How Do I get the Fish to bite my Hook Already? - WINTER RENTING!

General Landlording & Rental Properties
8yFollow

How Do I get the Fish to bite my Hook Already? - WINTER RENTING!

Anna M.
Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes

How Do I get the big and Right Fish to bite my Hook Already?- RENTING DURING THE WINTER!

I close next week on a new property.I seem to have made a career out of house hacking.I like it as it helps me live the fugal life and gets me thatmuch closer to financial freedom.My plan is to move into the new multi-family and rent out the unit that I am currently living in.

I am having so much trouble getting anything to bite! I had some interest initially but only 1 show to date and she had an eviction history, no thanks.Winter clearly is the worst time to rent as there is little to pick from, but I really have not much say in the matter.I never really understood why landlords make leases that start and end during the winter.Am trying to clear up that mess right now by doing initial 5 or 16 month.

While I would prefer to have a tenant to take on the unit I am moving out of so as to eliminate vacancies, I do not want to rush and get in the wrong person. I do have some savings that will help for now and I have been fortunate to positive cash flow on the current property, so I think I will be fine, at least for a month or 2, but certainly no more than 2 months.

The existing home is in Lakewood and literally 10 minutes from downtown Denver, so great location and also overall great property.I do not know if I am allowed to post my ad link here, but I have attached some screen shots and hopefully that is okay.I really would like to hear our opinions on my ad.I have since changed it up with fresh pics and more pics and I renew it every day but still nothing, …...uuughhhh.What am I doing wrong?What can I do better?Help please L.Thanks!

0Reply
68 views

Most Popular Reply

Kenny Rains
Virginia Beach, VA · Member since 2016 · 34 posts · 20 votes
8y
Anna M. have you considered discounting the first months rent, maybe half off? I did that with one of my rentals and the inquiries increased almost overnight.
2Reply
See this reply in the discussion

23 Replies

Jump to latestLatest
  • Anna M.
    OP
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    Having issues adding screen shots to the initial post so trying to do it here:  Zillow rest of post.  Thanks.

    1Reply
  • Anna M.
    OP
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    The craigslist post: (hope this is allowed and sorry BP if it is not - I really need help here but please take post down if I am in violation).

    1Reply
  • Matt M.
    Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
    8y

    I've got a section 8 on the market. Lots of calls, etc but only a few have shown up to see the unit. Initially, when I called section 8, they said expect 150+ calls. That hasn't been the case. 

    1Reply
  • Mark Holencik
    Investor · Coplay, PA · Member since 2015 · 404 posts · 315 votes
    8y

    I have to wonder about anyone who is looking to move around Christmas. I have rented 2 units this month. They where  both first time renters.

    1Reply
  • Anna M.
    OP
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    @Matt M. thank you for the comment.  Yes seems winter time is bad for seeking tenants.  I am closing next week and house hacking in the new property so naturally want to rent this out, but I will work to get out of winter start/end of leases just to avoid repeating this.  Truly is frustrating.  I did post to a couple of Facebook groups and have got some really good advice including suggestions on changes to make to my ad, (better photos, better cover photo, less wordiness, remove application fee even if charge it just don't put it on the ad, add a video.  I was implementing the suggestions as I receive them then renewing the ad.  I have not yet added a video, but I have worked on the photos and the ad so essentially re-threaded my hook, thrown it back in the water and hoping to catch something soon.  Waiting...... I think that after the holiday, we may see more traffic, fingers crossed :)!

    0Reply
  • Anna M.
    OP
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    @Mark Holencik, you and me both.  I almost think the only person you are going to get renting at that time is someone that is desperate to find a home, so potentially an eviction.  I am looking over my numbers (expenses) and trying to factor in a January vacancy, but will push to get someone in there in January, latest end of January.  Fingers crossed.

    0Reply
  • Kevin Grinstead
    Realtor · Denver, CO · Member since 2016 · 499 posts · 129 votes
    8y

    I would try taking your ads down and re running them on Jan 2nd. I would also check the rent in the area to see if you are asking too much. Also, try a Facebook post if you have a business page or try Facebook marketplace. Another app that might work is next door. 

