Having trouble renting our investment property . Any feedback ?
Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
Having trouble renting our investment property . Any feedback ?
Most Popular Reply
Kyle MccawBusiness Member
Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votesIf you send me the address or mls number i can give you some honest feedback. it could be one or more of many different issues.
McCaw Property Management4.4900 Reviews
125 Replies
- Los Angeles, CA · Member since 2019 · 54 posts · 19 votes7y
Originally posted by @James Call:
I think you got some great advice here. About 10 years ago when the market was really tough, I worked as a realtor for a company that focused a lot on PM and rentals. We were able to get a ton of clients and rent a lot of property.
You want to find out what that next door unit is renting for and see how that compares to your place. Take a look at the ads for your property as was mentioned. I also like the idea of asking a friend to call your agent and see how they respond.As far as property management options, there are some folks who responded to your post who are property managers like@Kyle Mccaw and @Edgar Barrera. I would contact both of them and see how you like them.
I had a client recently ask me for a property management referral. I wasn't that familiar with their area, and I let them know, but I googled their area, called about 10 companies and asked about my client's situation. I found a couple I thought might be a good fit, and one who seemed really sharp from their feedback online and from the phone call I had.Good luck with your rental!
James,
Thank you for your advise and I messaged one of those gentleman's today. BP its an amazing community! So much great feed back and knowledge. Definitely I’ll start my research this week. I have a few property management I’ll be calling tomorrow.
Thanks again!
Addie-
- Rental Property Investor · Hershey, PA · Member since 2018 · 2 posts · 9 votes7y
Hi Addie,
Great advice here indeed. One thing that struck me about your post is that you didn't receive a lot of detailed feedback from your agent, especially in the first weeks of the listing.
My experience, even with good PMs and out-of-state management, is you have to be on top of them during vacancy. Don't hesitate to ask for the exact feedback from every showing, check comps on the price, review the pics and description yourself, etc. because no one has your interest in mind as much as you do. :)
- Rental Property Investor · Phoenix, AZ and Rehoboth Beach DE · Member since 2019 · 1k+ posts · 1k+ votes7y
I find the best response rate from house-for-rent signs on the lawn (with a box of flyers with pics of the interior and other info), and on the main street two blocks away, directing them to the house. Way more interest that way than with anything else. If that's legal in your neighborhood, try it.
- Rental Property Investor · Dallas, TX · Member since 2018 · 34 posts · 20 votes7y
It’s priced high. In Fort Worth TX, most areas don’t bring in $1700 rent on a 1600 sqft property bought for $175000. Lower the rent. Good luck.
- Los Angeles, CA · Member since 2019 · 54 posts · 19 votes7y
I agree.. We lowered the rent. We added appliances.. thanks for your input.
- Rental Property Investor · Orlando, FL · Member since 2019 · 44 posts · 48 votes7y
Have you considered Section 8/Housing Voucher Program???
- Rental Property Investor · CO · Member since 2017 · 9 posts · 3 votes7y
What's the relationship with your PM like? I agree prices and pictures matter, however, when investing out of area its your PM that is perhaps the most important. Do what you can to build a strong personal partnership with them as they can make or break your business and investment. I have known property managers who ignore the clients of lower priced listings (regardless of price and pictures) in favor of higher priced ones. Then there are others who can update you on the rental market and feed you deals to meet that demand. If you can take a personal interest in your team (agent, PM, etc...) they will be more likely to take a personal interest in you. If you haven't met them in person, that probably should be your next investment. If you can take care of them, they will take care of you. Good luck!
- Rental Property Investor · CT · Member since 2019 · 105 posts · 68 votes7y
@Adriana Diaz
Try listing on Zillow. Zillow will put it thru to two or three other sites hotpads and I forget the other ones. Zillow helps to weed out better tenants also because they require prospective tenants to answer a few simple questions like income before you decide if you want to even contact them. I believe you can even collect the application/screening fee thru Zillow and use them for the screening process.
- Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes7y
@Adriana Diaz There isn't much info in your original post, but in my most cases price is the issue as to why rentals do not rent quickly. I know it sounds simple, but that is often the case. Also, try listing the rental on Zillow rental manager. I know in my market in CT MLS rentals are not as commonplace as Zillow partner sites, craigslist, etc.
- Real Estate Agent · Atlanta, GA · Member since 2018 · 24 posts · 19 votes7y
Having a reliable PM who is familiar with the area is worth its weight on gold in these situations (as an out of state investor). Outside of the problem being the marketing of the property which could be the issue, it is likely that you price point was miscalculated and is too high.
- Realtor · WV · Member since 2018 · 454 posts · 310 votes7y
There are typically only a few answers to this question. Lower the price, lower your qualifications for tenants, or wait it out. Good Luck!
@Adriana Diaz
I would say it’s overpriced but I don’t know the area. I listed a property 2 Fridays ago, within 6 hours I had 20 emails, had first showing in 30 mins, house was rented in 1 week. Just like anything else.. price it right and it will go.
