Hello everyone! I am a first time landlord. I recently bought a SFH and am now listing it for rent this month.

About the house: The house was build in the 1950s but is in really good condition. The house is super renovated with polished hard wood floors, brand new paint job,  updated appliances and kitchen, and both bathrooms are updated and super modern. The kitchen is super modern now and probably the nicest part. The place is 3 bedroom 2 bath, 1 story. It is a little over 2000 sq feet. There is a nice yard in the front and a big yard in the back, there are tall fences on both sides of the back, and a shorter 5 foot chain link fence on the back fence that backs up to an drainage ditch/alley(residential area). The house is in a very good neighborhood with mostly families around, it is very close to a park and running trails (that have access to a big lake). I highlight this information during the tour. 

I recently listed the house on Zillow last week, and I had 20 professional pictures taken and everything that look good. The pictures were taken in the summer when the grass was super green, the grass is good in the front but not the  greatest in the back (still green and landscaped but some clovers have grown in place of the grass). I have a slight broken gutter in the back so that may turn some people off (it's not hanging down just slightly broken and off by a few inches but definitely noticeable), it is an easy fix and I plan on having someone fix it this week.  Everything else about the house looks the same as the pictures. I also had a family friend who is a realtor who recommended me to list it at $2400/month that I agreed with. I checked the comparables and the houses that are around $2000-$2200 are smaller or in a worse condition than mine. The houses that are $2600 or higher are slightly nicer on the inside or bigger than mine. So I think mine is priced adequately. 

So I first listed it on Zillow a week ago and I got about 10 calls last week and messages from interested potential tenants on Zillow. I ended up having a 3 hour Open House last Saturday and Sunday. I made sure the house smelled good, had all the lights and fans on, heater at the right temperature, blinds open, etc. I had 2 couples come each day (4 couples total). All of the couples were generally in their 30s and had a dog, so they liked a big backyard. Some of the couples made positive comments about how big the place was, but they mainly looked around and only asked a couple questions in general. They came to visit the place for 5 minutes or less. For all of the tenants I just told them they could walk around and explore themselves, and told them to ask me any questions. They usually start with the master bedroom and 2nd bedroom and work there way to me. I waited in the kitchen until they were done. When they were done they came to the kitchen and talked to me briefly about some questions about the house and I asked them what they did for a living and when they are looking to rent by, etc. for a couple of minutes  or so then left. I found it odd that the kitchen was the nicest part of the house in my opinion and they really didn't examine it or open cabinets or the fridge or anything. Maybe it was because I was in the kitchen, I should of showed them that first. 

Anyway, none of the people who came to tour have reached out to me. One of the couples I thought was very interested, I reached out to via text and got no response.

Any advice given the scenario of what I could be doing wrong? Maybe I need to show them around the house or start with the kitchen first? Maybe I should drop the rent $100? I realize I just listed it a week ago, so I need to have patience. I haven't gotten any messages or calls about my listing so far this week, unlike last week. I do not plan on ever hiring a realtor. I plan on doing more open houses this weekend as my listing still is getting around 100 views a day and it has 20 saves.

Any advice would be greatly appreciated!! Thanks for reading or skimming my long post. 

Well... sounds like you are acting like a realtor when you are doing the open house and showing them around the entire home. People don't want that.

Next time leave the people alone and let them explore and just hang in the kitchen or living room and tell them to ask any questions that they have. Only realtors do tours because they are trying to 'win over' the people visiting to become their agent.

As far as lack of interest... give it a few weeks and if you still have nothing then it is just one of a few things.

1. You are over priced

2. You do not have the right features at your price point (appliance type, utilities included, lawn care, etc)

Take a look at zillow of everything for rent in the area that competes with your property and then look at it without bias. The other properties that are at your price point may have been on the market for months... 

Thanks Jon! No I'm not trying to show them anything during the open house. I just sit in the kitchen while they go and explore. I was wondering if that is a best practice, but you may be right! Don't want to come off like I'm trying to win them over, the house sells itself.

Thanks Jon, that helps yeah I may drop by $100 in a couple of weeks. Maybe mine is slightly overpriced for the price point, you may be right. 

Yes, I think the other homes around my price point have been on the market for a month, but yes they aren't as nice as mine. If I list mine with a price reduction, I'll probably get a tenant fast.

For what it's worth I put the listing on Cozy/Realtor earlier today for the first time to try and bites off of that. 

Do you want to share the zillow link to the listing? @John Werth I have had good results with zillow because of nearby hospitals and universities and out of state people use zillow. I don't know where you are but it is winter in St. Louis, which makes the pool of new tenants smaller than April.  Offer an incentive, like smaller security deposit than expected or offer a two weeks free move-in special. Keep talking to those that call or email, be clear with your criteria (income requirements, credit score etc, move-in costs) and mention the pluses of your listing. Why not ask the callers, 'What is your price range?' so that you can do your own market research. 

Don't overlook craigslist. 

