Trouble renting house

7 Replies

Hello Everyone,

I have my personal house up for rent right now. I know I started at the high end $1900, to see what offers it would attract. I realized quickly that was a bad move and dropped the price to $1645. I used rentometer to gauge my price range, as there are not a ton of homes that are this sqft and as nice of quality to compare to right now. When I look deeper most of the 3 beds around $1600’s have 2 baths and mine only has one.

I read some people practice to go 5% below market when pricing which I was at, but rentometer dropped a bit lower. Is there a way good way to keep lowering asking rent without looking desperate and salvage this, while getting a good tenant in? I know it was a big drop already in the beginning. Any thoughts are appreciated.

Link to listing if anyone would like to look it over.

https://grandrapids.craigslist.org/roo/6970825146.html

Thank you,

James

Rental property pricing isn't based on square footage; while beds/bath counts matter, the price is more times than not based on "comparable properties with comparable amenities in a comparable location."  I also agree with the contributor before me about the photos.  It looks crowded to me...the boot collection tells me there is no closet space.  If it is offered unfurnished, get closer to that look.  Also, I recommend placing it on zillow for rent; it won't cost you anything and the audience is far larger and mainstream than craigslist (which still scares some folks).

Don't lower your price further...change your marketing approach from quiet and cozy - to  stunning Dean Lake access home, with garage and large lot for enjoying the great out-and-indoors.  

Fingers crossed it will rent soon.

It could be emptied a little (piano makes the living room look small, boots imply lack of storage space) but I don't think that's the main issue.

You advertise as "No pets" very clearly. Over half the renters of single-family homes have a pet so you've already cut out half the potential renters. Instead of rejecting pet owners, the majority of whom are responsible renters, why not use that to your advantage?

$100 non-refundable fee up front and increase rent $50 a month per pet, maximum of two animals. Two pets would earn you $1,400 more a year which is almost an extra month of rent.

Hi James, I will say it is great that you're going through the process of rethinking where you want to set that price; and I don't want to knock Craigslist or Facebook for posting your listing because a lot of landlords have luck finding tenants there. I will say, it could be worth considering a shot at an actual software solution built for DIY landlords (1 - 15 units) that helps you to automate your own rental process (ie. compared to other tools, one that helps you to actually build a single listing and syndicates it to 10+ major listing sites, allows you to schedule showings, provides you with super thorough tenant screening options, online digital leases which can be customized and help you by breaking out those fees, automated maintenance tracking, and fast rent collection which also offers your tenants the ability to report their positive on-time payments to the major credit bureaus; just another positive reinforcement/added incentive to get them to make those payments on time). I'm hoping it will rent soon and I think you have the right idea thus far; it is still early enough in the fall (technically still 'late summer') so you have some time. @James Scott

Marketing 101....research the market ie: go to hot pads or trulia and create a filter that maps out your zip or neighborhood, house config etc. and then look at what's available.  Thats your competition and what I just suggested is what most looking to rent do. 

More accurate and 'real time' than any guesstimate software could ever get.  Run like hell from Craigslist.  Most rentals happen from one of the Zillow companies.  If you need Craigslist, then a check-mark when you post populates that for you, but watch out for some scammer scraping and relisting your house for their benefit.

I would go ahead and price correctly or even below market as it seems you miss out on October rent. Also, I would that the lease is 12 months. 

Use Facebook don’t even bother with Craigslist that’s September 10th thinking ! Allow pets or drop the Rent . Why are you using Rentometer when you live in the area ? Just look at all that are listed online with same bedrooms as yours and price it the same . Think outside the box