Almost your 12 months of "profit" 

    You have to go back  and assess the unit? What prices other units are renting for in the area? 

    Call your PM : from a different number while on the market and see if they answer their phone? If you leave a message or send them an email as a potential tenant: do they get back to you in a timely manner? 

    (I did this once with a company and they returned my call after 1.5 weeks…. ) Horrible… 

    Not done much… but you know that you can under price the unit and then if you have 10 qualified applicants - you can ask them if they can compete with a higher price. sometimes they won't fall in love with the place until they see it, and if the price is not compelling, they won't even come see it… 

    Lower the price and do some open houses, get feedback from people that come see it. 

    Look for travel nurses etc 

    0Reply
  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    4y
    Quote from @Chris John:

    @Scott Mac

    I really love it!  Thank you!  Honestly, I can't wait to show my wife!  haha

    She's really going to like the flower bed.  That looks great.  Also, I hate to pay for those trees to come down, but I may be looking at removal soon.  I love the shade, but the roots are destroying everything (including that retaining wall - which, by the way, what a difference it looks with that new wall.  Hmmm...).

    It looks so clean.  Thank you again!



     If you replace the pine with those tall upright bushes, realize they only look best when they are regularly cut.

    In other words, think about the budget for having a gardening service trim them on a regular basis unless it's your thing to cut bushes.

    Also before any big scale redo outside on such a fine looking home, it might be wise to talk to a local landscape architect about the whole lot, front and back.

    Good Luck!

    1Reply
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