Why is my unit still vacant?
Rental Property Investor 路 Brighton, MI 路 Member since 2021 路 9 posts 路 10 votes
Why is my unit still vacant?
Most Popular Reply
Real Estate Broker 路 Minneapolis, MN 路 Member since 2011 路 5k+ posts 路 6k+ votes
1y@Victor Tofilski I can't tell you exactly why it hasn't leased yet but I can pick it apart and give you detailed road map of every deficiency I notice and how to correct.
Fair warning, it might hurt. I don't know your skin thickness but know I do it with love and care for your improvement, there is no insult meant by any of it but fact is we all gotta suck, learn and try again before we get great, right.
First 2 big things that jump out to me is photos are done wrong.
Your 1st photo is your Visual HOOK. It's arguably the #1 most important factor to a listing, be it for leasing or selling. It's gotta grab people, draw them in, stop them in there searching tracks. And most often it's the opening of the story. It speaks to the property.
your 1st pic says "blah....". It speaks to "nothing special here", that's what it conveys.
Next, your using limited visual range photos. You GOTTA use WIDE-angel photos. many phones have great features for this now, or there is app's for it, or lenses, lens adapters. get something, anything, or buy a new phone that does it. It's a MUST not a should.
For example, the 2nd to last photo of a random wall and floor with part of open door; what is that supposed to be telling? Or the one before that of a close up of a corner of a white wall.... are you telling the viewer there in the corner? What is the point to that????
NEVER put in a photo without purpose. EVERY photo, every one has a specific reason and purpose. No random photos.
Next BIG item, where is the video walk through?????
Video is FREE today, so it's epic neglect of duty to not include one. When get unit all set, lights on, door ajar, you go outside to curb view, go to wide-side shot and you start video. You look at the house, look left around neighborhood, look right, and just tour at a normal human speed looking around exactly as any person coming to tour would.
Make YT channel for rental listings, upload, put in some effort to do it right and add details, links etc, and than post a link to it in your listing. Simple and powerful.
Lastly is your listing details; they read with all the story telling and excitement of a furnace repair manual.
No, wordy-wordiness does NOT help but ya gotta have SOMETHING. Tease em with some of the pro's, whats good about this place, whats good about this area. Give em something to be interested in.
Than, you need to make the details clear and simple. What it has, how much it is, what is minimums to qualify, AND most importantly how to do what you want them to do next, CALL TO ACTION. Give them direction.
Now if you've followed things this far kudos, and I bet your feeling some lumps. Well, I'm not gonna beat you to leave you sitting there in pain. Here is an example listing to show you how it should be done. Now that I laid out the various details important to a listing, i bet you'll notice and pick em out as you view through this. https://www.renterswarehouse.com/rental-listings/39331
Now on this listing an important feature to it is the size, not just of the property but the lot, the feeling of big, space, and of semi-secluded. So note that first pic, and yes i did some editing to lighten it etc all via the standard software in pc, nothing special.
Same with interior pics, I lightened some, lighting is important. And notice the flow. A person get's a sense of walking through via the order and angels of the photos. And when the pic is showing a more limited visual range, notice it's for a reason, I am calling out something via the visual range.
And I do have the photos at the end by design, because I want a person to end the experience with a specific feeling of "oh wow, look at that, it's got that too", which helps drive conversion.
In the text notice I have headings for each section, because people HATE reading today so I make it ultra simple to find exactly what one is looking for in less than 3 seconds. And that's a metric I use, navigation in UNDER 3 seconds. I didn't invent this, it's the metrics of online media today.
Links to video walk through, scheduling showings and to apply.
And if someone clicks to schedule a showing it has a form to capture there information that goes into a crm that then starts a "prospect tenant" followup campaign including response text instantly to interrupt there search knowing we got there request and check there e-mail where we send followup information, links, directions etc etc.
If you inquire from Zillow, apartments.com, any of the sites, our site doesnt matter, we capture there data and followup campaigns go into action backed with ai at work that I am ever evolving.
Now, I share this all to make a point. If your in a market facing off against me as competition to lease a property..... good luck, your gonna need it.
