can't find a tenant
Member since 2023 · 17 posts · 12 votes
can't find a tenant
Most Popular Reply
Ned J.Pro Member
Investor · Manteca, CA · Member since 2017 · 1k+ posts · 2k+ votesMost common...
Price is too high.... this can be relative to the area and condition of the property
Marketing is poor..... place not clean, renovated, bad pictures, bad listing info, criteria is way off for the class of neighborhood
You have a PM..... what are you paying them for?
75 Replies
- Real Estate Broker · Nashville, TN · Member since 2022 · 45 posts · 34 votes3y
@Audrey Peltier - if you’re getting a lot of views but no showings could be a property condition, location, or pricing issue.
It’s counter-intuitive, but something is telling me to ask - have you thought about taking down the listing and reposting at a slightly higher rent amount?
In general, is the property showing well? Is the trash picked up outside? Does it look and SMELL clean inside? How does the neighborhood look? How is the drive into the neighborhood?
- Member since 2023 · 17 posts · 12 votes3y
The house is cleaned and renovated (paints, floor, new curtains...). The backyard has been cleaned too. The price is in the low range.
The neighborhhod is a low-income : 2 stars. School 4/5.
- Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes3y
What does your property manager say? Rental demand has decreased significantly.
- Real Estate Broker · Nashville, TN · Member since 2022 · 45 posts · 34 votes3y
Quote from @Audrey Peltier:
The house is cleaned and renovated (paints, floor, new curtains...). The backyard has been cleaned too. The price is in the low range.
The neighborhhod is a low-income : 2 stars. School 4/5.
If it's been on the market for a while, I would consider taking down and reposting so it's fresh. You could try a move-in incentive as well.
Is the PM company asking for feedback from prospects? You've had a lot of views, but how many showings?
- Real Estate Agent · Strongsville, OH · Member since 2016 · 86 posts · 25 votes3y
Find a different PM or a local Broker to manage your property!!
- 3yNed J.Pro MemberInvestor · Manteca, CA · Member since 2017 · 1k+ posts · 2k+ votes
Most common...
Price is too high.... this can be relative to the area and condition of the property
Marketing is poor..... place not clean, renovated, bad pictures, bad listing info, criteria is way off for the class of neighborhood
You have a PM..... what are you paying them for?
- Real Estate Agent · Cleveland, OH · Member since 2021 · 383 posts · 361 votes3y
Assuming that the place doesn't look bad, and that there isn't something obvious preventing it being rented like being in an absolute warzone, then all I can think of the square footage or layout. There is something to be said for Functional Obsolescence and the house may just have an undesirable layout. It being under 1000 sqft and being a 3 bdrm does mean that things can be a little cramped sometimes in Cleveland homes. But at $915, I'm surprised someone still hasn't tried to apply. That's a competitive price for sure (once again assuming it's not in a warzone).
- Investor · Cleveland · Member since 2022 · 58 posts · 41 votes3y
the problem is obvious here. You need to either find a new PM or connect with current to find out why they are not doing their job.
Presumably you hire a PM to be an expert in the area. Otherwise what's the point...
It's reasonable to assume you wouldn't know what to charge for rent in Ohio (within a range), that's why you have boots on the ground. Properties sitting long without renting will kill any return you may have. Even with a larger portfolio the worst vacancy I have experienced is lower than what you are saying. The destroyed garage is also a red flag. Seems like your tenant screening was not ideal either...
- Investor · Cleveland · Member since 2022 · 58 posts · 41 votes3y
the problem is obvious here. You need to either find a new PM or connect with current to find out why they are not doing their job.
Presumably you hire a PM to be an expert in the area. Otherwise what's the point...
It's reasonable to assume you wouldn't know what to charge for rent in Ohio (within a range), that's why you have boots on the ground. Properties sitting long without renting will kill any return you may have. Even with a larger portfolio the worst vacancy I have experienced is lower than what you are saying. The destroyed garage is also a red flag. Seems like your tenant screening was not ideal either...
Maybe post the listing so we can get more granular here
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes3y
Quote from @Audrey Peltier:
As others have said, it's priced too high for the market, it's in an undesirable neighborhood, or your PM just isn't marketing it correctly. It has 216 views, so they are apparently marketing it well. That leaves price or location.