Hey John, it sounds like you're doing all the right things to get the house rented but obviously not knowing where your located $2400 per month for rent doesn't draw a heavy crowd unless its the norm for that area.Keep in mind there are a lot of "lookers" that come just to see what $2400 a month would get them if there are in a lower price bracket. 

If your house has any special features or something unique to offer, it would be a nice touch to personally guide them to those areas, otherwise allowing them to tour unassisted is commonplace for most Open Houses. For private showings, if the home deserves a private tour, give it to them. IMO you're selling yourself as a landlord as much as your house is selling itself as a nice place to live.

As Kathy mentioned don't rule out Craigslist, I would also recommend the following:

• add it to FB Marketplace
• check Trulia to see if Zillow feeds rentals to that site otherwise post it there if they allow rentals
• create an Instagram Post if you have a following
• create FB post and make it shareable
• run an ad on FB to get traction
• find a FB group in your area for rentals and post it there

I changed your heading.

It's a slow time of year, so don't be too frustrated yet. Are other comparable homes sitting on the market for 2-3 weeks or are they renting in days? Are there a lot of rentals available in your size/condition/price range?

You can't just compare your house to other houses. You have to also consider location. Your home may be nicer than other homes priced at $2,400 but maybe they're in better neighborhoods or have a larger yard or the houses are spread out more?

It's hard to say without seeing all the details but it sounds like your place is nice and you just need to be patient. Maybe hang out in the living room instead of the kitchen so people feel more comfortable opening cabinets or appliances.

@John Werth  to save time, I’ve been using a video walk-through instead of an open house. That way I can just send it to interested people instead of showing the house 100 times.

Cozy had an option to upload a video and integrate into the marketing, habent tried it yet. I just sent the video on FB market place 

@Patrick Hill  

I live in Dallas, TX, like 5-10 miles from downtown in a very nice residential area! The weather was sunny and in the 60s last weekend, but yeah not necessarily a heavy crowd yet. Right I'll just try and be nice to them and show them I'll be a reasonable potential landlord. I probably will just highlight the kitchen first and then go let them explore on their own! 

Ok, yes it is on Trulia and Hotpads! I don't have a FB, so I don't know if I can do FB marketplace...I added it to Cozy/Realtor.com. I'll try Craiglist too thanks!

@Nathan G.

Thanks for changing that for me Nathan! Good idea on me hanging out in the living room. I'm comparing these homes all to homes in my area with similar yards. Some have been on the market for 2 weeks-4 weeks, but they aren't priced right in my opinion, just slightly too high.

On a separate note, I had a lady reach out to me that hadn't toured my house yet. She said she would like to rent it but her maximum rent was $2300 (she's trying to get $100) off, which isn't a big deal. But she doesn't want her lease start date to be another month and a half from now. Maybe I can negotiate the $2300 and a month out start date. I keep trying to get her to tour the house but she seems set on having it her way before she tours. This potential tenant sounds demanding, but I can't judge a book by a cover. 

Originally posted by @John Werth :

Anyway, none of the people who came to tour have reached out to me. One of the couples I thought was very interested, I reached out to via text and got no response.

 Hi John,

Learn how to close a sale.

Good Luck!

Originally posted by @John Werth :

On a separate note, I had a lady reach out to me that hadn't toured my house yet. She said she would like to rent it but her maximum rent was $2300 (she's trying to get $100) off, which isn't a big deal. But she doesn't want her lease start date to be another month and a half from now. Maybe I can negotiate the $2300 and a month out start date. I keep trying to get her to tour the house but she seems set on having it her way before she tours. This potential tenant sounds demanding, but I can't judge a book by a cover. 

1.5 months of vacancy will cost you $3,600. A rent reduction of $100 would cost you $1,200. You'd be better off waiting for someone willing to pay market rate. If you're willing to drop the price $100, just do it and find a renter that's ready to rent sooner.

In my experience, reducing rent or holding a property longer for someone does not make them better tenants. In fact, they tend to be more problematic because they take a position of power and see everything as negotiable.

@Nathan G.

Thanks for the follow up response! Yes, I'm doing math on the vacancy. If I get someone in there in 2-4 weeks, hell I could drop the rent to $2200-2300, I'm sure I'd have a lot of bites then too. My breakeven cost for P&I, taxes, and homeowner's insurance is a little over $2300. I wouldn't mind taking a small haircut. 

Right thanks for telling me about your experience with problem tenants. Right if I give way too early and on too many things, I might have issues in the future when it comes to payments, maintenance, etc. 

DO NOT rent to the person that wants the reduced rent AND start date 6 weeks away.... those are all red flags for a PITA tenant that will feel like they broke you already....... not a good start. They will either be demanding or can just barely afford it now and you will run into payment issues...PASS....

If you are getting low traffic, then its often advertising. Make sure its on EVERY site you can list it on..... FB, Zillow, Trulia etc etc etc....

