How to rent your property in middle of winter?

How to rent your property in middle of winter?

Rental Property Investor · Denver, CO · Member since 2014 · 96 posts · 15 votes

Hello! 

We recently bought a property 5 blocks from the college in Greeley, CO. We planned on our main demographic being students, but, we're in the middle of winter and need to rent the place until summer so mostly we're getting adults/families calling. Right now we're only getting 1-2 calls a day from a sign in the yard. We schedule showings one to two days out from when they call (we live 1 hour away so can't do showing immediately) and most people never show up to the showings. 

I need some advice for getting this place rented, please! 

Here is what I'm currently doing.

1. Listed on Zillow, Trulia, Hotpad, and Craigslist but have only gotten 2 prospects from these sources who have never followed up. 

Question 1: How do I get better and more prospects from these sources?

Question 2: What other sites should I list on?

2. For rent sign in front yard. The property is on a busy street with a main shopping center across the street. Getting lots of calls, but mostly no-shows as stated above.

3. When people call, I tell them the basics about the house (3 bed, 1 bath...) and then I tell them our application process. I tell them we use cozy, and that we verify income and past references. I state we like to see 3x gross income compared to monthly rent for the house.

Question 3: Should I just get it rented in the winter and not be so picky on requirements?

4. We are priced in the top 25% of available listings I can find online. We repainted the entire interior and pulled the carpet and finished the original hardwood flooring. From the comps, I believe we are priced well. 

I know that was a lot of information and questions! I'm looking for any advice to help us get this thing occupied without renting for dirt cheap to bad tenants.

Thanks in advance!

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Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
9y

NEVER relax your tenant screening, EVEN if it means additional months of vacancies.

Do the best you can and screen tenants by rote, aka like every other tenant

See this reply in the discussion

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  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    9y

    NEVER relax your tenant screening, EVEN if it means additional months of vacancies.

    Do the best you can and screen tenants by rote, aka like every other tenant

  • Investor · Santa Rosa Beach, FL · Member since 2016 · 232 posts · 153 votes
    9y

    I agree with @Jeff B. don't ever relax screening requirements. 

    Your best bet is to get aggressive on price. The holidays are a terrible time to find new tenants and it is only short term, to get you through to summer. I'd drop the rate and make it super competitive. 

    If you include your rental criteria in your online listing, you'll waste less time pre-qualifying every caller / prospect. 

  • Real Estate Agent · Indianapolis, IN · Member since 2016 · 3 posts · 4 votes
    9y

    How are you presenting your ads?

    Are you just like everyone else with a generic sign and basic photos? People generally make a decision about any home within 5 seconds. That shoild help out overall.

    It also sounds like your going after everyone and not your target audience. Where do the college kids in that area find they're apartments? There's always one kid who has a roommate from hell and wants move somewhere untill the end of semester. 

    For showings, have you tried a set time and day (that works for your target audience and you) to show the apartment instead of making an hour trip each time? (ex. "We have open showing Tuesday and Friday at 4") You have more control of your schedule that way. 

  • Rental Property Investor · Denver, CO · Member since 2014 · 96 posts · 15 votes
    9y

    @Jeff B. and @Account Closed

    Thanks. I'll look into pricing lower and more in the lower tier of prices. Like you said it's only temporary. 

    As most of our calls are from the street sign it's tough to include the pre-screen information there. Would really like to increase our prospect pool from online resources, but it could just be the time of the year.

  • Member since 2016 · 13k+ posts · 12k+ votes
    9y

    Stay the course, don't change anything as long as you believe you are at market with your rents. At this time of year there are always people looking to move buy you are now looking to rent for January. Whether you drop the rent or not the tenant you end up getting will likely be the same one you will simply make less money.

    If you are a hour away have your applicants call you 11/2 hours ahead of the appointment to confirm, if they don't call you to confirm then you don't bother going. Place the responsibility on them.

  • Investor · Santa Rosa Beach, FL · Member since 2016 · 232 posts · 153 votes
    9y

    @Braden Hobbs ahhhhh, yes, tough to include rental criteria on a sign :-) 

    Another option is to set up a google voice number for your sign. Leave a very detailed outgoing message with all of the info/criteria and ask people who are still interested, to leave a message to set up an appointment. 

