New Landlord Having Trouble Finding Tenants In Boulder, CO

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New Landlord Having Trouble Finding Tenants In Boulder, CO

Adam Knickelbein
Member since 2019 · 11 posts · 7 votes

Hi everyone,

I'm a new landlord trying to rent my place for the very first time. First listed about 1.5 weeks ago on 1/30. I'm advertised on Craigslist, Zillow (982 views), and Facebook Marketplace (85 views). Link to the listing is below. I've had about a dozen inquiries, maybe 4-5 showings, and zero applications. My thoughts on why it's potentially so slow:

1. Terrible timing - no one is looking for rentals to start in February.

2. I'm too aggressive in my pre-screening. It's a 40 min drive to do a showing, so I ask when they want to move in (I need someone ASAP), how many adults (Boulder limits to 3 unrelateds), then I say min requirements are gross income > 3x rent, min credit score 650, no evictions, etc.

3. Application Fee is too high - $55 seems steep, but that the bundle charge from Avail for credit, criminal, and eviction reports.

4. Rent is too high. I set it at the median price for a 5-bed in my area, according to Rentometer. I also calibrated this against CL postings to make sure I wasn't too crazy. My house is on the smaller side for a 5-bed though at 1920 sf.

What do you think BP? I'm starting to feel a bit desperate! I really need someone in ASAP. What would you do in my position?

https://boulder.craigslist.org...

Thanks,

Adam

1Reply
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Most Popular Reply

Steve K.
Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
5y

Couple thoughts...

1. 1.5 weeks isn't really that long to have a property listed. February isn't the best time to find tenants, although it's not the worst either (Thanksgiving>Xmas is). I find things pick up a lot in March. Demand is high here right now however so it is telling us something that you haven't had more applicants, as does the views>showings>applicants ratio. Rent seems a bit high for that location. Rentometer is possibly pulling comps from too far away such as across Broadway which is obviously a higher-end hood. I'd only look at comps right there in that section of Martin Acres that you're in, maybe include Tantra as the properties there are similar. SFR's in that zone rent for $2,000-$2,800 in my experience. you might be able to fetch $3k because it's 5 beds and looks nice.

2. Why do you want someone who can move in right away? People looking to move in immediately usually make terrible tenants, it's actually a major red flag for me because responsible people aren't looking for a place to rent RIGHT NOW. Having a quality tenant pay to hold it until the 1st of next month is probably better financially long term than accepting someone based on whether or not they can move in right away. 

3. Definitely get professional photos. Check out Virtuance, and it might help to splurge for the 3D tour so prospective renters can tour it virtually. You'll use the photos again probably, it's worth the $150 bucks or whatever. 

4. Matt and Julie are right, gotta allow dogs. PM's in this area pretty much insist on allowing dogs because almost everyone here has a furry friend (and if they don't when they move in, there's a high chance they'll get one without asking or play the ESA card anyway). 

6. $55 application fee seems high for sure. I've been charging $20 and usually get about 20 applications per listing within the first week or two. 

7. Reach out to local real estate agency's and see if they will include your listing in their weekly company-wide email blast. We have a lot of clients looking to buy here who can't find anything to buy so agents are looking for rentals for them in the meantime. It would be better if it was furnished for this purpose however. You could probably get $4k/mo. as a medium-term furnished rental. 

Good luck, looks like a nice place. If I hear of anyone looking I'll be sure to send them to your listing. 

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9 Replies

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  • Adam Knickelbein
    OP
    Member since 2019 · 11 posts · 7 votes
    5y

    Forgot to add the posting link: https://boulder.craigslist.org...

    0Reply
  • Julie Hartman
    Property Manager · Denver, CO · Member since 2021 · 667 posts · 587 votes
    5y

    If you aren't getting any traction, your price may be a bit high and you don't allow pets. We find that not allowing pets will delay getting tenants by several weeks. Your listing on Zillow pulls a rent estimate much lower than what you are advertised for and prospective applicants can see those numbers. However, your listing prices well on Rentometer.  I would drop the rent a bit and consider allowing a small dog with pet deposit and pet rent. In more than 10 years of PM, I have yet to see a dog do damage to a property. It's usually people that cause damage. Also, in CO, the app fee can only be exactly what you pay for screening and no more; they changed the law last year on that. 

    1Reply
  • Matt M.
    Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
    5y

    Price is too high. Get professional photos as well. Check out get a walk through dot com. 

    Also, allow dogs. Everyone has a dog here. Even dogs have dogs... Don't call it a pet deposit. Call it a fee. A deposit is returned. 

    2Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    5y

    Couple thoughts...

    1. 1.5 weeks isn't really that long to have a property listed. February isn't the best time to find tenants, although it's not the worst either (Thanksgiving>Xmas is). I find things pick up a lot in March. Demand is high here right now however so it is telling us something that you haven't had more applicants, as does the views>showings>applicants ratio. Rent seems a bit high for that location. Rentometer is possibly pulling comps from too far away such as across Broadway which is obviously a higher-end hood. I'd only look at comps right there in that section of Martin Acres that you're in, maybe include Tantra as the properties there are similar. SFR's in that zone rent for $2,000-$2,800 in my experience. you might be able to fetch $3k because it's 5 beds and looks nice.

