How to get renters into my home, lot's of contacts but can't clos

30 Replies

I've gotten about 30-40 contacts for a room rental but haven't been able to get a renter. What are some good tips to close the sale per say and get a renter into the house?

Details:

1) 3 rooms available for rent in a home

2) Master bedroom currently rented

3) Have gotten one person interested but his credit score is 629, seems like a redflag but no previous evictions seems lot's of student loans mainly

4) Rent on par with other rooms in location

5) listed for rent about for 2 weeks

6) Posted on truilla, hotpads, local newspaper, craigslist

7) Huntington beach, CA

@Fareed R.

For

3) Find out if the person makes 3x the rent, have him provide his last 3 paystubs and see if he could provide contact for his previous landlords. If he checks out on all 3, I don't see any reason not to rent to him.

6) Have you also tried Facebook Marketplace? I had potential tenants calling me left and right when I posted my SFR on there.

Is there something about the current tenant you have that turns potential tenants off?  Are you there to show the property yourself or are you sending people there so your current tenant shows them around?  If I were the only tenant in a large property, it would be to my advantage to make it unappealing so I had the whole place to myself.

>My question was i'm getting quiet a few leads but how to do turn them into a renter, any tips, articles...?

Unsure of your question Fareed.  Are you simply asking how to turn someone who wants to rent your place into a tenant?  Schedule a showing, get an application, do a background check, have them sign an agreement to hold, sign a lease, let them move in.  Those are the basic steps.

OK then, you need to solicit feedback while doing the showings.  Something is turning them off.  While walking around listen to what they are saying.  Ask them what they think of the place.  

Look at your competition.  Go on a tour of properties near where you are renting.  See what they are offering and at what price.  Take that and compare it to exactly what you have in your place.  

Look at their price...are they charging more or less?

Look at the number of bedrooms/bathrooms offered.  Is that what you are offering?  This can have an effect.  If this is a family area where everything is 3 bed/2 bath and you are offering a 2 bed/1 bath you may have a problem.  You are too small for the customer base.

Look at finishes.  Are the other properties offering granite and update appliances?  If they are, and it's the same price as you, well, that tell you a lot.

Ultimately though, it will come down to price.  If no one is biting at the price you are offering at, then that lets you know that they think it is not worth it.

@Fareed R.

Two weeks doesn’t seem long. And a 629 credit score seems like plenty to me. What are some of your other criteria’s? And as you’re giving a walk through have you made small talk asking them what they are looking for?

Originally posted by @PJ M. :

OK then, you need to solicit feedback while doing the showings.  Something is turning them off.  While walking around listen to what they are saying.  Ask them what they think of the place.  

Look at your competition.  Go on a tour of properties near where you are renting.  See what they are offering and at what price.  Take that and compare it to exactly what you have in your place.  

Look at their price...are they charging more or less?

Look at the number of bedrooms/bathrooms offered.  Is that what you are offering?  This can have an effect.  If this is a family area where everything is 3 bed/2 bath and you are offering a 2 bed/1 bath you may have a problem.  You are too small for the customer base.

Look at finishes.  Are the other properties offering granite and update appliances?  If they are, and it's the same price as you, well, that tell you a lot.

Ultimately though, it will come down to price.  If no one is biting at the price you are offering at, then that lets you know that they think it is not worth it.

Thank you, i did that with people that didn't rent asked them why. 

Most people said the following:

1) room too small (about 110sq-ft)

2) not private (3 bedroom/1 bath)

3) lot's of couples wanting to move in(I only allow it if they rent 2 rooms). 


I did get one renter though within 3 weeks, 2 more rooms to go.

 

I had a bunch of leads from zillow network for a whole house, and lots of people are flakes. So that's another reason you aren't converting.

Compared to my competition, I'm priced on the low end, but these people who want to see the house either don't show up, stop communicating, or just don't apply after asking for an application.

Fareed, you take what you can get.

It's all about persistent follow up. You keep calling and texting the leads to see if you can set up a showing.

A lot of them will ignore your calls, but you gotta keep trying.

Real estate agents sometimes need to contact a seller 10-20x to get them to list a house. Same principle here for renters.

@Mike Franco found one that seems to want it, she is retired, gets $1170/month ss pay, our rent is $800/month. Currently she lives in another place pays $850 including utilities. Says she’s lived at the place for 1 year.

I asked for bank statements to show me monthly payments she’s made to current landlord for the past 3 months. Her bank balance is around $1k. It seems she doesn’t qualify for the income = 3x rent but says she’s been doing it for a while now.

Good tenant?

You gotta look at the deposits vs withdrawals, and if she's maintained $1k in the account each month.

1170 ss means she has $370 leftover for expenses, and old people living alone tend to have low expenses. She can likely manage, if you can confirm she's actually lived in her current place for 1 year. $90 per week allowance is a lot for a person who doesn't have to pay utilities. And she has  SS and medicare.

I would ask her about her expenses to find out if she cooks and buys groceries, or prefers to eat at restaurants.

I would have her supply her own credit report, which she can download for free, for preliminary screening, and see what other debt she has. 

If she doesn't have any other debt, and background/eviction checks out, I would consider renting to her. Especially if you have no one else really interested .

Well, there’s a Big difference in someone renting one room when a family owns/lives there.. It’s a Whole different can of worms when one house is being rented to dour different random strangers, let alone 3 random strangers sharing one bathroom.  Not many people will find that appealing.

@Fareed R. Facebook is total junk. If someone saves a property, it automatically asks you, "is this available". So half the people are not even really trying to contact you. Also keep in mind you want quality, not quantity of leads. Put the room sizes in the listing. Be up front about the details, including the negatives and let people self-screen themselves. No reason to waste your time showing it to someone who doesn't want to share a bathroom or wants a bigger room. You are not going to magically charm them into renting the place if it doesn't meet their needs.

As far as your comments to @Wayne Brooks about living with strangers, that can create major problems. If you are sharing a bathroom and kitchen, what if your roommates don't keep it clean or what if they eat your food from the fridge? What if they have rude guests or make too much noise? It is different from a house hack, because YOU are not living there. If you were living there, you could keep an eye on things. 

I would rent to the person with 630 credit score and the lady on a fixed income. When you are renting by the room like this, you are targeting not-so-ideal people by nature. Nobody with great credit and income wants to share a bathroom with strangers. 

I agree with others, 2 weeks is not long. I rent per bedrooms and on average the room rents within 2.5-3 weeks depending on the price. Also price is a huge factor, if it's sitting for 2 weeks then consider lowering the price down. Even if it's $50, and include all details. Include how many roommates live there, room size, and your requirements. 629 for a room renter with no evictions is not bad at all, I mean heck you're qualified for a mortgage at 640. 

Is there anything your existing tenant can do to get potential tenants out? Do you show the property yourself or send people there so that your current tenant can show them? If I'm the only tenant in a large property, my advantage is to make it unattractive, so I give myself the whole place.

@Fareed R.

Are you living in this property also? Something is turning people away. If it's not the price it is the environment. Do people actually know it's a room rental vs the while house? What do you include in the monthly rent? Are the rooms stacked on top of each other, therefore no privacy.

Also for room rentals you need to be a little less stringent on your requirements.

@Ronnie Hutchinson

I had an applicant 40, credit score in the 300’s, late on many accounts but her mother is covering the rent she has 800 score. She also said she would pay the 6 months up front.

The thing I’m concerned about is person seems not responsible and may ruin property or bring trouble.

What are your thoughts?