First property, trying to find a tenant

[Tenzin D.]

I have wanted to invest in rental properties for many years and finally bought my first property last week. I have posted advertisements on multiple websites (Facebook, Zillow, apartments.com, etc). It’s been 5 days now since I first posted. The apartment has had over 80 views per day on Zillow. But so far I’ve only had 4 inquiries and 3 tours and 0 applications. Is this common or am I stressing out for no reason?

[Patricia Steiner]

First, congrats on your acquisition.  Sometimes a property will remain vacant because of market timing - like being mid-semester in a college town, or in the winter when the weather is challenging.  The best advice I can give you without knowing your market is to check your rental price against other like properties in the same market. Make sure you're priced right for the market. Then check your posting.  Are you selling why it's a great place to live, work, and play - versus just giving the count down on beds/baths/sq footage?  Review some of the other rental listings and see how your compares in it's narrative and photos. 

Don't get discouraged...when it isn't working, try tweaking your approach.  And, in the meantime, have your application, screening process, and payment method all lined up.  You don't want to get a good applicant and then not be ready to start your cash flow streaming.

Again, congrats!