My grandfather lived in a chicken coop with his new wife after WWII, pregnant with my mother. Anything will rent if the price is right. Your PM should be proactively updating you on market conditions and adjusting the price to get it rented. You may consider looking for a PM that is more aggressive in their marketing and communication.
Remember: cheaper doesn't mean you'll make more money.
Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!
The DIY Landlord Book4.7248 Reviews - 3yAustin McClainBusiness MemberReal Estate Agent · OH · Member since 2021 · 348 posts · 602 votes
Try posting it in Facebook groups. I've seen success with that.
- Investor · Member since 2020 · 49 posts · 35 votes3y
Quote from @Audrey Peltier:
Hi all!
This is my first time posting something here. I'm kind a newbie. I bought my first and only rental 2 years ago in Cleveland (I live in CA). The former PM found a tenant quickly. They left in December (without paying the last month). I had to spend a lot of money to renovate the house and the garage was totally destroyed.
The new PM can't find a new tenant (32 days on the market and 216 view but no application) and right now I am hemorrhaging money.
It is a single family home - 3 bd/1ba - 993 sqft - with backyard. $915/month
Do you have any advice?
That happened with me too, here's what i did: I did a special move in promo and reduced the deposit a bit. Then asked my PM to take new pictures because the ones we had were blurred or didn't show how spacious the rooms were.
Finally, I announced the property on Facebook, got a lot of interest there. Good luck.
- Member since 2023 · 17 posts · 12 votes3y
Quote from @Eliott Elias:
What does your property manager say? Rental demand has decreased significantly.
I'm trying to have feedback.
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes3y
Quote from @Audrey Peltier:
Hi all!
This is my first time posting something here. I'm kind a newbie. I bought my first and only rental 2 years ago in Cleveland (I live in CA). The former PM found a tenant quickly. They left in December (without paying the last month). I had to spend a lot of money to renovate the house and the garage was totally destroyed.
The new PM can't find a new tenant (32 days on the market and 216 view but no application) and right now I am hemorrhaging money.
It is a single family home - 3 bd/1ba - 993 sqft - with backyard. $915/month
Do you have any advice?
you need a new PM, Tenants are the easy part, I have many rental there and get 20 calls a week, More than happy to refer you
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes3y
Quote from @Diana Costta:
Quote from @Audrey Peltier:
Hi all!
This is my first time posting something here. I'm kind a newbie. I bought my first and only rental 2 years ago in Cleveland (I live in CA). The former PM found a tenant quickly. They left in December (without paying the last month). I had to spend a lot of money to renovate the house and the garage was totally destroyed.
The new PM can't find a new tenant (32 days on the market and 216 view but no application) and right now I am hemorrhaging money.
It is a single family home - 3 bd/1ba - 993 sqft - with backyard. $915/month
Do you have any advice?
That happened with me too, here's what i did: I did a special move in promo and reduced the deposit a bit. Then asked my PM to take new pictures because the ones we had were blurred or didn't show how spacious the rooms were.
Finally, I announced the property on Facebook, got a lot of interest there. Good luck.
If you need to do a promo, then you too have the wrong PM co, tenants are the easy part.
- Member since 2023 · 17 posts · 12 votes3y
Thank you for all your responses.
I have not been really happy with the PM, even if I pay 10%.
Here the link. I'm ready for your honest thoughts.
- Member since 2023 · 17 posts · 12 votes3y
Quote from @Bob S.:
Quote from @Audrey Peltier:
Hi all!
This is my first time posting something here. I'm kind a newbie. I bought my first and only rental 2 years ago in Cleveland (I live in CA). The former PM found a tenant quickly. They left in December (without paying the last month). I had to spend a lot of money to renovate the house and the garage was totally destroyed.
The new PM can't find a new tenant (32 days on the market and 216 view but no application) and right now I am hemorrhaging money.
It is a single family home - 3 bd/1ba - 993 sqft - with backyard. $915/month
Do you have any advice?
you need a new PM, Tenants are the easy part, I have many rental there and get 20 calls a week, More than happy to refer you
Yes please! and Thank you!
I'd love referals.
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes3y
Quote from @Audrey Peltier:
Quote from @Bob S.:
Quote from @Audrey Peltier:
Hi all!