If you get decent inquiries, and tours etc but no applicants, its often price point for your unit..... just not nice enough or location or floor plan etc to garner that rental rate. Sometimes when we have an emotional piece in the game, we tend to think things are better than they are

Market influence also.....how is the market for units in the $2400 range..... in some markets that's a very select few tenants looking...... so the pool is low to start

Originally posted by @Ned J. :

DO NOT rent to the person that wants the reduced rent AND start date 6 weeks away.... those are all red flags for a PITA tenant that will feel like they broke you already....... not a good start. They will either be demanding or can just barely afford it now and you will run into payment issues...PASS....

If you are getting low traffic, then its often advertising. Make sure its on EVERY site you can list it on..... FB, Zillow, Trulia etc etc etc....

If you get decent inquiries, and tours etc but no applicants, its often price point for your unit..... just not nice enough or location or floor plan etc to garner that rental rate. Sometimes when we have an emotional piece in the game, we tend to think things are better than they are

Market influence also.....how is the market for units in the $2400 range..... in some markets that's a very select few tenants looking...... so the pool is low to start

I totally agree @Ned J. I will compromise on price slightly, but only if they will move up their lease date. If they can't compromise then you're right it'll be a bad tenant moving forward. 

I'm on Realtor.Com/Zillow/Trulia etc. I haven't gotten any hits from Realtor.com but I have with Zillow or Trulia. I deleted my FB account like 5 years ago, so I'm not sure that it would be realistic to post on there lol.

You're totally right, I feel I am emotionally invested. Since I'm getting a lot of interest and tours, but no applications it's likely the $2400 price isn't worth what my place brings to the table. Based on my market analysis though of comparables, $2300 could probably get someone good to lease, and $2200 I'm pretty confident will for surely get a renter. My plan is to get a good tenant sooner than later, as every week that goes by is more price out of my pocket for P&I, taxes, and insurance.

Having vacant properties tends to eat way more $$ than dropping the price a reasonable %...especially when you are renting for $2400/month

I tend to try and be a little under market says it will bear...... yes I may leave some $$ on the table but I get a larger pool to choose from to select the best tenant out of the bunch...and better tenants tend to cost you less in the long run, so you actually make more $$ over the long haul

@Ned J. Thank you Ned. Yeah the price overall could be seen as high. You're right I might drop it this weekend and I can get a lot more bites. Especially from a good quality tenant...you're right it'll cost me less in the long run. I think I may drop the price this weekend if I didn't get any significant bites. Also, I can see that about 100 people have saved my house on their account. When you do a price drop, it's great marketing because it'll blast them with an email about the price drop. This might bring a lot more people back to market!

Before dropping your price make sure you look at how long it typically takes comparable properties to rent. 

Drop the price a little to get leads and improve the condition of the property to make sure it is clean and nice looking. 

Hey everyone I thought I would give an update! It's been about two weeks!  I dropped the price of the rent by $50/month to really improve my hit rate. I get like 3-4 emails or calls a day. 

I have 3 applicants so far!! Two pretty good, one was subpar. I'm so excited. I'm actually doing one more open house this Saturday for a few people who want to come see it that have been blowing up my phone. I want to be done showing after this weekend. 

So far two of my applicants are pretty solid! 

Applicant A has really good credit and 100% on time payments, less than $5k total of debt. Their income is very strong at about a combined $150k and they could cover rental payments really well. The intangible I like about them is they are really polite and very punctual. The applicant applied as soon as he left pretty much, and was very good at getting back to via text promptly and showing me bank statements. Everything is great about this applicant except the fact that he has 3 large dogs. He said one of them is very old and the other two are well trained ESAs, well I hope so. So that is my only concern with this applicant is that the dogs could somehow do a lot of damage to yard or interior, I don't have any carpet though. I'm charging 1.5x the monthly rent as the deposit though up front. I guess I could call one of their past landlords and see what damage his pets did to the house and see if they have any ideas. This applicant is okay with starting the lease in early to mid March (under my request). 

Applicant B: Applicant B is a couple with no dogs which I really like. They are very polite too. They are moving from another city. They make a combined $200k income about. One of the applicants credit score is good around 750, and the other is above average at about 650. They both have 100% repayment history though. The concern is that one has debt of about $30k and the other about $75k. By the way the credit bill reads I can't tell if it's Credit Card only or Autodebt. I was wondering if this was out of the ordinary. Also, another concern is that while one of them works from home and can work anywhere, the higher income of the two couples is still trying to find a job in my city (the husband who makes more money).When I asked the applicant, she said the husband will stay behind in the old city and won't quit and move down until he secures a new job. I don't know how realistic that is and I don't buy it. The one income person makes less than the 3x rent minimum coverage on her own. Maybe I can charge first and last month's rent upfront or something. Also, this applicant is okay with starting the lease in late March (under my request). 

Given the situation, would you prefer applicant A or B? And on what stipulations? Or would you wait another week or so for another applicant? Appreciate the help!!

If you're struggling to secure any interest than your unit is either not attractive to potential tenants, or not competitive. How do your rents compare to other units in the area?

@Sam Smith . Sam I provided an update above. Please respond to that. I have 3 applicants, 2 of whom are pretty good. 

I would prefer tenant A but, I would call their previous landlord first to find out about any damage those dogs might have caused.