And I'm not the only one. I mean, some may call me the greatest who's ever been, lol, ok maybe not but a man can dream right. Point is, there is a new bar being set and if your not operating up to it, we are going to make your listing look like crap and perform like crap because were putting this out to the potential tenants and who'd you pursue and choose? The polished hyper responsive ai empowered texting, emailing, no waiting ones, or yours?????
If you can't perform to the new standard were setting, I strongly suggest stepping back and hiring one of us who are setting this new standard.
49 Replies
- Real Estate Agent 路 Morristown, NJ 路 Member since 2020 路 206 posts 路 128 votes1y
Is it listed with a realtor? On first look of that Zillow link it seems like it's not. You will get 10x the exposure listing on the MLS among plenty of other benefits going that route.
- Rental Property Investor 路 Brighton, MI 路 Member since 2021 路 9 posts 路 10 votes1y
@Joe Villeneuve
740 and 860 the other unit also has more parking and a deck. I鈥檓 realizing now my pictures of that unit were much better too. So I took new pictures like most people suggested.
- Rental Property Investor 路 Brighton, MI 路 Member since 2021 路 9 posts 路 10 votes1y
@James Hamling
This was very helpful thank you
- Member since 2019 路 24 posts 路 4 votes1y
Hi Guys, I am looking to buy a multifamily in Jersey City for STR, any suggestions what area will be good for STR and weather number make sense at this time. As I am seeing 1.2 or 1.4 million 2 family house and not sure if its even going to cover the mortgage or not with 25% done.
- Real Estate Coach 路 NYC/JC 路 Member since 2020 路 7 posts 路 0 votes1y
Quote from @Sandeep Jain:
Hi Guys, I am looking to buy a multifamily in Jersey City for STR, any suggestions what area will be good for STR and weather number make sense at this time. As I am seeing 1.2 or 1.4 million 2 family house and not sure if its even going to cover the mortgage or not with 25% done.
Hi Sandeep! I think JC is a great market to tap into. Thanks to NYCs LL18, the Airbnb market in JC remains strong no matter where you're looking. My advice to you would be to explore the increasing number of renovated 2 families vs the $1.2M+ builds. While they are beautiful and get you top dollar, many come with tax abatement that expire in 5 years and will significantly reduce your cash flow once expired.
I'd suggest exploring Bergen Lafayette, McGinley square as well as Greenville. I'm invested in those markets and I'm happy to connect and talk more about my insights!
- 1yJason WrayPro MemberBanker 路 Nationwide 路 Member since 2020 路 2k+ posts 路 1k+ votes
Victor,
It's more than likely due to end of year and Holidays when most people are almost ready to move. Usually, rental agreements expire on the New year in January so by next month you should get more replies. In the meantime are you maximizing your marketing for the property like putting it in Facebook Marketplace, Craigslist, and talking to any realtor friends?
You can also try putting it in local places that rent like condo's or apartments attached to the board in the laundry room or better yet in an actual outside laundromat.
- Member since 2019 路 24 posts 路 4 votes1y
Thank you so much@Isreal Adeyanju for this information, I work in Newport area and love to connect after work, if you have some time after Christmas or new year.
- 1yBruce WoodruffPro MemberContractor/Investor/Consultant 路 San Diego / Phoenix 路 Member since 2021 路 12k+ posts 路 15k+ votes
Quote from @Sandeep Jain:
Hi Guys, I am looking to buy a multifamily in Jersey City for STR, any suggestions what area will be good for STR and weather number make sense at this time. As I am seeing 1.2 or 1.4 million 2 family house and not sure if its even going to cover the mortgage or not with 25% done.
Maybe start your own thread....you'll get more pertinent interest.
- Real Estate Broker 路 CA 路 Member since 2024 路 60 posts 路 42 votes1y
@Victor Tofilski Hi Victor, I agree with the posts above. Also, I don't see any discussion about your rental being property managed. I'm going to suggest you contact a property manager to help with get the property rented. I use hemlane. (check them out @ http://www.hemlane.com./for-landlords/Although they're here in California, they manage our out-of-state properties.