This is my first time posting something here. I'm kind a newbie. I bought my first and only rental 2 years ago in Cleveland (I live in CA). The former PM found a tenant quickly. They left in December (without paying the last month). I had to spend a lot of money to renovate the house and the garage was totally destroyed.
The new PM can't find a new tenant (32 days on the market and 216 view but no application) and right now I am hemorrhaging money.
It is a single family home - 3 bd/1ba - 993 sqft - with backyard. $915/month
Do you have any advice?
you need a new PM, Tenants are the easy part, I have many rental there and get 20 calls a week, More than happy to refer you
Yes please! and Thank you!
I'd love referals.
Where is the property ?
- Investor · Member since 2022 · 107 posts · 67 votes3y
Do you mind me asking what area in Cleveland it’s in?
- Member since 2023 · 17 posts · 12 votes3y
Quote from @Bob S.:
Quote from @Audrey Peltier:
Quote from @Bob S.:
Quote from @Audrey Peltier:
Hi all!
This is my first time posting something here. I'm kind a newbie. I bought my first and only rental 2 years ago in Cleveland (I live in CA). The former PM found a tenant quickly. They left in December (without paying the last month). I had to spend a lot of money to renovate the house and the garage was totally destroyed.
The new PM can't find a new tenant (32 days on the market and 216 view but no application) and right now I am hemorrhaging money.
It is a single family home - 3 bd/1ba - 993 sqft - with backyard. $915/month
Do you have any advice?
you need a new PM, Tenants are the easy part, I have many rental there and get 20 calls a week, More than happy to refer you
Yes please! and Thank you!
I'd love referals.
Where is the property ?
173rd street in Cleveland
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes3y
Quote from @Audrey Peltier:
Quote from @Bob S.:
Quote from @Audrey Peltier:
Quote from @Bob S.:
Quote from @Audrey Peltier:
Hi all!
This is my first time posting something here. I'm kind a newbie. I bought my first and only rental 2 years ago in Cleveland (I live in CA). The former PM found a tenant quickly. They left in December (without paying the last month). I had to spend a lot of money to renovate the house and the garage was totally destroyed.
The new PM can't find a new tenant (32 days on the market and 216 view but no application) and right now I am hemorrhaging money.
It is a single family home - 3 bd/1ba - 993 sqft - with backyard. $915/month
Do you have any advice?
you need a new PM, Tenants are the easy part, I have many rental there and get 20 calls a week, More than happy to refer you
Yes please! and Thank you!
I'd love referals.
Where is the property ?
173rd street in Cleveland
west or east, ?
- Member since 2023 · 17 posts · 12 votes3y
Quote from @Bob S.:
Quote from @Audrey Peltier:
Quote from @Bob S.:
Quote from @Audrey Peltier:
Quote from @Bob S.:
Quote from @Audrey Peltier:
Hi all!
This is my first time posting something here. I'm kind a newbie. I bought my first and only rental 2 years ago in Cleveland (I live in CA). The former PM found a tenant quickly. They left in December (without paying the last month). I had to spend a lot of money to renovate the house and the garage was totally destroyed.
The new PM can't find a new tenant (32 days on the market and 216 view but no application) and right now I am hemorrhaging money.
It is a single family home - 3 bd/1ba - 993 sqft - with backyard. $915/month
Do you have any advice?
you need a new PM, Tenants are the easy part, I have many rental there and get 20 calls a week, More than happy to refer you
Yes please! and Thank you!
I'd love referals.
Where is the property ?
173rd street in Cleveland
west or east, ?
East
- 3yNed J.Pro MemberInvestor · Manteca, CA · Member since 2017 · 1k+ posts · 2k+ votes
Not familiar with the Cleveland market and that area but here is my opinion of your listing....
Looks really nice inside...small but well done, clean etc. Good pictures
Outside.....not familiar with area, so this may be the "norm" ....but needs some work.
Overview... start with the property description at the top You want to "hype" all the great stuff first..... you want to SELL the listing......the current layout has a LOT of "you have to pay for this...submit this...apply to this" info first. Its take a long scroll down to get to the stuff that makes the unit appealing....the stuff that makes the "sale". A lot of tenants aren't going to scroll that far down. I was turned off by all the "you have to do all this stuff" info right off the bat. You need to include that info, but it should be more abbreviated and at the bottom AFTER you have peaked a tenants interest
You have views but something is not making prospects go to the next step
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