- Investor · Rochester, NY · Member since 2017 · 206 posts · 175 votes7y
It’s either price or it’s price
- Rices Landing, PA · Member since 2017 · 25 posts · 9 votes7y
I agree with you @John Underwood Facebook marketplace has been one of the best ways we have found for marketing.
- 7yJohn MorganPro MemberRental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
@Adriana Diaz
I live in Grand Prairie, TX next to Mansfield and have 5 rentals in this area. Here’s what I do and it works great when I need tenants out here. I list my rentals on Zillow and include 10 pics. They send the listing out to Trulia and hot pads and other sites. It’s all for free. Do it on Zillow manager. It’s all free. You can put a description in and say whatever you want. The rental market is hot out here and I usually have dozens of inquiries the first couple days I list my properties ...with emails and text messages. Then I meet with a few of them and have the ones I’m interested in apply online with Zillow. It costs them $29 for their whole background check which you get back in a couple minutes. This whole process is free! And I get a huge response every tine. I just listed a four bedroom property in ft worth and had 4 families wanting it that day. They all had deposit $ and were ready to move in on the spot. One family offered me an extra $200 if I picked them. And said they’d pay me an extra $50/month on top of the listed $1,400/month rent.
Let me know if I can help you out or if you have questions. You can send me the addresses and I can give you my opinion on your price point. I know the area pretty well and know what the going rent is and demand.
Another option is a management company. I use a great one for one of my ft worth properties. They are great and will do everything for you. I think they collect half of your first months rent to find people. But they are big and find people fast. Let me know if you want to talk to them I can link you up.
Your other option is sec 8 housing. I have one tenant that is on housing. Tarrant County pays me $1,075/month rent and they pay the rest above and beyond that. There aren’t enough houses for rent on housing. Both ft worth housing and Tarrant County are so impacted they can’t accept any more applications or people because they don’t have enough homes for rent on housing. My management company deals with sec 8 housing so that’s an option. They pay on time every month and they tend to be lifers. So less turnover for you.
Let me know if I can help. I know it must be frustrating trying to do this out of state and having it sit empty without rent for so long.
- Los Angeles, CA · Member since 2019 · 54 posts · 19 votes7y
Originally posted by @Jay Weathersby:
Have you considered Section 8/Housing Voucher Program???
Good morning Jay,
That’s something to consider. @ John Morgan mentioned it and I’ll definitely look into it. Are you familiar with the process? I need to research and get educated on it.
Thank you very much for the info!
Addie-
- Los Angeles, CA · Member since 2019 · 54 posts · 19 votes7y
Originally posted by @Kaity Leisure:
Hi Addie,
Great advice here indeed. One thing that struck me about your post is that you didn't receive a lot of detailed feedback from your agent, especially in the first weeks of the listing.
My experience, even with good PMs and out-of-state management, is you have to be on top of them during vacancy. Don't hesitate to ask for the exact feedback from every showing, check comps on the price, review the pics and description yourself, etc. because no one has your interest in mind as much as you do. :)
Good morning Kathy,
I thought I was being too pushy with my real estate agent. Most of the times I feel I am being ignored. Pretty much we buy property and he helps us find renters. Our first property we bought it a year ago in Mansfield (3 bedroom, 2 bath) and we had renters in less than 2 weeks. The second property we bought in Fort Worth (4 bedroom, 2 bath) we rented it approx in about a month. However, this one its taking us almost 3 months. It’s insane but this week I’m on my real estate and yesterday he told us we have someone interested and we’re hoping today we get their application. It’s been frustrating these past months but im staying positive. We lowered the rent as well.
Thanks for your great feed back!
Addie-
- Los Angeles, CA · Member since 2019 · 54 posts · 19 votes7y
Originally posted by @Stephen L.:
What's the relationship with your PM like? I agree prices and pictures matter, however, when investing out of area its your PM that is perhaps the most important. Do what you can to build a strong personal partnership with them as they can make or break your business and investment. I have known property managers who ignore the clients of lower priced listings (regardless of price and pictures) in favor of higher priced ones. Then there are others who can update you on the rental market and feed you deals to meet that demand. If you can take a personal interest in your team (agent, PM, etc...) they will be more likely to take a personal interest in you. If you haven't met them in person, that probably should be your next investment. If you can take care of them, they will take care of you. Good luck!
Good morning Stephen,
We definitely need to make changes in this rental process. Our last 2 rentals were rented out pretty quick. Our agent pretty much get us renters and does all the paperwork and I manage the property. I haven’t had any issues managing the property from out of state. Soon my fiancé and I want to come out and see the area because it’s not the same by seeing pictures and actually seeing the property.
Thanks for your great advice!
