Ideas on why having low interest on this rental?

Question

Hi everyone,

I am helping the property owners rent out their apartment in Fort Collins and we have had very little interest. In one month, I have done 1 showing. Has anyone got any ideas why it isn't renting? Here is the post:

http://www.trulia.com/rental/3241307451-2828-Silve...

Thanks!

Gina

Zach Quick · Answer

@Gina McKee I clicked on the link and it just shows the sold date and some agents. Do you not do an ad with interior pictures, features, etc.?

Have you used craigslist/postlets/etc? If you've done all those things and it is nice inside then I guarantee it is over priced.

Maria Stewart · Answer

DO you have any real estate agent friends? Can you make one? I would ask them to look at the recently listed leased properties (same size / # of bedrooms) in your area and determine what the rent rates were. Sometimes I notice the general population is doing searches within a certain range. If they are looking for anything $1400 or less, your property won't show up (for example). Also, are you using Zillow and other sites to list your property? I would put it in every free online site I could find. There are MANY!

Another easy route is to hire an agent. They typically want the first month as payment. Seems like a lot, but it may be a bargain versus an empty house on the market.

Hope this helps!

Maria

Timothy Lee · Answer

RentOMeter does have it right around that 1400-1450 though, so maybe the problem really is just marketing. Maybe a reach out to some property management companies in the area could prove useful? They may be getting requests they can not fill, and if you could bring them some sort of value as a real estate agent it may be a win win for everyone! Which of course, is always the goal in life! I'll throw it on social media for you and ask for a share for now though! @Gina McKee

Timothy Lee · Answer

Seems a tad bit high to be honest. If the buyers have the ability to come down a small amount but keep their cash flow where they need it, I would advise to do that. Looking at the sale pricem and depending on the down payments, I would assume they could do 1350 and still have a good COC return maybe?? That is where I see that place, IMO. But that is also a huge reason I moved out of Fort Collins and to Windsor, to avoid such prices. So, who am I to say!? ha ha

Colleen F. · Answer

Looking at the ad  I was wondering  heating baseboard ? electric?  ? gas ?   around here electric heat would be an issue.

I also saw where there is an assault (shooting) showing up at the bottom of that first for sale listing on 6/15/16 in the vicinity of this property.  Not sure if I am misreading it but that is recent so it may be something people note.

Karen Bickford · Answer

Gina the pics from the "sold " listing are much nicer and there are more of them. Can you see if you can use the original pics from the Mls listing?

Other than that it looks very nice with a reasonable rent.

Gina McKee · Answer

The rental price is $1450. Here is the zillow link. Maybe this will work better...

http://www.zillow.com/homedetails/2828-Silverplume...

I tried craigslist, it's on postlets and apartments.com. I don't know why it's not now showing up on trulia. It was earlier today... I have pictures and it's listed.

Timothy Lee · Answer

I agree, the vacancy rate is so low there that you should have no problems. When I click on the link above it brings me to the sold page, not a rental listing? As Zach Quick said, have you tried craigslist or other outlets? I can blast it out via social media for you but I would need a correct linketc.

Mindy Jensen · Answer

Fort Collins is tied with San Jose for lowest vacancy in the US. Even if it was overpriced, I can't see why it isn't renting. Everything in Fort Collins in overpriced...

What are you asking for rent?

Karen Sanders · Answer

I did not seen anything wrong. Is the price to high?

Ideas on why having low interest on this rental?

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