    Are you a member of private neighborhood facebook group? If not, you should join. I've had an excellent response from posting there. It is laser focused and shareable. 

  • Rental Property Investor · Denver, CO · Member since 2014 · 96 posts · 15 votes
    9y

    @Zachary Capehart

    We do try to set up everyone for the same hour block to save ourselves time and energy. I assume most college kids would use craigslist to find listings, and it's very hard to stand out on CL. 

    @Account Closed

    Those are good ideas. Doing the Facebook idea ASAP! Thanks!

  • Minneapolis, MN · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    Stand outside in a Bikini    .. Just answer your replies promptly :)   Same as you would do the rest of the year.

  • Jerry W.Pro Member
    Moderator
    Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
    9y

    Renting during the holiday season is just plain tough, but relaxing your screening and getting your place trashed would be worse.  Getting college kids to rent in November is unlikely.  The local facebook buy sell trade groups are the new thing.  You can also call local realtors and property managers and let them know what you have.  If they are full they often pass your number on.  Believe it or not the newspaper still works as well.  You might put a paper notice up on a bulletin board at the hospital, I think they have some traveling nurses who want housing for 6 month periods.

  • Rental Property Investor · Huntsville, AL · Member since 2013 · 419 posts · 323 votes
    9y

    So, I recently had a vacancy. Normally, I list and find my tenants myself using Zillow Rental Manager. Unfortunately, I have been preoccupied with a rehab and don't have time for showings. I talked to a realtor that I have worked with before and she listed the rental for me on MLS and charged $250 for listing and showing and another $250 if another agent found a qualified tenant. I still performed the screenings myself. I was pleasantly surprised by the number of showings and applicants that she brought me, and my rental was filled in two weeks. This compared to a vacancy I had last year during winter that went vacant for 3 1/2 months.

  • Flipper/Rehabber · Golden, CO · Member since 2013 · 590 posts · 319 votes
    9y

    Its tough in the winter. We have a place we've recently filed, but had trouble with renting in the off months. We were at or below market and it took a few weeks to get the units rented. Our strategy was to drop the rent price to below market and sign 6 month leases that end in the summer. We will resign at the end of 6 months and go to 1 year leases to get it on track for renting during the hot months going forward. Good Luck

  • Rental Property Investor · Denver, CO · Member since 2014 · 96 posts · 15 votes
    9y

    @Jerry W. and @Mike S. Thanks for the input. I'll reach out to some local realtors and see if they can be of any assistance. Also, Jerry, I hadn't even considered the newspaper. I guess my brain doesn't even think about the paper anymore.

  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    9y

    @Braden Hobbs, consider a shorter term rental to bring your property back on the market when more people are looking. I had a friend who rented in December last year in Fort Collins and their lease ended in May, when all the others were on the market too.

    Consider offering a slightly lower rent through May or August, then either raising the rent on the current tenants for a 12 month lease or putting it back on the market to see what new tenants you can get.

  • Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    I am in Greeley, if you want to send me details I can let you know if your rent is on target or not.

  • Investor · Greeley, CO · Member since 2015 · 6 posts · 3 votes
    9y

    Braden,

    It sounds like I live a few blocks from your rental.  If you can work within my schedule limitations, I may be able to help you by doing a few showings.  Let me know if you want to explore the option.

    Mike Griswold

  • Augusta, GA · Member since 2014 · 1k+ posts · 1k+ votes
    9y

    Something we've done during difficult to rent times (such as winter months) is offer the $99 first month move in special.  ALL other requirements remain the same; security deposit same as rent, credit check, no history of evictions, no accounts in collections, proof of income 3 times the rent, year lease, etc. etc.. but for the month of December the rent is just $99 (we may increase this to $199).

    This has worked well for us during typically slower rental periods.  The downside is that you do tend to get increasing number of phone calls which may sound strange when I say this can be annoying but, of course, a bunch are the usual time wasters; folks whose eyeballs pop out at the $99 "deal" but fail to read all the other requirements.   I try to screen those out with a message on my phone listing our requirements and that helps.