Addie-
- Los Angeles, CA · Member since 2019 · 54 posts · 19 votes7y
Originally posted by @John Morgan:
@Adriana Diaz
I live in Grand Prairie, TX next to Mansfield and have 5 rentals in this area. Here’s what I do and it works great when I need tenants out here. I list my rentals on Zillow and include 10 pics. They send the listing out to Trulia and hot pads and other sites. It’s all for free. Do it on Zillow manager. It’s all free. You can put a description in and say whatever you want. The rental market is hot out here and I usually have dozens of inquiries the first couple days I list my properties ...with emails and text messages. Then I meet with a few of them and have the ones I’m interested in apply online with Zillow. It costs them $29 for their whole background check which you get back in a couple minutes. This whole process is free! And I get a huge response every tine. I just listed a four bedroom property in ft worth and had 4 families wanting it that day. They all had deposit $ and were ready to move in on the spot. One family offered me an extra $200 if I picked them. And said they’d pay me an extra $50/month on top of the listed $1,400/month rent.
Let me know if I can help you out or if you have questions. You can send me the addresses and I can give you my opinion on your price point. I know the area pretty well and know what the going rent is and demand.
Another option is a management company. I use a great one for one of my ft worth properties. They are great and will do everything for you. I think they collect half of your first months rent to find people. But they are big and find people fast. Let me know if you want to talk to them I can link you up.
Your other option is sec 8 housing. I have one tenant that is on housing. Tarrant County pays me $1,075/month rent and they pay the rest above and beyond that. There aren’t enough houses for rent on housing. Both ft worth housing and Tarrant County are so impacted they can’t accept any more applications or people because they don’t have enough homes for rent on housing. My management company deals with sec 8 housing so that’s an option. They pay on time every month and they tend to be lifers. So less turnover for you.
Let me know if I can help. I know it must be frustrating trying to do this out of state and having it sit empty without rent for so long.
Good morning John,
Wow! This is such great info. We really appreciate it. Definitely I need to pick your brain on this. Our property it’s listed on Zillow but we don’t do anything as contacts. Our real estate does all the contacts and show us the application once it’s completed it. He did mention he can get us tenants w/ out doing all this credit check but honestly we don’t want to get stuck w/ bad tenants. I’ll definitely look into Zillow manager. Please can you provide me w/ the section 8 process because you mentioned you get paid a portion of the rent and the other portion the tenants pay? Do you recommend this method? This is something to think of. Definitely I am learning a lot with BP community. So much knowledge and support. I thank you so much! One of our tenants from another property will be leaving in August of this year and We’ll have to rent the house (4 bedroom, 2 bath). I want to learn to rent it out by your method or hire a property manager to do it for us. You mentioned you know of a great property manager that manages your property. Do you mind sharing their contact? We will really appreciate it.
Thank you so much!
Addie-
- Los Angeles, CA · Member since 2019 · 54 posts · 19 votes7y
Originally posted by @Ben Bradmon Jr:
I agree with you @John Underwood Facebook marketplace has been one of the best ways we have found for marketing.
Good morning Ben,
Thanks for the info. I’ll definitely will work on it today.
Addie-
- Los Angeles, CA · Member since 2019 · 54 posts · 19 votes7y
Originally posted by @Lauren Kormylo:
I find the best response rate from house-for-rent signs on the lawn (with a box of flyers with pics of the interior and other info), and on the main street two blocks away, directing them to the house. Way more interest that way than with anything else. If that's legal in your neighborhood, try it.
Good morning Lauren,
Last week my real estate agent put out a sign outside our property. I’ll mention about putting a ( box of flyers) definitely that’s a great idea. Our next door neighbor is also renting and pretty much were in the same boat both properties are vacant. Hopefully not for long.
Thank you for your feedback I really appreciate it!
Addie-
- Rental Property Investor · Ocala, FL · Member since 2016 · 226 posts · 140 votes7y
If you list it on Zillow also, they will automatically add it to a couple of other sites, like Trulia and Hotpads.
You will get MUCH MORE exposure and the phone will ring.
And, you need to learn why your unit is not as desirable, such as price, location, condition, etc. Are rentals in short supply there or are there plenty of units available?
@Adriana Diaz not sure what process you followed with your PM/agent, but it seems like something is missing.
I don't know how in this day and age, someone showing properties won't put it on FB/Zillow (Zillow then propagates to Trulia and another site), Apartments.com, etc. If your PM can't follow this simple task, then sure, price could be a problem, but exposure could be too.
When checking rents in the area I do 3 things -- Rentometer, Craigslist to validate (looking for comps), and then FB to confirm my validation.
I have a C property in a C area, and I was astounded at the rent (higher than I thought it would be). I looked under every corner, put it up, and sure enough, had traffic for days coming through. Selected tenants very quickly because there was good competition for the area.
I'd check those 3, see if a listing exists. Do you really think in this day and age, signs and flyers are going to get you a tenant? I used to use the sign-in-the-window method and I typically got tire kickers. I think of 20 calls, I showed the property to one person who was doing exactly that. From my super limited experience, its a waste. I'd rather screen online, ask my follow-up questions to confirm someone is a fit (and not a tire kicker), and get worthy candidates in. If you are doing all of those above and not getting any interest, then yes, its likely price.
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