Is rent too high for my listing?

80 Replies

I currently have a property that I had listed for rent for $1550. I haven’t had much luck within a couple days, as I’m used to with my other listings, so reduced it to $1495. It’s been at $1495 for about a week now. I’ve had many inquires on property ie can we schedule a viewing, when can we see property, do you accept pets etc. the problem is, I’ll reply back to everyone but there is not follow-up. No one replies back. Why? What’s going on? I’ll ask when they want to see property and if they have a credit score of 600. Is it still priced too high? Any suggestions will help.

You should share the address and maybe the listing. Pretty hard to say much otherwise. 

It almost always comes down to price or marketing (pictures/wording/where you advertise.)

We assume ti would rent right away for $100 so somewhere between $100 and $1495 is what it will rent for. What was the previous tenant paying? Why did they leave?

@Nadir M. Without seeing the pictures or knowing the comps in the neighborhood that would be a good guess. Usually if it’s at market I would expect to see at least one person submit an application at this point.

What do the comps look like?

@Bill Brandt

Previous tenant was paying $1300 and I feel like it was below market. Done houses nearby are renting for more and not much bigger. She left because she was an awful tenant. The moritourms really hurt as I wanted her out in June

Originally posted by @Nadir M. :

@Chris Herrera

7766 Hamilton street Omaha NE

Pictures are great. House is in an up and coming area.

Photos are terrible

Some of your photos seem small and dark - I'd either retake them or adjust the brightness with some photo editing software. Maybe lightly stage the kitchen with some colorful accessories, touch up the chipped/stained looking paint on the cabinets. Close the toilet lid for pics. And lose the backyard pic that shows the neighbor's junk in the yard, not appealing. If the house has a porch or patio show that instead.

Could be the time of year, where you are posting it, the photos, many variables.  Check comparable listings and see what they include.  Also track them to see how long they are active.   

Some of the photos in the listing were okay, but flip your camera as people are used to seeing things wider than they are tall (ie landscape orientation, not portrait).

I agree that the photos are not great. Also prospective renters coming from Zillow (and all their other sites) are seeing a Zestimate of $1399 so that is the price they are anchored on whether it’s accurate or not. 

May not help that the Zestimate is $1,399. As others said, hire a pro photographer, worth the money as you may use the pictures over and over again.

@Nadir M.

Photos are not great, another vote. It's a nice place (nicer than my places) so better photos would really help. Doing it yourself is not really a good option unless you really do have a serious interest in photography and are willing to invest the time you need to learn (the biggest investment) and a few hundred bucks for the equipment and software.

I’m pretty laced on rental prices. I look it up on rental meter. List it at the average pricing. 680+ credit 3x rent. No co-signers accepted, cause at the end of the day I’m renting to the person not there co-signer. Only time I accept anything less if is it’s multiple renters and the other one or ones can qualify without the one with the poor credit score, someone comes from another country and they give me a printout of there credit score there, or the have no credit cause they’re actually fiscally responsible and have zero credit card debt at an age where most have plenty. 

Also lower rent by 50 bucks every week, until I hit the supply and demand and get someone. Usually takes 1-3 weeks. One other major thing is your listing sources, shoots it out to a bunch of websites. However, recently Zillow does not allow free listings anymore. So I lost on and Zillow. Zillow is the main player in the game where I live. But I do get other renters from other sites on occasion. At the end of the day whatever software you use make sure it’s shooting out your listing to all the sites. Can’t rent your place out  if no one can see it. 

Pictures are pretty bad… 

I was too cheap to hire pro photographer, bought a ricoh gr3. 1000, Paid for itself time and time again. You can Google some editing sites and they can edit 10-15 a pic, and digitally stage for another 15. 

Talk to a local property manager for advice.  I take Rentometer / Zillow / PM / My guess and use that as my number.  If you are still not renting in this Omaha market it is your marketing technique.  Omaha has waiting lists for rental homes right now.  You could reach out to Property Manager for some advice.  Message me if you want my guys contact information.  

@Eli Yachini

Thanks for your opinion. I’m currently trying to find a photographer in the area. My mom took those pictures lol I fired my PM because I didn’t like that way my pics were managed. I’ve never had any major problems renting out with exception of this property. I think I have it priced a bit too high.

Originally posted by @Eli Yachini :

Pictures are pretty bad… 

I was too cheap to hire pro photographer, bought a ricoh gr3. 1000, Paid for itself time and time again. You can Google some editing sites and they can edit 10-15 a pic, and digitally stage for another 15. 

Come on, Eli. I still use my Canon T3i, just fine for digital media. That's not where the money is. The money is the 10-18 lens ($300 more) and the lighting rigs. The time investment is learning compositing, your editing package, and lighting.

Nobody can edit a crappy shot and turn it into solid gold. Digital staging always looks fake as hell. 

@Nadir M.

As the others have stated, the photos are not great and do you and your property a huge disservice. Hire a pro and spend the $100 or so it takes to get quality photos. This is a business and photos are a business expense and a cost of doing business. Can you do it yourself if you know what you're doing? Sure. But what is your time worth?  Do you want to spend hours taking and editing photos or pay someone to do that on your behalf? 

As for the rental price. Rentometer is saying $1350, Zillow is saying $1400, and you are saying $1495 after originally listing at $1550.

The house isn't bad by any means, but people eat with their eyes. The photos make the property look dark and uninviting and the Zillow estimate is an anchor most renters swear by.