    Just had a tenant move out on Wednesday and rented the house last night using this.  The couple had previously come down from Charlotte to view two other houses I had for rent but they were gone with the $99 "special" before she could get the formal paperwork to confirm her salary in her job transfer.   

    Gail

  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    9y

    If you are in a primarily. College student rental market you will have trouble mid school year. We have done  rentals rhat are  2 or 1 of 3 bedrooms for transfering professionals, the rate is submarket but you get a higher quality tenant and the heat paid. That said the house was furnished and it was short term.  If rental furnitue is available in your area you ccould try saying it could be furnished rolling in the furniture cost if you think there is a market.

    As for finding a standard student tenant the offcampus houaing listing office is best in our area. Beware that there are students comong mid year but also being kicked out mid year from elsewhere.

  • Realtor · Cleveland, OH · Member since 2015 · 2k+ posts · 857 votes
    9y

    Drop the price and do a 6month listing then you can increase the price in Summer.

  • Patrick LiskaPro Member
    Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
    9y

    @Deanna McCormick that's funny, think he will be a little cold standing outside in the winter in a bikini. College rentals are always tough in the winter, they have to be filled in the spring for the new school year. I have a PM that takes care of mine, so i have someone to yell at to get it rented - Haha. but i do like @Gail K. idea of lowering the first month as an incentive. How about any business's or Hospitals in the area ? try and advertise to them for a short term rental, may be good for a visiting business man Doctor or Nurse.

  • Rental Property Investor · Denver, CO · Member since 2014 · 96 posts · 15 votes
    9y

    yes @Deanna McCormick I don't think anyone wants to see that:)

    @Mark Ferguson thank you for the offer I'll send you a link for your opinion. 

    Thanks to all for the great ideas so far!!

  • Rental Property Investor · philadelphia, PA · Member since 2011 · 143 posts · 20 votes
    9y

    To not worry about no shows I only show rentals open house for 2 hours.  From 630-830 two to three days in the week and from 12-2 pm on the weekends.  

    I don't put a sign in the yard because it only makes my phone ring to only be questioned.  If someone was looking for a place they will go online mostly now days.  I don't want the sign to cause someone to break in because they know it's vacant.

    As far as pricing goes,  if you are aggressive and 25-50$ less than the comps you're phone will blow up.  Hope this helps. 

  • Rental Property Investor · philadelphia, PA · Member since 2011 · 143 posts · 20 votes
    9y

    Also when people call I not only post the tenant requirements in the ad, but I also email the  requirements for a accepted application and to qualify.  It saves so much time,  I barely answer the phone.  I reply to phone calls and voice mail with a text.  Telling them the open house date and time.  And if they want I can email them my criteria.  If not they can pick them up when they come see the property. 

    And the only way to get a application is to pay for it first and the processing is free.  It saves me paper and ink money.  Because everyone will take a application but will never come back.  I'm all about making my rental business easier and smooth. 

  • Rental Property Investor · Denver, CO · Member since 2014 · 96 posts · 15 votes
    9y

    @Ralph Pena  

    I've quickly realized, even with help who can go show on a moments notice, that trying to schedule showings for every interested person is a nightmare. I LOVE your idea of a few open houses each week.

    We got lots of interest this weekend off of FB, but no one followed through with an application. We left our price where it was just to see, and now I'm pretty confident we're just a bit too high. Going to price the property more competitively tomorrow and see what happens. Need to get some actual applications rolling on this place!

  • Real Estate Agent · Loveland, CO · Member since 2016 · 85 posts · 26 votes
    9y
    Northerncoloradorentals.com! I send lots of people to that site looking for rentals. Less scams. I would also suggest doing an "open house" on a weekend day. That way you aren't constantly driving back and forth. Hope this helps!
  • Rental Property Investor · Denver, CO · Member since 2014 · 96 posts · 15 votes
    9y

    We're holding open houses this week. Doing one on Sunday as well.

    We dropped the price today and the leads starting pouring in. Was being a little aggressive on pricing and it didn't work out in December:)

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