- 1ySteve KenneyPro MemberInvestor 路 Auburn, ME 路 Member since 2015 路 72 posts 路 45 votes
I like to post on Facebook marketplace and include a link to my Zillow application where they can apply there. You get lots of questions from Marketplace, but you can just copy/paste a response like "Thanks for reaching out. To apply please visit this link on Zillow." You can also share your post to local pages on Facebook. I've had good luck with getting extra applicants that way. But like others have said, it's a tough time of year to fill vacancies. One thing I'd like to do going forward is optimize my leasing so they don't expire between the months of November-March.
- 1yAdam BartomeoBusiness MemberReal Estate Broker 路 Cape Coral, FL 路 Member since 2015 路 2k+ posts 路 1k+ votes
It is a very tough market and renters have a lot of options. There just isn't enough renters for the amount of current vacancies and you will have to wait until the right tenant finds your property. Being vacant for 21 days is not very long for this market. You should be listed on all of the major websites, the minor websites, FB marketplace, and have a sign in the yard.
Bartomeo Property Management4.7150 Reviews - Real Estate Agent 路 Washington, D.C. 路 Member since 2012 路 17k+ posts 路 30k+ votes1y
Because few people move in November and December. Ones you get into January activity will pick up.
District Invest Group546 Reviews - Member since 2024 路 20 posts 路 8 votes1y
Hey, I made really good money in my 20s doing rentals. Not Great!!! Anyway, a strategy that used to work very well.
I would find all of the places in my area that posted apartment listings and literally put my listing there and pay for any advertising product that was available to push my listing to the front.
Also consider short term month-month leases on airbnb, renting individual rooms, month to month leases, just to get the cashflow energy flowing again.
A for rent sign outside really works well if its a high traffic area.
- 1yJonathan SmallPro MemberInvestor 路 Suwanee, GA 路 Member since 2020 路 182 posts 路 151 votes
@Victor Tofilski Don't give up my friend. Not many people want to move at the end of the year. Many people already have their kids locked into a particular school. Many are spending their money on Christmas gifts. I work with my property managers to complete lease renewals in April to August. I don't like trying to rent properties August to January. Consider listing your property on section 8 website. DM me if I can help or share how I list my properties.
- Residential Real Estate Investor 路 Kansas City, MO 路 Member since 2014 路 10k+ posts 路 5k+ votes1y
It's hard to say from afar but most likely it's priced too high. I generally like the first picture to be an exterior picture for units like that, but I sincerely doubt that's the problem. Are you marketing on other platforms? Have you been by recently? It's possible there's a bad smell or something like that making unmarketable?
Lastly, have you had any applications? Sometimes we have a wave of rejections in a row for a given property. It's odd but happens from time to time and usually when that's the case, it just needs more time. But if not and there isn't anything noticeably wrong upon inspection, it's probably still priced too high.
- Investor 路 Cleveland, OH 路 Member since 2013 路 120 posts 路 77 votes1y
@James Hamling great break down 馃敟馃挴
- Saint Cloud, MN 路 Member since 2017 路 90 posts 路 70 votes1y
There's many good replies. Another thought to add. Instead of $500 off the first months rent, have you considered lowering the rent by $40 dollars per month? Renters may prefer paying 40 less per month rather than the one time $500 discount.
- 1yJoe VilleneuvePro MemberPlymouth, MI 路 Member since 2013 路 13k+ posts 路 19k+ votes$40/month off works out much better for the tenant, even though they may not realize it, and it's a killer for the landlord. $500 off up front is a one time discount, the $40/month lower is the gift (to the tenant) that keeps on giving. It establishes a base that's $40 lower, which all future rent increases are based on.
Quote from @Erik Anderson:
There's many good replies. Another thought to add. Instead of $500 off the first months rent, have you considered lowering the rent by $40 dollars per month? Renters may prefer paying 40 less per month rather than the one time $500 discount.
