Hi, I'm a new rental property investor and just closed on our first property a month ago. We had some work to do on the home, but that finished a couple of weeks ago. I listed the property online once we closed and have had a good amount of interest in the property, but not a single show for a viewing. We changed our policy to require a call one hour before the appointment, but the last couple have called as still not shown up. Any advice from you guys on how to get folks looking at the property and getting it rented? Thank you!
Lower the price?
As John said, is your price competitive? What kind of prescreening do you have set in place prior to a showing? Are you having them fill out a questionnaire or possibly having them answer your prescreening questions over the phone?
On my first rental I had a ton of interest and was providing each person a written copy of the minimum standards to qualify along with a potential tenant questionnaire. However, it seemed as if this process was doing it's job and scaring off "bad" tenants or it was actually scaring everyone away thinking it was a scam to get information from them (even though it is basic questions, nothing super personal). Anyways, I finally switched up the process all together. I blocked out times I would be available to show the house and told every interested party the same block of time. Multiple people would show up and if they were interested, I had them fill out the questionnaire right then and there and told them I would be in contact with them over the next day or two. This worked out very well and I ended up having 3 applicants within a week of changing things up.
Welcome to BP!
How much interest are you receiving? You may need to get 10-15 inquiries to find one renter. If you're getting less than that check the comps and make sure you're priced right, especially since it's November. Make sure you're pushing the listing on multiple sites like Zillow Rental Manager, which will aggregate it to others. Be prompt on your responses when you get an inquiry and be inviting. You want people to want to live there, not make them feel like they're signing up for the Marines.
If you are getting more inquiries then just call a few of them back and ask why they didn't show. Specifically ask if something turned them off about the property.
Here’s what I️ would do (in agreement with some of the folks above!)
1) check the competition
2) use rentometer.com
3) adjust price if needed (/ keep waiting if it’s the dead of winter it may just be a bad time to move ? Perhaps you can ask prospectives what their time frames are and situations to work with them?)
4) review your craigslist listing / zillow rental listing Vs others - Eg: is it super hostile? Is it picky? Are the photos as good as your competition?
4) ask businesses if you can post paper ads in places where your target tenant works :)
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing