Updated over 9 years ago on . Most recent reply
Lots of inquiries, shows, no lease
My husband and I recently bought our first house to rent, it was a big step taken after much research and thanks in part to what I have learned from BP!
I've been marketing it for several weeks (posting a few times a day to craigslist, it's on zillow, truilia, hotpads, realtor.com, ect). The first week we had it listed on the high side for the area, $1350 and had 4 showings (2 good prospects). Since we knew we were on the high end and no one took the bait, we came down to 1250 which is more the area I was expecting/want to be and we decided to offer lawn service (60-80/month depending on the season) because a few of the comments from prospects were about taking care of the lawn.
With the lower price, I've had probably 20+ inquiries and arranged 3-4 showings, no takers. Only a few people this whole time have even asked for applications. I tried an open house and only 1 person attended. The majority of the inquiries did not respond when I replied to their inquiry, most did not ask any questions so I would just offer to show it to them at X time and include our rental reqs.
The house is renovated - there is laminate flooring thorough out, granite countertops, nice new paint. I wouldn't say 100% the newest everything but 90% redone. A fabulous fenced yard and we're allowing pets. The neighborhood is C+ I would say. Our street has little 1970s houses on half and smaller apartment complexes on half (some of which are section 8). It is rated as "low crime" on Trulia.
Do we need to lower the price more or is this a case of where I just need to wait for the right person? We are still projected to make a small profit at 1100/mo so we can afford to go down, I just don't know if the price is the issue or we need to wait a little longer...Thanks for your insight!
Most Popular Reply
I don't think the $1350 is too high. You had showings and two good prospects at that price. They just mentioned they were concerned about the lawn care. So, I'd go back to the $1350 rent, and advertise that rent includes a gardner.
If you come down too far, good tenants will think something is wrong with the property.
My guess, is that they are doing the math - hmmmm, $1350 is high and we'd also have to do or pay for lawn care.
But, if they were absolutely not interested at all - they wouldn't have asked about the lawn care.
So, I'd go back to the $1350, and include lawn care in the ad.
Also, if the 3rd bedroom is weird - to the point of people balking over it, then include in your ad that it's got 2 full bedrooms and a third converted room that is large enough to use as a bedroom (will fit queen sized bed) or can be used as a den. People don't like to feel tricked and they may feel that way. But, if you are up-front about it, they will go into it with the idea that they can make that room work - even if it's a converted space.
It's just how you market it.
Also, I'm wondering if your rules or manner is putting them off in any way.
And, how available are you to show it? If you aren't available for people who work, you'll just get people who don't.
In a way, it's good that you aren't flooded with calls, because that usually means you're priced way too low.
Maybe you could cut and paste your ad and we can help you re-write it?