    2. Why do you want someone who can move in right away? People looking to move in immediately usually make terrible tenants, it's actually a major red flag for me because responsible people aren't looking for a place to rent RIGHT NOW. Having a quality tenant pay to hold it until the 1st of next month is probably better financially long term than accepting someone based on whether or not they can move in right away. 

    3. Definitely get professional photos. Check out Virtuance, and it might help to splurge for the 3D tour so prospective renters can tour it virtually. You'll use the photos again probably, it's worth the $150 bucks or whatever. 

    4. Matt and Julie are right, gotta allow dogs. PM's in this area pretty much insist on allowing dogs because almost everyone here has a furry friend (and if they don't when they move in, there's a high chance they'll get one without asking or play the ESA card anyway). 

    6. $55 application fee seems high for sure. I've been charging $20 and usually get about 20 applications per listing within the first week or two. 

    7. Reach out to local real estate agency's and see if they will include your listing in their weekly company-wide email blast. We have a lot of clients looking to buy here who can't find anything to buy so agents are looking for rentals for them in the meantime. It would be better if it was furnished for this purpose however. You could probably get $4k/mo. as a medium-term furnished rental. 

    Good luck, looks like a nice place. If I hear of anyone looking I'll be sure to send them to your listing. 

    2Reply
  • Adam Knickelbein
    OP
    Member since 2019 · 11 posts · 7 votes
    5y

    Awesome, thanks everyone! This is great feedback. I'll make changes to allow up to 2 dogs, I'll reduce rent (was thinking of dropping to $3195), and get professional photos. Would you advertise the change in rent, i.e. "Rent reduced!" or just change it at see what happens? As for the dogs - was thinking of a pet fee of $250 per animal. And I won't be so hasty to get someone in :) Thanks again!

    1Reply
  • Grace Wang
    Realtor · Denver, CO · Member since 2018 · 227 posts · 241 votes
    5y

    @Adam Knickelbein Hey Adam, in addition to what the others said above, I would recommend listing on various facebook groups (there are many groups specific to moving to Denver, Boulder, etc) and posting on your own facebook page. 

    Scroll through the facebook groups daily, and comment on people's posts offering up your place. The more exposure, the better.

    0Reply
  • Mitchell Luban
    Real Estate Consultant · Grand Rapids, MI · Member since 2018 · 48 posts · 28 votes
    5y

    @Adam Knickelbein I am an investor and property manager in a different market but was just surfing bigger pockets. I agree with a lot of what was said above. We find not allowing pets is tough most people have them especially in a larger house like yours. If you ban them up front they will just hide them from you and have them anyways. 

    We charge a pet fee and then also charge pet rent. 

    But I agree getting professional photos taken goes a long way we can get professional photos done with a floor plan in our market in Michigan for $150 bucks and it saves everyone time and shows your property in the best possible light! 

    Finally we find the more sites it is on the better. We tend to have some of our best luck with local neighborhood facebook pages when filling our rentals... Those same pages can also be your worst nightmare if you have bad tenants

    Best of luck with your new adventure! 

    0Reply
  • Greg WeikBusiness Member
    Property Manager · Denver, CO · Member since 2020 · 263 posts · 327 votes
    5y

    Hi @Adam Knickelbein, we manage properties in Boulder also and I think the advice in this thread is spot on. 

    I did want to add, that when you're listing a property in the winter, plan on going lower to get it occupied and plan on raising the rent to market level at lease renewal - in the summer.  We always end leases May-July/August, so when we're taking on a new winter listing or if we have a winter lease break, the initial lease period just has to end in the summer (this summer or next.)  

    The idea basically being that once you have the property occupied and rent coming in, you also can use that last 30 day period of occupancy to re-list at a higher rate if your tenants are not going to renew.  Don't hold out for top-of-market pricing in February. 

    Also, you don't need to pay for professional photography.  You do need better pictures though, especially the exterior.  Also, the photos should be ordered exactly in the most compelling way - exterior, kitchen, most attractive features, etc. Lights are not on in all your shots and you really need a wide-angle lens.  If you have an iPhone 11Pro Max or newer, they take professional-level photos.  Zoom out, crank up the "brilliance" and you are off and running. 

    I like your pre-screening - this is really important.  But don't tell tenants your minimum credit score, just ask them what theirs is.  Ask them when they're moving, what their combined gross income is and what their credit score is and if they have pets. You'd be amazed at how forthcoming people are about this.  Even with these changes, I think you're a little high at $3195, especially for February.  

    Good luck!

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    2Reply
  • Adam Knickelbein
    OP
    Member since 2019 · 11 posts · 7 votes
    5y

    Thanks again BP community. It's really great to have access to such thorough advice from the people who are doing it everyday. I look forward to being able to return the favor as I gain more experience!

    0Reply
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