    Good luck

    1Reply
  • Anna M.
    OP
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    Thank you @Kevin Grinstead.  I was thinking it must be the holidays.  Rents in the area range from $1,000 to $1,600 with square footages, averaging 500 to 780.  I have 980 square foot and offer a lot more in terms of rental property incentives, so I do believe I am actually placed even on the lower side, so will not go lower as I want to ensure I am positive not negative cash flowing.  Thank you for the suggestion.  I do re-run my ads daily as the features allow you to do that so it brings the ads up to the top.  So yesterday implemented changes and now have fresh ads on Zillow and its 2 sister sites, craigslist and cozy so fingers crossed I start to see more traffic once the year starts :)

    0Reply
  • Tony Salemi
    Mchenry, IL · Member since 2017 · 25 posts · 10 votes
    8y

    @Anna M. Winter renting sucks.  I like your idea of a 16 month term.

    I close on a duplex at the end of January with one unit vacant and dreading trying to find a tenant at that time of the year.  Seller's agent was promising that they had someone interested for Jan move in, but now I see they have the rental listed on CL......  So I'm right here with you.

    Good luck and let us know how it turns out.

    1Reply
  • Anna M.
    OP
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    Wow, @Kevin Grinstead, thank you for the "Next door" app suggestion, I had never heard of it.  Just logged in and signed up, so now I have 6 places I am currently posting, this is awesome!  Gives me hope that I will find a tenant soon.  Planning ahead just incase, for 1 month of vacancy, but hoping not.  Hope for the best, plan for the worst type deal.  Thanks again for the Next door App suggestion.  This is one of the more useful apps now on my phone :)

    0Reply
  • Anna M.
    OP
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    @Tony Salemi, I sure will.  Please see the 6 areas I mention above on where to rent, if you do need to.  I do hope seller's come through.  Perhaps you can be involved in that selection process since you will be the one taking on the tenant after you close?  I tend to find that I prefer doing the screening for my own tenants and if I can avoid it, I will avoid inheriting.  Some people are not as thorough with screening and you may regret what you end up inheriting as I did with my very first property and 1st time landlord, that was painful but I got through and got stronger due to it.  I will definitely post update on this, thanks :)

    0Reply
  • Ola Dantis
    Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    8y

    @Anna M. We are trying to rent our unit during the holidays too, and we only got a lead as well. The good thing about Zillow is the syndicated approach where the Ads are blasted on other platforms as well. Now, I mention this point because you may be receiving enquiries and these emails are falling into you promo, updates, or maybe spam mail. So, you might also want to check those sections of your email to ensure that you aren't missing out on potential leads. 

    Another idea, which may seem outdated but worth a try, is putting a FOR RENT sign outside the house or window to see if that would do the trick and you may get a fish to bite :O lol. Good luck. Thanks! - Ola 

    1Reply
  • Mario Mormile
    Investor/ Real Estate Agent · Burton, OH · Member since 2015 · 167 posts · 53 votes
    8y

    @Anna M. I know it will be an expense, but it may be worth chatting up a few agents in the area. We have a family from Kansas moving into a rental in Ohio on the 1st of January (technically moving trucks will be here on the 10th). An investor/ agent in your area may even be able to see where you can charge more for rent. Just suggestions. Hang in there!

    1Reply
  • Anna M.
    OP
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    Thank you @Ola Dantis, I didn't even think of checking my spam mail, thank you for that suggestion, I'll go take a peek :).  Good luck to you too.  :)

    0Reply
  • Anna M.
    OP
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    Thanks @Mario Mormile, I will look into finding local agents to see if I can get some help.  Really keeping my fingers crossed that I see some interest after the new year.  :)

    0Reply
  • Peter B.
    Investor · Ogdensburg, WI · Member since 2016 · 273 posts · 351 votes
    8y

    @Anna M.

    We will have 5 move between December 1 and Mid January. All for different reasons.. Any how we require a 60 day notice and begin advertising/showings then. We write these terms in their lease agreement so there is no surprises.  We also have penalties for not giving the notice.