- Saint Cloud, MN 路 Member since 2017 路 90 posts 路 70 votes1y
Quote from @Joe Villeneuve:
$40/month off works out much better for the tenant, even though they may not realize it, and it's a killer for the landlord. $500 off up front is a one time discount, the $40/month lower is the gift (to the tenant) that keeps on giving. It establishes a base that's $40 lower, which all future rent increases are based on.Quote from @Erik Anderson:
There's many good replies. Another thought to add. Instead of $500 off the first months rent, have you considered lowering the rent by $40 dollars per month? Renters may prefer paying 40 less per month rather than the one time $500 discount.
That is a very good point about future rent increases. I don't know what his market rate rent is for that property. Perhaps is a bit too high. Might it be smarter to offer a slightly lower monthly rent in exchange for a tenant who feels more content. Maybe who even knows they are getting a good deal. In the long-run this could reduce turn-over, maintence costs, vacancy and the need in the first place to have to offer $500 discount off the first month's rent. In my scenario I think it's possible the landlord may come ahead.
- 1yJoe VilleneuvePro MemberPlymouth, MI 路 Member since 2013 路 13k+ posts 路 19k+ votesRents are set based on the size of the property in the same immediate geographical area. As in the common rent for properties of the same size that you can put a box around on a map. Whether or not you get the high end of that dollar amount, is based on the quality of what you are renting. If your property is 1259 sq ft, and the going rate for 1250 properties in a close-knit are is 1250/month, then two things are a given. 1: In order to get the 1250 you need to have no problems with that property. 2: just because you added gold fixtures in the bath, and a marble floor in the foyer, you're not getting more than 1250. The Gold and Marble might get your's rented first, but not for more.
Quote from @Erik Anderson:
Quote from @Joe Villeneuve:
$40/month off works out much better for the tenant, even though they may not realize it, and it's a killer for the landlord. $500 off up front is a one time discount, the $40/month lower is the gift (to the tenant) that keeps on giving. It establishes a base that's $40 lower, which all future rent increases are based on.Quote from @Erik Anderson:
There's many good replies. Another thought to add. Instead of $500 off the first months rent, have you considered lowering the rent by $40 dollars per month? Renters may prefer paying 40 less per month rather than the one time $500 discount.
That is a very good point about future rent increases. I don't know what his market rate rent is for that property. Perhaps is a bit too high. Might it be smarter to offer a slightly lower monthly rent in exchange for a tenant who feels more content. Maybe who even knows they are getting a good deal. In the long-run this could reduce turn-over, maintence costs, vacancy and the need in the first place to have to offer $500 discount off the first month's rent. In my scenario I think it's possible the landlord may come ahead.
- 1yRyan SpathBusiness MemberReal Estate Agent 路 Boise, ID 路 Member since 2017 路 557 posts 路 376 votes
As others are saying this is the slowest time of the year for turnover with rental units. Expand your advertising, try using avail as they post on other sites. FB marketplace can deliver tenants as well. Your unit looks great, according to zillow you have 14 applications?
- Real Estate Broker 路 IN 路 Member since 2017 路 65 posts 路 12 votes1y
Quote from @Victor Tofilski:
https://www.zillow.com/homedetails/3290-E-M-36-APT-2-Pinckne... had this unit listed over 2 months I started out too high at 1350. Its been vacant for 21 days now
I鈥檝e had it down to 1200 for weeks and just added $500 off first months rent.
Does anyone have any other tips?
I see you have 27 contacts and 14 applications from zillow.
Real Estate is about location/location/location, supply and demand.
I have never offered $500 dollars off for the first month.
- Valhalla, NY 路 Member since 2013 路 132 posts 路 84 votes1y
Just to add to this thread. I have a brand new renovated unit that hit the market mid-November and it has been brutal trying to rent it. I have always heard this time of year was toughest to rent (especially in the northeast). I am experiencing the same issue and I have professional photos, using a reputable real estate broker, and in a very rental friendly market. Hoping the next month January-February we can get it rented. This was a new purchase with a few vacant units so I couldn鈥檛 prevent the vacancy at this time of year but going forward I will make sure none of my leases are expire in NOV-DEC. Best of luck and keep us posted when it is rented!
Join the conversationCreate a free account to reply, vote on answers and follow this thread.