    I realize this don't help you now, but maybe moving forward?  With the notice and penalties we will lose no rents and actually be a little bit positive. (Not including time spent)

    1Reply
  • Anna M.
    OP
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    @Peter B. thanks for the comments and yes I absolutely do have a notice period in my lease, though 30 days not 60 because all my leases end at summer time. This one is just awkward because I am buying a new property and so need to move to this new property and then rent out the unit am currently living in. Because of the timing, it all happens to be in the winter time (bad for renting, good for buying in my opinion). Also I currently allow lease breaking but with a 2.5 month penalty March through October and a 4.5month penalty Nov through Feb as I try to deter tenants from leaving during the winter months to avoid this nightmare. Reaching out to some realtor friends to see about putting this thing on the MLS as still nothing biting! :(

    0Reply
  • Kenny Rains
    Virginia Beach, VA · Member since 2016 · 34 posts · 20 votes
    8y
    Anna M. have you considered discounting the first months rent, maybe half off? I did that with one of my rentals and the inquiries increased almost overnight.
    2Reply
  • Steven J.
    Urbana, IL · Member since 2012 · 1k+ posts · 425 votes
    8y

    I would certainly call a housing agency and ask to be put on their lists and be willing to take sec 8. IMO, they can be just as good as non sec 8 tenants, its just a matter of doing the same screening process you've always done. A plus side to sec 8 is that when you find a good one they tend to stay a long while. They should be having an annual inspection from an agency representative so that helps keep things in okay condition, and they have quite a process if they need to move or change. All those hopes to jump through are super inconvenient so its just a bit more motivation for them to stay. Some of the best tenants I had were subsidized and they were pleasant to deal with, responsible, and didn't cause issues.

    1Reply
  • Anna M.
    OP
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    Thanks @Steven J. and @Kenny Rains for both your inputs.  Kenny, yes I am actually considering that and may have the entire shown price include utilities gas, electric and water, if the person signs a 16 month lease.  Am really trying to get out of winter months and willing to offer incentives.  Will definitely post updates to this discussion and I love the continued input, very helpful all thank you.

    0Reply
  • Dave Chow
    Investor · CA · Member since 2017 · 91 posts · 16 votes
    8y

    I closed a property on Dec-12, and got it rented out on Dec-14 to a good tenant with background/credit/employment checking passed. For me, winter is a slower season too. But nice property with rent priced properly, taking nice photos by a professional photographer, and good market strategy with posts on main websites(zillow/trulia/craiglist and even paying advertising), and patience would lead to satisfied results. 

    0Reply
  • Nathan Stroobants
    Property Manager · Denver, CO · Member since 2017 · 2 posts · 0 votes
    8y

    I am late to this discussion, and you probably have this rented out by now. But for next time I second the yard sign and sec 8 ideas.

    For the yard sign. I get a lot of calls form the yard sign from the property I am leasing this month. I found this has an additional benefit though. I had prospective tenants tell me they screen properties for a scam by driving by the property they find online to see if there is a yard sign. Hope this helps.

    0Reply
  • Bill S.Pro Member
    Moderator
    Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
    8y
    Originally posted by @Anna M.:

    How Do I get the big and Right Fish to bite my Hook Already?- RENTING DURING THE WINTER!

    I close next week on a new property.I seem to have made a career out of house hacking.I like it as it helps me live the fugal life and gets me thatmuch closer to financial freedom.My plan is to move into the new multi-family and rent out the unit that I am currently living in.

    I am having so much trouble getting anything to bite! I had some interest initially but only 1 show to date and she had an eviction history, no thanks.Winter clearly is the worst time to rent as there is little to pick from, but I really have not much say in the matter.I never really understood why landlords make leases that start and end during the winter.Am trying to clear up that mess right now by doing initial 5 or 16 month.

    While I would prefer to have a tenant to take on the unit I am moving out of so as to eliminate vacancies, I do not want to rush and get in the wrong person. I do have some savings that will help for now and I have been fortunate to positive cash flow on the current property, so I think I will be fine, at least for a month or 2, but certainly no more than 2 months.

    The existing home is in Lakewood and literally 10 minutes from downtown Denver, so great location and also overall great property.I do not know if I am allowed to post my ad link here, but I have attached some screen shots and hopefully that is okay.I really would like to hear our opinions on my ad.I have since changed it up with fresh pics and more pics and I renew it every day but still nothing, …...uuughhhh.What am I doing wrong?What can I do better?Help please L.Thanks!

     Did you get this place rented? If so, where did your lead come from that eventually rented it? Thanks.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free